


Canada Guaranty guidelines

PRODUCTS AT A GLANCE
Downpayment Advantage™ (95% LTV and Less)
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Purchase: Max. 95% LTV for 1 to 2 units, 1 unit owner-occupied
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Purchase: Max. 90% LTV for 3 to 4 units, 1 unit owner-occupied
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Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
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< 680 credit score: GDS 35% / TDS 42%
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680+ credit score: GDS 39% / TDS 44%
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Down payment from own resources or gifted from an immediate family member
Flex 95 Advantage™
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Max. 95% LTV
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Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
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< 680 credit score: GDS 35% / TDS 42%
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680+ credit score: GDS 39% / TDS 44%
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Max. 2 units, 1 unit owner-occupied
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Down payment options include: borrowed down payment from arm’s length source, gifts or grants from arm’s length 3rd party
Purchase Advantage Plus™
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Max. 95% LTV 1 to 2 units, 1 unit owner-occupied
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Max. 90% LTV 3 to 4 units, 1 unit owner-occupied
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Gifted down payments from immediate family members are eligible
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Full appraisal required if value of improvements exceeds 20% of “as is” value or $40,000
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Borrower to supply lender with written quotes
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Lender to manage holdbacks and confirm improvements are completed
Lifestyle Advantage™ (Second Homes)
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Purchase: Max. 95% LTV
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Refinance: Max. 80% LTV
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Strong credit profile required
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Purchase, Purchase Advantage Plus™, Refinance, Resale or New Construction (single advance)
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< 680 credit score: GDS 35% / TDS 42%
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680+ credit score: GDS 39% / TDS 44%
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Max. 2 units, for secondary occupancy, with 1 unit owner-occupied
Refinance Advantage™
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Max. 80% LTV
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$200,000 maximum equity take-out
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Max. 4 units, 1 unit owner-occupied
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< 680 credit score: GDS 35% / TDS 42%
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680+ credit score: GDS 39% / TDS 44%
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Not for default management purposes
Progress Draw Advantage™
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Purchase: Max. 95% LTV 1 to 2 units, 1 unit owner-occupied
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Purchase: Max. 90% LTV 3 to 4 units, 1 unit owner-occupied
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Refinance: Max. 80% LTV 1 to 4 units, 1 unit owner-occupied
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Strong credit profile required
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< 680 credit score: GDS 35% / TDS 42%
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680+ credit score: GDS 39% / TDS 44%
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Down payment from own resources or gifted from an immediate family member
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Title to land in borrower’s name on, or before, closing
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Basic Service (lender managed) and Full Service (insurer managed) available
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Builder loans are not eligible
Rental Advantage™
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Purchase and Refinance: Max. 80% LTV
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Max. 4 units
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Strong credit profile required
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TDS 40%
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Rental income confirmed with recent T1 Generals
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Please refer to product sheet when rental income cannot be confirmed with recent T1 Generals
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Down payment from own resources
Low Doc Advantage™ (Self-Employed)
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Purchase: Max. 90% LTV
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Refinance: Max. 80% LTV
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Max. 2 units, 1 unit owner-occupied
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Strong credit score with minimum two trade lines, revolving for two years, required
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< 680 credit score: GDS 35% / TDS 42%
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680+ credit score: GDS 39% / TDS 44%
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$200,000 equity removal for debt consolidation or asset enhancement
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2 yrs self-employed
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Minimum 10% down payment, of which 5% must come from borrower’s own resources. Remainder may be gifted from an immediate family member. Borrowed down payments not permitted.
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Stated income with attestation or a signed mortgage application
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Lender to confirm no tax arrears (please refer to product sheet for details)
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Commission sales income is not eligible
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Maximum Loan Amount for Greater Calgary, Vancouver and Toronto Areas is $750,000. For all other locations, a maximum loan amount of $600,000 is applicable.
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Exceptions to be reviewed on a case-by-case basis
Portable Advantage™
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Max. 95% LTV 1 to 2 units
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Max. 90% LTV 3 to 4 units
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Max. 4 units, 1 unit owner-occupied (please refer to product sheet for details)
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Purchase, Resale or New Construction (single advance)
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Straight Port: No changes (LTV/amort./$) no new premium
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Port with Increase: Increase LTV/amort./$ , premiums based on the lesser of single premium on the total loan amount or the top-up portion
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Port with Increase: Borrower eligible for the Borrower Loyalty Credit
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Original mortgage must be in good standing and insured by Canada Guaranty
Maple Leaf Advantage™
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Max. 95% LTV
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Alternate forms of credit confirmation acceptable
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Purchase, Purchase Advantage Plus™, Progress Draw Advantage™, Resale or New Construction
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Must have immigrated to Canada within the last 5 years
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Permanent resident/landed immigrant status or a valid work permit required
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Max. 2 units, 1 unit owner-occupied
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Minimum 5% down payment from borrower’s own resources. Remainder may be gifted from an immediate family member or from a corporate subsidy. No borrowed down payments permitted.
Energy-Efficient Advantage Program
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Available on all Canada Guaranty mortgage insurance products.
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New construction or existing home.
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Purchase or Refinance with improvements for energy-efficiency purposes.
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10% premium refund eligible for borrowers with mortgage financing currently insured by Canada Guaranty, which has funded on or after May 1, 2013.
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The request for the 10% premium refund must be submitted within one year of the mortgage advance.
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All applicable mortgage insurance premiums and fees on the original mortgage must have been received by Canada Guaranty prior to issuing the Energy-Efficient Advantage refund.
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Please refer to Energy-Efficient Advantage Program overview for details regarding required documentation.
Product Features
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All products are eligible for portability
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> 80% LTV: Standard 25 year amortization
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Up to 80% LTV: All products are eligible for a 30 year amortization (subject to a 0.25% premium surcharge)