Investment Property Program

Eligible properties
Maximum four units
New construction or existing properties
Property must meet the following criteria:
Municipal zoning
Fully self-contained units
Remaining property (economic) life must equal or exceed the amortization of the loan.

Ineligible Property Types
Time-share Interests
Vacation Homes
Commercial zoning
Rooming Houses
Quarter Share / Shared Ownership
Rental Pools

Borrower Qualification
Maximum 40% TDS
TDS = PIT+ Other Monthly Obligations - (Rental Income x 80%)

                                   Qualifying Income Of Applicants
PIT: Also include 50% of condo fees
Rental Income
The lesser of actual rent or fair market rent as determined by an approved appraiser
Income from a non-conforming basement suite will be considered on an exception basis
Down payment from borrower's own resources
Personal guarantees are required when the borrower is not an individual (e.g. corporate entity).
The personal guarantee can not be released without prior consent from Genworth
Recommended Credit Profile
Borrowers should have a strong history of managing their credit
Two (2) trade lines with at least two (2) years history
No prior bankruptcy
Purchase: credit scores 660 or greater
Refinance: credit scores 680 or greater
Genworth will consider applications with lower scores based on the overall merit of the application and where other risk mitigating factors exist.

Assumptions/Assignments
Mortgages issued under this product are assumable provided the new covenant meets all product qualifications and guidelines
Insurance coverage will continue in the event of a sale of the mortgage to an investor provided that servicing continues with a Genworth approved lender in compliance with Master Policy terms.

Documentation Requirements  (To be kept on file by the lender)
Offer to purchase
Income confirmation
T1-Generals (As required)
Down payment confirmation