Underwriting Guidelines for Insured and Conventional Mortgages

INSURED

 
ELIGIBLE PROPERTIES Owner-occupied
Rental properties
New construction or existing
1-4 units
AVAILABLE PROGRAMS Purchase, Portability, Refinance, Improvement — Home Renovation and Purchase, Self-Employed (fully verifiable), Income Property. For more information visit CMHC.ca
 
ELIGIBLE PROPERTIES Owner-occupied
Rental properties
New construction or existing
1-4 units
AVAILABLE PROGRAMS Homebuyer 95, Purchase Plus Improvements, Portability Feature, Business for Self (Alt A), Cash-Out Refinance, Vacation/Secondary Homes, Family Plan, Investment Property. For more information visit genworth.ca

PRODUCT

RESIDENTIAL, OWNER OCCUPIED

TYPE Conventional
MAX. # OF UNITS 1 - 2 units
LOAN AMOUNTS Fixed: $50,000 - $1,250,000
VRM: minimum $75,000
INCOME TYPE Fully Verifiable
MAX LOAN TO VALUE (LTV) Up to 80% Purchase and Refinance
MIN. CREDIT SCORE1 600
MAX GDS/TDS 600 - 679 = 35%/42%
≥ 680 = 39%/44%
MAXIMUM AMORTIZATION 35 years
TERMS
Fixed: 6 months closed, convertible or open
1-year open
1 - 5, 7 and 10-year closed
VRM: 3 and 5 -years
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly
  • VRM may convert into a Fixed rate mortgage at any time
  • VRM Insured fully verifiable: available through CMHC only
  • 650+ Credit Score required for VRM
  • Fully Verifiable Insured: Lower credit scores may be considered on a case by case basis
  • Maximum Equity Withdrawal: $200,000
TYPE Insured
MAX. # OF UNITS 1 - 4 units
LOAN AMOUNTS
Fixed: $50,000 - $1,000,000
VRM: minimum $75,000
INCOME TYPE Fully Verifiable
MAX LOAN TO VALUE (LTV) Up to 95% Purchase
Up to 80% Refinance
MIN. CREDIT SCORE1 600
(95% LTV Purchase)
MAX GDS/TDS 600 - 679 = 35%/42%
≥ 680 = 39%/44%
MAXIMUM AMORTIZATION > 80% = 25 years
≤ 80% = 35 years
TERMS
Fixed: 6 months closed,convertible or open
1-year open
1 - 5, 7 and 10-year closed
VRM: 3 and 5 -years
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly
  • VRM may convert into a Fixed rate mortgage at any time
  • VRM Insured fully verifiable: available through CMHC only
  • 650+ Credit Score required for VRM
  • Fully Verifiable Insured: Lower credit scores may be considered on a case by case basis
  • Maximum Equity Withdrawal: $200,000
TYPE Insured Only
MAX. # OF UNITS 1 - 2 units
LOAN AMOUNTS
Fixed: $50,000 - $750,000
INCOME TYPE BFS Stated
MAX LOAN TO VALUE (LTV) Up to 90% Purchase
Up to 80% Refinance
MIN. CREDIT SCORE1 ≥ 650: 90% Purchase; 80% Refinance
620 - 649: 80% Purchase and Refinance
600 - 619: 60% Purchase and Refinance
MAX GDS/TDS 600 - 679 = 35%/42%
≥ 680 = 39%/44%
MAXIMUM AMORTIZATION > 80% = 25 years
≤ 80% = 35 years
TERMS
Fixed: 6 months closed, convertible or open
1-year open
1 - 5, 7 and 10-year closed
VRM: 3 and 5 -years
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly
  • VRM may convert into a Fixed rate mortgage at any time
  • VRM Insured fully verifiable: available through CMHC only
  • 650+ Credit Score required for VRM
  • Fully Verifiable Insured: Lower credit scores may be considered on a case by case basis
  • Maximum Equity Withdrawal: $200,000
TYPE Conventional
MAX. # OF UNITS 1 - 4 units
LOAN AMOUNTS Fixed:
1- 2 units — $ 50,000 - $500,000
3 - 4 units — $ 75,000 - $500,000
VRM: minimum $75,000
INCOME TYPE Fully Verifiable
MAX LOAN TO VALUE (LTV) Up to 75% Purchase and Refinance
MIN. CREDIT SCORE1 Fixed (1 - 2 units): 620
Fixed (3 - 4 units): 650
Variable: 650
MAX GDS/TDS 600 - 679 = 35%/42%
≥ 680 = 39%/44%
MAXIMUM AMORTIZATION 35 years
TERMS
Fixed: 6 months closed, convertible or open
1-year open
1 - 5, 7 and 10-year closed
VRM: 3 and 5 -years
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly
  • VRM may convert into a Fixed rate mortgage at any time
  • VRM Insured: available through CMHC only
  • 650+ Credit Score required for VRM
  • Fully Verifiable Insured: Lower credit scores may be considered on a case by case basis
  • Maximum Equity Withdrawal: $25,000
TYPE Insured
MAX. # OF UNITS 1 - 4 units
LOAN AMOUNTS Fixed:
1 - 4 units — $ 50,000 - $500,000
VRM: minimum $75,000
INCOME TYPE Fully Verifiable
MAX LOAN TO VALUE (LTV) Up to 80% Purchase and Refinance
MIN. CREDIT SCORE1 Fixed: 580
Variable: 650
MAX GDS/TDS 580 - 679 = 35%/42%
≥ 680 = 39%/44%
MAXIMUM AMORTIZATION 35 years
TERMS
Fixed: 6 months closed, convertible or open
1-year open
1 - 5, 7 and 10-year closed
VRM: 3 and 5 -years
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly
  • VRM may convert into a Fixed rate mortgage at any time
  • VRM Insured: available through CMHC only
  • 650+ Credit Score required for VRM
  • Fully Verifiable Insured: Lower credit scores may be considered on a case by case basis
  • Maximum Equity Withdrawal: $25,000
 
TYPE Conventional
MAX. # OF UNITS Single unit only
LOAN AMOUNTS $75,000 - $300,000
INCOME TYPE Full Verifiable
BFS Stated
MAX LOAN TO VALUE (LTV) Up to 75% Purchase and Refinance
MIN. CREDIT SCORE1 620
MAX GDS/TDS 600 - 679 = 35%/42%
≥ 680 = 39%/44%
MAXIMUM AMORTIZATION 35 years
TERMS
Fixed: 6 months closed, convertible or open
1-year open
1 - 5, 7 and 10-year closed
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly
  • VRM may convert into a Fixed rate mortgage at any time
  • Fully Verifiable Insured (Genworth only): Lower credit scores may be considered on a case by case basis
  • Maximum Equity Withdrawal: $50,000
 
TYPE Insured
MAX. # OF UNITS Single unit only
LOAN AMOUNTS $50,000 - $300,000
INCOME TYPE Full Verifiable
BFS Stated
MAX LOAN TO VALUE (LTV) Up to 90% Purchase
Up to 80% Refinance
MIN. CREDIT SCORE1 Fully Verifiable:
≥ 600: 90% Purchase; 80% Refinance

BFS Stated:
≥ 650: 90% Purchase; 80% Refinance
620 - 649: 85% Purchase; 80% Refinance
600 - 619: 75% Purchase and Refinance
MAX GDS/TDS 600 - 679 = 35%/42%
≥ 680 = 39%/44%
MAXIMUM AMORTIZATION > 80% = 25 years
≤ 80% = 35 years
TERMS
Fixed: 6 months closed, convertible or open
1-year open
1 - 5, 7 and 10-year closed
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly
  • VRM may convert into a Fixed rate mortgage at any time
  • Fully Verifiable Insured (Genworth only): Lower credit scores may be considered on a case by case basis
  • Maximum Equity Withdrawal: $50,000
 
TYPE Conventional
MAX. # OF UNITS Owner - occupied
1 - 2 units
LOAN AMOUNTS Verifiable Income:
$50,000 - $750,000

BFS Stated Income:
$50,000 - $350,000
INCOME TYPE Full Verifiable
BFS Stated
MAX LOAN TO VALUE (LTV) Up to 65%
MIN. CREDIT SCORE1 650
MAX GDS/TDS 32%/40%
MAXIMUM AMORTIZATION N/A
TERMS
N/A
ADDITIONAL REQUIREMENTS/FEATURES
  • Payment frequencies: monthly interest only
  • Qualified using 5-year Qualifying rate over 25 year amortization
  • Access to funds: Debit Card and On-line Banking
 
TYPE Conventional
MAX. # OF UNITS Owner - occupied
1 - 2 units
LOAN AMOUNTS Verifiable Income:
$50,000 - $750,000

BFS Stated Income:
$50,000 - $350,000
INCOME TYPE Full Verifiable
BFS Stated
MAX LOAN TO VALUE (LTV) Fully Verifiable:
Up to 80% Purchase and Refinance (Line of Credit up to 65% LTV)

BFS Stated: up to 65%
MIN. CREDIT SCORE1 650
MAX GDS/TDS 32%/40%
MAXIMUM AMORTIZATION Fixed Portion:
35 years
TERMS
Fixed: 6 months closed, convertible or open
1-year open
1 - 5, 7 and 10-year closed
VRM: 3 and 5 -years
ADDITIONAL REQUIREMENTS/FEATURES
  • Rate hold: Purchase — 120 days2, Refinance — 60 days
  • Payment frequencies: weekly, bi-weekly, monthly, accelerated weekly & bi-weekly, HELOC monthly interest only
  • Registered for value of property
  • Homeowner's Kit: Up to 3 mortgages and 3 HELOCs
  • Re-advanceable without legal fees up to the registered amount if value is higher at time of re-advance
  • Qualified using 5-year Qualifying rate over 25-year amortization
  • HELOC Access to funds: debit card and online banking

All mortgages are subject to credit approval. Certain conditions apply.

¹Debt service flexibilities are based on an assessment of the strength of the overall application. Satisfying the minimum credit score alone does not automatically entitle the borrower to debt service flexibilities.

²Standard rate hold for purchase is 90 days; premium applies for rate hold up to 120 days.

³Homeowner's Kit is a single lending solution that brings together two credit products: a mortgage and a real advanceable home equity line of credit. All mortgages are funded by, registered in the name of, and administered and serviced by B2B Bank. ®B2B BANK is a registered trademark of B2B Bank. ®HOMEOWNER'S KIT is a registered trademark of Laurentian Bank of Canada.

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