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New to Canada Program

[Culled from]

Qualified home buyers who have immigrated or relocated to Canada within the last 5 years are eligible to purchase a property with as little as a 5% down payment.

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Eligible Properties:

  • Maximum 2 units where 1 unit must be owner occupied
  • New construction covered by a lender approved New Home Warranty Program
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 years

Maximum Property Value:

  • LTV > 80%: Less than $1,000,000

Terms / Qualifying Interest Rate:

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
  • For loans with fixed rate terms greater than or equal to 5 years, the contract rate is used
  • For loans with fixed or variable rate terms less than 5 years, the qualifying interest rate is the greater of the contract rate or 5-yr benchmark rate

Amortization Options:

  • LTV > 80%: Up to 25 years
  • LTV ≤ 80%: Up to 40 years

Premium Rate:

The premium payable will be the premium as a % of the total loan amount based on the rates below:

LTV Ratio Premium Rate
Up to 65% 0.60%
65.01% – 75% 0.75%
75.01% – 80% 1.25%
80.01% – 85% 1.80%
85.01% – 90% 2.40%
90.01% – 95% 3.15%

LTV ≤ 80% – A .25% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage

Borrower Qualification:

  • Must have immigrated or relocated to Canada within the last 60 months
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • Must have a valid work permit or obtained landed immigrant status
  • For 95% LTV, down payment must be from own resources. For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy
  • All debts held outside of the country must be included in the total debt servicing ratio(Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
  • Guarantors are not permitted
  • Foreign Diplomats who do not pay tax in Canada are ineligible for this program

GDS/TDS Guidelines:

  • LTV > 80%:
Credit Score GDS TDS
<680 35% 42%
680+ 39% 44%

Documentation / Information Requirements*:

LTV Documentation Requirements
All LTV’s
  • Valid work permit or verification of landed immigrant status
  • Income Confirmation
  • Down payment confirmation
  • Purchase and Sale agreement
Up to 90%
  • Letter of reference from a recognized financial institution


  • Six (6) months of bank statements from primary account
90.01 – 95%
  • International credit report demonstrating a strong credit profile


  • Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
    • Rental payment history confirmed via letter from landlord and bank statements **
    • One other alternative source (hydro/utilities, telephone, cable, cell phone and auto insurance) to be confirmed via letter from the service provider or 12 months billing statements

NOTE: Alternative sources of credit must be obtained from a Canadian source

* Genworth Canada will no longer require the lender to submit the documentation upfront on every file, but may request that the lender provide a copy on a case-by-case basis

** Letter from landlord must indicate the following: name of tenant, monthly rent, length of tenancy, payment history. Bank statements must support the amount of rent and timeliness of payments outlined in the letter


  • Our mortgage default insurance is portable, so home buyers can take advantage of a lender’s portability plan. For further details, refer to Portability Feature Product Overview.

Assumptions / Assignments:

  • Mortgage is assumable subject to meeting lender guidelines

Eligible Products:

  • Homebuyer 95 Program
  • Progress Advance Program
  • Purchase Plus Improvements Program

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

Ineligible Products:

  • Business For Self (Alt-A) Program
  • Cashback Equity Program
  • Cash-Out Refinance Program
  • Family Plan Program
  • Vacation/Secondary Homes Program

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