HomeOpeners®
VACATION/SECONDARY HOMES MORTGAGE INSURANCE PROGRAM
The HomeOpeners Vacation Secondary Homes Mortgage Insurance Program is a suite of innovative products that makes home ownership more accessible than ever before.
Overview
At Genworth, we know that today’s busy lifestyle requires more home ownership options —
whether it’s a second home in the city to reduce that weekly commute, or a cottage at the lake
for weekend getaways. With our recently enhanced Vacation/Secondary Home Program,
Canadians can now purchase a second home with an affordable monthly payment and with
little or no money down.
With the Vacation/Secondary Home
Program, borrowers can…
• Gain greater access to home ownership
• Take advantage of low down payment
options
• Obtain faster approvals with our streamlined
underwriting process
Highlights
• Type A Properties: 100%
LTV (Purchase) and 90%
LTV (Refinance)
• Type B Properties: 90% LTV
(Purchase)
• Amortizations up to 40
Years
• Up to 2 residential Units vacation Home)
Type A Properties
• Property characteristics must comply with the Genworth
(Secondary Homes)
• Maximum loan amount: - Metro Toronto, Metro Vancouver and
Metro Calgary - $700,000; rest of Canada - $600,000
• Up to two units Maximum
• Available for purchase and refinance
Type B Properties
• Property characteristics same as Type A properties except for the
(Vacation Homes) following;
• Property need not be winterized
• May have seasonal access (road not plowed during winter)
• Maximum loan amount: $350,000 (exceptions will be considered
on a case by case basis)
• One unit maximum
• Available for purchase only
Borrower Qualifications
• Minimum credit bureau score of 650 on all applicants for
Vacation (Type B) properties
• No prior bankruptcy or judgements
• No R3's in the last 24 months
Occupancy
• No 3rd party guarantors for qualification purposes. We do
accept spousal guarantors
Down Payment
• Down payment must be from own resources
Amortization
• Up to 40-years (Type A properties)
• Up to 25-years (Type B properties)
• 20 bps premium surcharge will be applied for each additional
5-years amortization beyond 25-years
Rate Types
• Fixed, Variable and Adjustable Rate Mortgages
Documentation
• Standard documentation required
Requirements
Ineligible Products T
3 & 4 Unit Properties, Family Plan, New To Canada, CreditAssist,
Investment Property
Type B (V
3 & 4 Unit Properties (max 1 unit), Extended amortization up to 40 years,
Cash-out Refinance, Cashback Equity, Insured Progress Advance, HELOC,
Family Plan, Homebuyer 100, ALT A, New To Canada, CreditAssist,
Investment Property
GDS/TDS Guidelines
680+ No Limit 44%
Up to 679 No Limit 42%
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
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. |
