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Extended Amortization Program

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In an effort to enhance affordability, and increase access to homeownership, Genworth will now be providing mortgage insurance on loans with amortizations up to 30 years.

Acceptable loan purpose

  • Purchase transactions
  • Purchase Plus Improvements
  • Secondary Homes (2 units maximum)
  • Refinance for repayment of existing financing, debt consolidation, renovation, & asset enhancement

Loan-to-value ratio limits

  • 1 and 2 units - 95% LTV (Purchase); 85% LTV (Refinance)
  • 3 and 4 units - 90% LTV (Purchase); 85% LTV (Refinance)

Max Loan Amounts

  • No maximum loan amount

Eligible properties

  • New construction or existing properties
  • Maximum 4 units where at least 1 unit must be occupied as the principal residence (Secondary homes ~ 2 units maximum)

Terms

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

Premium Rates

LTV Ratio30 Year
Up to 65%0.70 %
65.01% - 75%0.85 %
75.01% - 80%1.20 %
80.01% - 85%1.95 %
85.01% - 90%2.20 %
90.01% - 95%2.95 %
Premium is non-refundable.

Borrower qualification

  • Standard borrower requirements related to income, down payment and credit worthiness apply
  • GDS/TDS Guidelines:

    Credit Score

    GDS

    TDS

    <680

    35%

    42%

        680+No limit44%

Appraisal requirements

  • Genworth may order an appraisal on a case-by-case basis
  • If an appraisal is required, the remaining economic life of the property must be 25 years

Documentation 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

Eligible Products **

  • Alt A
  • Cashback
  • Cashout Refinance
  • Purchase Plus
  • Family Plan
  • Progress Advance
  • New To Canada
  • Second Mortgages

**For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview.

Ineligible Products

  • Vacation (Type B)

The insurance premium is payable once at the time of closing (except for Progress Advances where the premium is paid in installments during the construction phase with a final installment paid when the home is completed). The insurance premium is not refundable and may be added onto the mortgage or paid in cash.