Genworth Canada can help qualified home buyers make their new home just right for them, with tailored improvements, immediately after taking possession of the purchased property. All this can be done with one manageable mortgage and with only 5% down. Acceptable Loan Purpose & Applicable Loan-to-Value Limits: Purchase transactions: 1 & 2 units: 95% LTV (includes both purchase & improvement amount) 3 & 4 units: 90% LTV ( includes both purchase & improvement amount) Multiple advances to a maximum of four (excluding initial purchase advance) are permitted. Advances managed by lender or by Genworth Canada if improvements exceed $40,000 or 20% of initial value Lending value is based on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements Eligible Properties: Maximum 4 units where 1 unit must be owner occupied New construction covered by a lender approved New Home Warranty Program Existing resale properties Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand Estimated remaining economic life of the property should be a minimum of 25 years Terms / Qualifying Interest Rate: Fixed, standard variable, capped variable and adjustable rate mortgages are permitted For loans with fixed rate terms greater than or equal to 5 years, the contract rate is used For loans with fixed or variable rate terms less than 5 years, the qualifying interest rate is the greater of the contract rate or 5-yr benchmark rate - See more at: genworth.ca/en/products/purchase-plus-improvements-program.aspx#sthash.umh7nacI.dpuf
Posted on: Fri, 13 Sep 2013 17:54:29 +0000
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