Genworth is pleased to have introduced this program to Canada. It enables people to help buy a home for immediate family members who have good credit but lack the income to meet standard GDS/TDS requirements.

Acceptable loan purpose

• Property purchase

• Single advance only (completion loans)

• This program does not include the purchase of non-owner-occupied investment properties, nor purchases for family members with poor credit

Suggested applications of the program include

• A parent who wishes to help an adult entrepreneurial child buy a home

• A parent helping to buy a home for an adult child at a post-secondary educational facility

• An adult helping to buy a home for elderly parents who are on a fixed income

Loan-to-value ratio limits

• The maximum LTV ratio for this program is 95.00%. This maximum level is reserved for borrowers with a very strong covenant.

Max Loan Amounts

• No Maximum Loan Amount

Eligible properties

• Maximum two units with at least one unit occupied by the immediate family member as the principal residence

• Property must be in good condition with good marketability

• Must be located in a municipality with proven resale market stability

• New construction or existing properties

Terms/qualifying interest rates

• Fixed, standard variable, capped variable and adjustable rate mortgages are permitted

• For terms less than three years, the qualifying interest rate is the greater of three-year posted rate or contract rate

• For terms of three years or more, we use the contract rate

Amortization options

• LTV > 80%: Up to 35 years

• LTV ≤ 80%: Up to 40 years

Premium rates

Borrower qualification

• The income and debts, including shelter costs, of all persons on the application will be used along with those of the occupying borrower to calculate the TDS ratio.

• Applicant(s) buying the home for a family member must have clean credit, stable employment and income, positive net worth and a down payment from own resources

• An immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian, or legal dependant

• All qualifying applicants, including the resident family member, must be on the title

• All regular qualifying criteria for purchase business apply

Documentation/information requirements

• Standard documentation requirements apply

• Genworth may request that the lender provide a copy of the required documentation on a case-by-case basis

Portability

• Our mortgage default insurance is portable, so home buyers can take advantage of a lender's portability plan. For further details, refer to Portability Feature Product Overview.

Eligible Products

• Homebuyer 95 (max 2 units)

• Purchase Plus Improvements

Ineligible Products

• Alt A

• Cash-back Equity

• Cash-Out Refinance

• Insured Progress Advance

• New To Canada

• Secondary homes/Vacation Homes

The insurance premium is paid once at the time of closing . The insurance premium is not refundable and may be added onto the mortgage or paid in cash.

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