We are pleased to announce enhancements to the Welcome to Canada Program for Permanent Residents. The enhancements include:

• Genworth Financial Canada (GNW) has revised their eligibility requirements. Borrowers who have immigrated to Canada within the last 36 months (previously 24months) will now be eligible for insured financing through GNW.
• The maximum Loan to Value (LVR) for a GNW insured mortgage under this program has increased to 97%. A default insurance premium of 2.90% will apply for GNW insured mortgages with LVR’s from 95.01% - 97% (Previously 95%)

Documentation requirements for insured mortgages have been revised. One of the following documents will now be required as a personal reference, in addition to verification of landed immigrant status:

For GNW insured Applications with LVR’s up to 90%:

• Canadian credit history with a minimum Beacon score of 650 (No Hit/No Score not acceptable), or;
• Letter of reference from a recognized financial institution, or;
• 6 months of bank statements from a primary bank account
• If none of the above are available, U.S. or International Credit Bureau demonstrating no derogatory credit history

For all Canada Mortgage and Housing Corporation (CMHC) insured applications and for GNW insured applications with LVR’s from 90.01% - 97%:

• Canadian credit history with a minimum Beacon score of 650 (No Hit/No Score not acceptable), or;
• Two alternate sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternate sources are:
  • 1. Rental payment history confirmed via letter from landlord and supporting bank statements, and;
  • 2. One other alternative source. Acceptable sources include hydro or other utilities, telephone, or cable. To be confirmed via letter from the service provider or 12 months billing statements.
• If none of the above are available, U.S. or International Credit Bureau demonstrating no derogatory credit history.

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