Vacation/Secondary home mortgage Program
At MSF Group, we know that today's busy lifestyles demand mean more flexibility - whether it's a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways. Today you can buy that property sooner - with as little as no money down.
Eligible properties (Refer to the Property Type Schedule)
Type A Properties (Secondary Homes):
Property characteristics must comply with the Genworth First Mortgage Owner Occupancy Program
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 (Vacation Homes):
Property characteristics same as Type A properties except for the 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 qualification
No prior bankruptcy or judgements
No R3's in the last 24 months
Maximum of one Genworth-insured vacation property per applicant
No 3rd party guarantors for qualification purposes. We do accept spousal guarantors
We do not allow gifted down payments under this program.
Appraisal requirements
Turnaround times in this program are outside the standard purchase business levels. Property specifications
Type A property:
Foundation must be permanent and installed beyond the frost line. This includes concrete/concrete block or preserved wood foundations certified by a professional engineer or post/pier foundations on solid bedrock
Must be zoned and used as residential, rural or seasonal. We do not accept mixed uses or rental pooling
Freehold or condominium title. We do not accept co-ops or ΒΌ interest ownership
At minimum, property must have a kitchen, 3-piece bathroom, bedroom, and common area
Remaining economic life must equal or exceed the mortgage amortization period
Year-round road access on reasonable quality public roads, serviced by the local municipality. We also allow privately serviced roads, provided there is a maintenance contract in place
Property must be winterized with a permanent heat source. For example, heating can be baseboard, forced air, water radiator, radiant, coal, propane, geothermal heat pumps, or heat pumps
Good quality construction with no signs of deferred maintenance
Water source: well, municipal serviced, and cistern. Water source must be drinkable. We accept lake or river water, provided the property has its own filtration system. For example, a reverse osmosis system
There must be good market appeal in the area with no adverse influences/neighbourhood nuisances
Type B property:
All Type A property requirements apply to Type B, except for the following:
No permanent heat source is required. For example, a wood stove, fireplace, stove or heat blower is acceptable
Foundation may be floating. For example, sitting on blocks
Seasonal road use is acceptable. This means the road does not have to be plowed during the winter
Water source needn't be drinkable. However, there must be running water in the home
Property may be accessible only by boat
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