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Saturday, August 6th, 2022

Family Plan Mortgage

This enables people to help buy a home for immediate family members who have good credit but lack the income. For example,

A parent who wishes to help an adult entrepreneurial child buy a home
A parent helping to buy a home for an adult child at a post-secondary educational facility
An adult helping to buy a home for elderly parents who are on a fixed income

The criteria for securing a mortgage on this program include:

All qualifying applicants, including the resident family member, must be on the title. The maximum LTV ratio is 95% and is reserved for borrowers with a very strong covenant.
Valid for new construction or existing properties. Property must be in good condition with good marketability. Must be located in a municipality with proven resale market stability.
The income and debts of all persons on the application will be used along with those of the occupying borrower to calculate the TDSR. Applicants must have clean credit, stable employment and income, positive net worth and a down payment from own resources.

For more information, look at Genworth’s guidelines.