Canada Guaranty  guidelines

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)

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