Homebuyers who have immigrated or relocated to Canada can qualify for Genworth default mortgage insurance with as little as a 3% down payment.

Borrower qualification

• Must have immigrated or relocated to Canada within the last 36 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 LTV's 95% or greater, 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)

Required Documentation for 97% LTV

• Valid work permit or verification of landed immigrant status

• Income Confirmation

• Down payment confirmation

• Purchase and Sale agreement

• International credit report demonstrating a strong credit profile

OR

Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:

o Rental payment history confirmed via letter from landlord and bank statements. 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.

o One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter from the service provider or 12 months billing statements

Note: This program is not available to Diplomats or any other foreign political appointed individuals who do not pay income tax in Canada.