| Mortgage type |
|
- Conventional up to 65% LTV
- Insured up to 95% LTV
|
| Loan Purpose |
|
- Purchase
- Switch
- Refinance (including debt consolidation and ETO with a minimum of 12 months mortgage stability)
- HELOC not available
|
| Title |
|
|
| Property Types |
|
- New construction or existing property
- Owner-occupied principal residence up to 2 units
- 1 Unit for applicants with a Work Permit
|
| Ineligible Property Types |
|
- Secondary residence
- Vacation home
- 100% Rental Properties
|
| Maximum Loan to Value |
|
- 95% on Purchases
- Applicants with a Work Permit 90%
- Refinances 85%
|
| Maximum Loan Amount |
|
$1.5 million
|
| Amortization |
|
- Maximum 35 years for LTV =< 65%
- Maximum 30 years for LTV > 65%
|
| Qualifying Rate |
|
- LTV=< 65%, ING 3 year fixed rate
- Fixed rate term of less than 5 years and Variable Rate Mortgages, the qualifying interest rate is the greater of the BOC and
the contract interest rate.
For fixed rate term of 5 years or more, the qualifying interest rate is the contract interest rate.
|
| Beacon Score |
|
- Minimum 620 with no derogatory credit history.
- No credit score due to new credit bureau is acceptable.
|
| Net Worth |
|
No minimum net worth required
|
| Down Payment |
|
- Minimum 5% of the purchase price from own resources, the remainder can be gifted from immediate family members or from a corporate
subsidy.
- No borrowed funds and no sweat equity
|
| GDS/TDS |
|
- No credit score or
credit score < 680: 35% / 42%
- 680+: n/a / 44%
|
| Borrower Qualification |
|
- Confirmation of landed immigrant status or valid work permit along with job offer and relocation to Canada within the last
60 months.
- This program is not available to individuals with diplomatic immunity.
- Guarantor is permitted with income confirmation
|
| Income/ Employment Verification |
|
- Standard income confirmation with minimum 3 months of permanent full-time employment and/ or completion of the probationary
period, this does not apply to relocation clients
|
| Property Valuation |
|
- LTV =< 65% full appraisal or AVM
- LTV > 65% subject to insurer's approval
|
| Documentation Requirements |
|
- LTV=< 65%, no credit requirements
- LTV 66-90%, 6 months of bank statements from primary Canadian account.
- LTV > 90%, Recent 12 months history of rent payments supported by bank statements and landlord's letter and 12 month history
of 1 regular periodic obligation with no late payments, OR confirmation of 3 regular periodic obligations payment over the
preceding 12 months with no late payment.
- Other periodic obligations include but not limited to: utilities, cable, childcare expenses, insurance premiums, documented
regular saving supported by copy of bill and payment confirmation via bank statement.
|
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