Underwriting Guidelines for Insured and Conventional Mortgages

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Insured Eligible Properties Available Programs
CMHC Owner-occupied
Rental properties
New construction or existing
1-4 units
Purchase, Portability, Refinance, Improvement — Home Renovation and Purchase, Self-Employed (fully verifiable), Income Property For more information visit CMHC.ca
Genworth 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
 
Fully Verifiable
BFS Stated
 
Rental
Vacation/ Secondary Home
Home Equity Line of Credit
Homeowner's Kit³
 
Type Max. # of Units Loan Amounts Income Type Max Loan to Value (LTV) Min. Credit Score² Max GDS/TDS Maximum Amortization Terms Additional Requirements/Features
Residential, Owner Occupied
Conventional 1 - 2 units Fixed: $50,000 - $1,250,000
VRM: minimum $75,000
Fully Verifiable Up to 80% Purchase and Refinance 600 600 - 679 = 35%/42%
≥ 680 = 39%/44%
35 years Fixed: 6 months closed,
convertible or open
1-year open
1 - 5, 7 and
10-year closed
VRM: 3 and 5 -years
  • 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
Insured 1 - 4 units Fixed: $50,000 - $1,000,000
VRM: minimum $75,000
Up to 95% Purchase
Up to 80% Refinance
600
(95% LTV Purchase)
> 80% = 25 years
≤ 80% = 35 years
Insured Only 1 - 2 units Fixed: $50,000 - $750,000 BFS Stated Up to 90% Purchase
Up to 80% Refinance
≥ 650: 90% Purchase; 80% Refinance
620 - 649: 80% Purchase and Refinance
600 - 619: 60% Purchase and Refinance
600 - 679 = 35%/42%
≥ 680 = 39%/44%
> 80% = 25 years
≤ 80% = 35 years
 
Conventional 1 - 4 units Fixed:
1 -2 units — $ 50,000 - $500,000
3 -4 units — $ 75,000 - $500,000
VRM: minimum $75,000
Fully Verifiable Up to 75% Purchase and Refinance Fixed (1 - 2 units): 620
Fixed (3 - 4 units): 650
Variable: 650
600 - 679 = 35%/42%
≥ 680 = 39%/44%
35 years Fixed: 6 months closed,
convertible or open
1-year open
1 - 5, 7 and
10-year closed
VRM: 3 and 5 -years
  • 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
Insured Fixed:
1 - 4 units — $ 50,000 - $500,000
VRM: minimum $75,000
Up to 80% Purchase and Refinance Fixed: 580
Variable: 650
580 - 679 = 35%/42%
≥ 680 = 39%/44%
Conventional Single unit only $75,000 - $300,000 Full Verifiable
BFS Stated
Up to 75% Purchase and Refinance 620 600 - 679 = 35%/42%
≥ 680 = 39%/44%
35 years Fixed: 6 months closed,
convertible or open
1-year open
1 - 5, 7 and
10-year closed
  • 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
Insured $50,000 - $300,000 Up to 90% Purchase
Up to 80% Refinance
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
> 80% = 25 years
≤ 80% = 35 years
Conventional Owner - occupied
1 - 2 units
Verifiable Income:
$50,000 - $750,000

BFS Stated Income:
$50,000 - $350000
Full Verifiable
BFS Stated
Up to 65% 650 32%/40% N/A N/A
  • Payment frequencies: monthly interest only
  • Qualified using 5-year Qualifying rate over 25 year amortization
  • Access to funds: Debit Card and On-line Banking
Fully Verifiable:
Up to 80% Purchase and Refinance (Line of Credit up to 65% LTV)

BFS Stated: up to 65%
Fixed Portion:
35 years
Fixed: 6 months closed,
convertible or open
1-year open
1 - 5, 7 and
10-year closed
VRM: 3 and 5 -years
  • 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 re–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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