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Tuesday, June 21st, 2022

Local Investor

Mortgage financing is available for investment properties with as little as 10% down:

Maximum 40% TDS.
Down payment from borrower’s own resources.
Personal guarantees are required when the borrower is not an individual (e.g. corporate entity).
The personal guarantee can not be released without prior consent from the insurer.
Borrowers should have a strong history of managing their credit.
Two (2) trade lines with at least two (2) years history.
No prior bankruptcy.
Purchase: credit scores 660 or greater. Refinance: credit scores 680 or greater.
Genworth will consider applications with lower scores based on the overall merit of the application and where other risk mitigating factors exist.

For more information, look at Genworth and CMHC’s guidelines.