HomeOpeners®
PURCHASE PLUS IMPROVEMENTS
MORTGAGE INSURANCE PROGRAM
Overview
Genworth Financial Canada can help qualified home buyers make their new home just right for
them, with tailored improvements, immediately after taking possession of the purchased property.
All this can be done with one manageable mortgage and with as little as no money down.
Genworth Financial Canada's Purchase Plus Improvements program enables homebuyers to
make renovations immediately and increase the value of their new home.
With the Purchase Plus Improvements
Program borrowers can…
• Renovate their new home immediately after
taking possession
• Enjoy the convenience of having one
mortgage payment
• Benefit from lower interest rates
• Enjoy the payment flexibility that comes
with extended amortization
Highlights
• Up To 100% LTV
• Available On All Genworth
Purchase Products
• Up To Four Lender-
Managed Advances
• Extended Amortizations
Up To 35 Years
• Standard Premiums Apply
Purchase Plus Improvements Product Features
A consumer
friendly
product
designed to
enhance
affordability& access to
home ownership.
For questions concerning our
products and services,
please contact our NationalUnderwriting Centre at:
1 800-511.8888
Visit our web site at:
www.genworth.ca
Underwritten by
Genworth Financial Mortgage Insurance Company Canada
* A .20% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25-year amortization period. Premium is non-refundable.
97.01 - 100% 3.10% 4.80%
95.01 - 97% 2.90% 4.80%
90.01 - 95% 2.75% 4.25%
85.01 - 90% 2.00% 4.25%
80.01 - 85% 1.75% 3.50%
75.01 - 80% 1.00% 2.75%
65.01 - 75% 0.65% 2.25%
up to 65% 0.50% 0.50%
Loan-To-Value
Genworth Premium
Purchase Plus Improvements transactions are permitted on the following specialty
products, please refer to the product HomeOpener for specific qualifying criteria:
• ALT A • Homebuyer 100 & 97 • Cashback Equity• HELOC • CreditAssist • Investment Property Program • New To Canada • Family Plan • Vacation/Secondary Homes
Loan Characteristic Program Guidelines
Loan Purpose • Purchase
Maximum LTV • 1-2 units: 100% LTV
• 3-4 units: 90% LTV
Amortization Up to 35 years
Eligible Property Type New construction or existing properties
Maximum 4 units
Up to 95% LTV 95.01 - 100% LTV
Occupancy
Primary applicant(s) must occupy
the property. Non-residing
applicants are permitted for
qualification purposes provided
they are immediate family.
Number of Advances Up to 4 advances, excluding property purchase (advances managed
by lender)
Value of Improvements
If the proposed improvements exceed 20% of the initial purchase
price or $40,000, details of the proposed renovations including cost
estimates/contracts or a completed 'Genworth Financial Renovation
Worksheet' (available at www.genworth.ca) must be faxed to
Genworth Borrower Qualification Existing requirements
related to income, down
payment and credit worthiness
apply
Recommended credit score of
650 for 95.01% - 97% LTV
Recommended credit score of
680 for 97.01% - 100% LTV
No prior bankruptcies
GDS/TDS < 680 Credit Score: 35% GDS /
42% TDS
680+ Credit Score:
No GDS / 44% TDS
< 680 Credit Score: 35% GDS /
42% TDS
680+ Credit Score: No GDS /
44% TDS (40% for Homebuyer 100)
HOE_PPI_11/07
Information subject to change
without prior notification
This article was developed by and courtesy of Genworth Financial Canada.
Nick Dimulkas, AMP
BMO Mortgage Specialist
BMO Bank of Montreal
Phone: (416) 590-7933
Cell: (416) 258-0156
Fax: (416) 590-8940
Email: nick.dimulkas@bmo.com
We have access to the widest variety
of lenders — to find the right
solution for you. We are experts at
helping you achieve your
homeownership dreams. Access your
best options!
Port Credit Real Estate
Beautiful Port Credit real estate for sale is a rare commodity and you should be aware of the opportunity to buy in Port Credit. Its exclusive location on the shores of Lake Ontario and its excellent quality housing stock make it prime real estate for living and for investment. If you're interested in Port Credit real estate, send an email to Damir. When opportunities come available, he can contact you.
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