Investment Property Program

Genworth will now be providing mortgage insurance on a rental program accessible to qualified borrowers with 20% down payment.

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

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
Fixed, variable and adjustable rate mortgages permitted

LTV ratio	Recommended Credit Scores	Total Loan Amount	Top-up Premium
Up to 65%	640	1.25%	2.75%
65.01% - 75%	640	1.75%	3.00%
75.01% - 80%	660	2.50%	3.75%
Premium is non-refundable.
* a 20 BPS premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

Mortgage default insurance is portable under this program
The premium will be calculated using the lesser of:
- The Premium on the Total Loan Amount less applicable Premium Credit or
- The Premium on the Top-Up Portion as per the table above

40-years (A 20 bps premium surcharge will apply for every 5 years of amortization beyond 25-years)

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

Borrowers should have a strong history of managing their credit
Two (2) trade lines with at least two (2) years history
No prior bankruptcy
Recommended credit scores:
- 75.01-80% LTV: Minimum 660
- <=75% LTV: Minimum 640
Genworth will consider applications with lower scores based on the overall merit of the application and where other risk mitigating factors exist.

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.