PRODUCTS AT A GLANCE

 

Downpayment Advantage™ (95% LTV and Less)

• Purchase: Max. 95% LTV for 1 to 2 units, 1 unit owner-occupied

• Purchase: Max. 90% LTV for 3 to 4 units, 1 unit owner-occupied

• Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)

• < 680 credit score: GDS 35% / TDS 42%

• 680+ credit score: GDS 39% / TDS 44%

• Down payment from own resources or gifted from an immediate family member

Flex 95 Advantage™

• Max. 95% LTV

• Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)

• < 680 credit score: GDS 35% / TDS 42%

• 680+ credit score: GDS 39% / TDS 44%

• Max. 2 units, 1 unit owner-occupied

• Down payment options include: borrowed down payment from arm’s length source, gifts or grants from arm’s length 3rd party

Purchase Advantage Plus™

• Max. 95% LTV 1 to 2 units, 1 unit owner-occupied

• Max. 90% LTV 3 to 4 units, 1 unit owner-occupied

• Gifted down payments from immediate family members are eligible

• Full appraisal required if value of improvements exceeds 20% of “as is” value or $40,000

• Borrower to supply lender with written quotes

• Lender to manage holdbacks and confirm improvements are completed

Lifestyle Advantage™ (Second Homes)

• Purchase: Max. 95% LTV

• Refinance: Max. 80% LTV

• Strong credit profile required

• Purchase, Purchase Advantage Plus™, Refinance, Resale or New Construction (single advance)

• < 680 credit score: GDS 35% / TDS 42%

• 680+ credit score: GDS 39% / TDS 44%

• Max. 2 units, for secondary occupancy, with 1 unit owner-occupied

Refinance Advantage™

• Max. 80% LTV

• $200,000 maximum equity take-out

• Max. 4 units, 1 unit owner-occupied

• < 680 credit score: GDS 35% / TDS 42%

• 680+ credit score: GDS 39% / TDS 44%

• Not for default management purposes

Progress Draw Advantage™

• Purchase: Max. 95% LTV 1 to 2 units, 1 unit owner-occupied

• Purchase: Max. 90% LTV 3 to 4 units, 1 unit owner-occupied

• Refinance: Max. 80% LTV 1 to 4 units, 1 unit owner-occupied

• Strong credit profile required

• < 680 credit score: GDS 35% / TDS 42%

• 680+ credit score: GDS 39% / TDS 44%

• Down payment from own resources or gifted from an immediate family member

• Title to land in borrower’s name on, or before, closing

• Basic Service (lender managed) and Full Service (insurer managed) available

• Builder loans are not eligible

Rental Advantage™

• Purchase and Refinance: Max. 80% LTV

• Max. 4 units

• Strong credit profile required

• TDS 40%

• Rental income confirmed with recent T1 Generals

• Please refer to product sheet when rental income cannot be confirmed with recent T1 Generals

• Down payment from own resources

Low Doc Advantage™ (Self-Employed)

• Purchase: Max. 90% LTV

• Refinance: Max. 80% LTV

• Max. 2 units, 1 unit owner-occupied

• Strong credit score with minimum two trade lines, revolving for two years, required

• < 680 credit score: GDS 35% / TDS 42%

• 680+ credit score: GDS 39% / TDS 44%

• $200,000 equity removal for debt consolidation or asset enhancement

• 2 yrs self-employed

• 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.

• Stated income with attestation or a signed mortgage application

• Lender to confirm no tax arrears (please refer to product sheet for details)

• Commission sales income is not eligible

• 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.

• Exceptions to be reviewed on a case-by-case basis

Portable Advantage™

• Max. 95% LTV 1 to 2 units

• Max. 90% LTV 3 to 4 units

• Max. 4 units, 1 unit owner-occupied (please refer to product sheet for details)

• Purchase, Resale or New Construction (single advance)

• Straight Port: No changes (LTV/amort./$) no new premium

• Port with Increase: Increase LTV/amort./$ , premiums based on the lesser of single premium on the total loan amount or the top-up portion

• Port with Increase: Borrower eligible for the Borrower Loyalty Credit

• Original mortgage must be in good standing and insured by Canada Guaranty

Maple Leaf Advantage™

• Max. 95% LTV

• Alternate forms of credit confirmation acceptable

• Purchase, Purchase Advantage Plus™, Progress Draw Advantage™, Resale or New Construction

• Must have immigrated to Canada within the last 5 years

• Permanent resident/landed immigrant status or a valid work permit required

• Max. 2 units, 1 unit owner-occupied

• 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

• Available on all Canada Guaranty mortgage insurance products.

• New construction or existing home.

• Purchase or Refinance with improvements for energy-efficiency purposes.

• 10% premium refund eligible for borrowers with mortgage financing currently insured by Canada Guaranty, which has funded on or after May 1, 2013.

• The request for the 10% premium refund must be submitted within one year of the mortgage advance.

• 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.

• Please refer to Energy-Efficient Advantage Program overview for details regarding required documentation.

Product Features

• All products are eligible for portability

• > 80% LTV: Standard 25 year amortization

• Up to 80% LTV: All products are eligible for a 30 year amortization (subject to a 0.25% premium surcharge)