NEW TO CANADA MORTGAGE PROGRAM

            PRODUCT OVERVIEW

Now qualified homebuyers who have immigrated or relocated to Canada can qualify for default mortgage  with as little as a 5% down payment.

Terms/qualifying interest rates
Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
For terms less than 3 years, the qualifying interest rate is the greater of three-year posted rate or contract rate; for terms of three years or more, the contract rate is used.

Borrower qualification
Must have immigrated or relocated to Canada within the last 24 months
3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
Must have a valid work visa or obtained landed immigrant status
All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)

Documentation Requirements
Work Visa or verification of landed immigrant status, and:
Depending on the loan-to-value you will be required to submit the following;
95% LTV: An international credit bureau
90% LTV: Either a letter of reference from a recognized financial institution, or Six (6) months of bank statements confirming satisfactory account operation with no NSF's
85% LTV: If Guarantor on file, only the work visa or verification of landed immigrant status is required to be sent to Genworth, otherwise document requirements are the same as 90 percent LTV