A New Comer To Canada ™Program

Qualified homebuyers that have immigrated or relocated to Canada within the past 5 years meet the criteria under Genworth Canada’s not used to Canada system to get a residential property with less than a 5% down payment.

Find out more about the newest To Canada Program with your helpful guide.

Acceptable Loan Purpose and Applicable Loan-to-Value Limits

Buy Deals:

  • 95% LTV
    • Home value = $500,000 – 5% advance payment needed
    • Home value > $500,000 and *For new construction properties in the regions (Yukon, Northwest and Nunavut Territories) where brand new Residence Warranty is certainly not an alternative, Lenders must obtain either the occupancy license or even a third-party report from an experienced professional such as for instance: an inspector, designer or engineer. The qualified expert must carry the appropriate obligation insurance and verify construction is completed in conformity with relevant bylaws and regulations.

    Optimum Property Value

    • Home value should be not as much as $1,000,000.

    Qualifying Terms and Rates Of Interest

    • Fixed, standard adjustable, capped variable and adjustable price mortgages are allowed
    • Maximum rate of interest term of 25 years
    • The qualifying interest may be the greater associated with the agreement rate or 5-year rate that is benchmark

    Amortization Options

    • As much as 25 years

    Premium Speed:

    The premium payable are the smaller for the premium being a per cent of this total brand new loan quantity or even the premium as a per cent associated with the top-up part regarding the extra loan amount (if current insured) in line with the rates below:

    avant personal loans

    LTV Ratio Premium speed Top-Up Premium
    Up to 65% 0.60% 0.60percent
    65.01percent – 75% 1.70% 5.90%
    75.01% – 80% 2.40% 6.05%
    80.01% – 85% 2.80% 6.20%
    85.01percent – 90% 3.10% 6.25%
    90.01% – 95% 4.00% 6.30percent

    The home loan insurance coverage premium is non-refundable, paid in the right period of closing and might be added onto the home loan.

    Borrower Certification

    Earnings and Employment

    • Standard earnings and work verification requirements use.
    • a few months minimum employment that is full-time Canada (borrowers being transmitted under a business moving program are exempt).


    • 90.01-95%: Overseas credit history (Equifax or Transunion) showing a good credit profile

    Two (2) alternative resources of credit demonstrating timely re payments (no arrears) when it comes to past year. The two alternate sources required are:

    • Rental payment history
    • An added alternative source (hydro/utilities, telephone, cable, mobile phone and automobile insurance coverage).
  • Up to 90%:Letter of guide from an accepted economic institution OR six (6) months of bank statements from main account