Rental Properties

Our Insured (Genworth and CMHC) and Conventional Rental mortgages are designed for your clients who are looking to purchase or refinance rental properties and meet traditional qualifying criteria.

Overview

Terms

  • Fixed terms of 6 months, 1 - 5 years, 7 and 10 years
  • Open terms of 6 months and 1 year
  • Convertible term of 6 months
  • Variable terms of 3 and 5 years1

Eligible properties

  • Non-owner occupied
  • 1 - 4 units verifiable income
  • New construction or existing properties

Payment Frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Pre-payment privileges

  • Increase payments by up to 15% once per calendar year2
  • Pre-pay up to 15% of original principal once per calendar year

maximum amortization

  • Up to 35 years

Loan amounts

  • 1 - 2 units – $50,000 up to $500,000
  • 3 - 4 units – $75,000 up to $500,000
  • VRM: Minimum $75,000
  • Maximum equity withdrawal: up to $25,000

Documentation

  • Verifiable Income
  • Genworth: 80% rental offset available if rental is the subject property and LTV < 80%
  • 100% of subject property gross rental income can be accepted if each applicant has a credit score of  ≥ 680 and proof of average of rental income for at least 2 years. If these credit and income requirements cannot be met, 50% of rental income is used for qualification. In both cases, taxes and heat for the property generating rental income can be excluded.
  • Genworth and CMHC: For non-owner occupied, non-subject residential properties generating rental income:
  • Net cash flow calculation including 15% vacancy, principal, interest, taxes and 100% condo fees (if applicable)
  • Deficit results included in ratios and surplus not used for qualification
Note: documentation requirements are assessed on a case by case basis.

complementary solutions

  • Purchase3
  • Portability
  • Refinance
  • Purchase and Refinance Plus Improvements
  • CMHC Self — Employed (verifiable income)*

Exclusions:

  • Business For Self (ALT.A)
  • Vacation/Secondary Home
  • Cash Back
  • Homeowner's Kit
  • HELOC
  • Family Plan
  •  
  • *For more details refer to the applicable information sheets.

credit guidelines

  • Min credit score/LTV max:
  • Conventional:
  • 1 – 2 units ≥ 620 up to 75%
  • 3 – 4 units ≥ 650 up to 75%
  • Insured
  • 1 – 4 units ≥ 580 up to 80%
  • Max GDS/TDS4:
  • 580 – 679: 35%/42%; ≥ 680: 39%/44%

value-added features,
options and Alternatives

  • Look Back Rate Guarantee
  • Portability
  •  

1VRM – CMHC only and > 650 credit score is required. 2This pre-payment privilege is non-cumulative and is available after the first anniversary of the mortgage. 3Excludes conventional private purchases. 4Debt service flexibilities are based on the overall assessment of the strength of the overall application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank. HOMEOWNER'S KIT is a registered trademark of Laurentian Bank.

Our Rental Expanded mortgage may help your clients looking to purchase or refinance a rental property who are not be able to provide income documentation in the traditional manner.

Overview

Terms

  • Fixed terms of 6 months, 1 - 5 years, 7 and 10 years
  • Open terms of 6 months and 1 year
  • Convertible term of 6 months

Eligible properties

  • Non-owner occupied
  • 1 - 2 units
  • New construction or existing properties

Payment Frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Pre-payment privileges

  • Increase payments by up to 15% once per calendar year1
  • Pre-pay up to 15% of original principal once per calendar year

maximum amortization

  • Up to 35 years

Loan amounts

  • $75,000 up to $500,000
  • Maximum equity withdrawal: up to $25,000

Documentation requirements

  • Rental Income: 80% rental offset available if rental is the subject property
  • Rental income from non-subject rental properties can be used to offset expenses on those properties

complementary solutions

  • Purchase2
  • Portability
  • Refinance
  • Business for Self — Expanded*
  • Business for Self — New Professional*
  • Secondary Income Qualifier (SIQ)*
  •  
  • *For details see applicable information sheets.

credit guidelines

  • Min credit score/LTV max:
  • ≥ 650 – 75% Purchase and Refinance
  •  
  • Max GDS/TDS :
  • 650 - 679 – 35%/42%; ≥ 680 – 39%/44%

value-added features,
options and Alternatives

  • Look Back Rate Guarantee
  • Up to 35-year amortization
  •   

1This pre-payment privilege is non-cumulative and is available after the first anniversary of the mortgage. 2Excluding conventional private purchases. 3Debt service flexibilities are based on the overall assessment of the strength of the overall application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.

Our Rental Alternative mortgage helps your clients looking to purchase or refinance a rental property who can provide stated income; however, they may not be able to provide income documentation in the traditional manner.

Overview

Terms

  • Fixed terms of 1 - 5 years

Eligible properties

  • Non-owner occupied
  • 1 - 4 units verifiable income
  • 1 - 2 units BFS stated 2 years (must be in urban location)
  • New construction or existing properties

Payment Frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Pre-payment privileges

  • Increase payments by up to 15% once per calendar year1
  • Pre-pay up to 15% of original principal once per calendar year

maximum amortization

  • Up to 25 years

Loan amounts

  • $75,000 up to $500,000
  • Maximum equity withdrawal: up to $50,000
    BFS stated 2 years – up to $25,000

Documentation requirements

  • Rental income: 80% rental offset available if rental is the subject property
  • Rental income from non-subject rental properties can be used to offset expenses on those properties

complementary solutions

  • Purchase2
  • Portability
  • Refinance
  • Secondary Income Qualifier (SIQ)*
  • Credit Rebuild*
  •  
  • *For details refer to applicable information sheets.

credit guidelines

  • Min credit score/LTV max:
  • ≥580 Verifiable – up to 65%
  • ≥650 BFS Stated – up to 65%
  •   
  • Max GDS/TDS 3: NA/42%, additionally,
  • BFS stated 2 years min DCR .75x

value-added features,
Options and Alternatives

  • Look Back Rate Guarantee
  •  
  •  

1This pre-payment privilege is non-cumulative and is available after the first anniversary of the mortgage. 2Private purchase maximum 60% LTV. 3Debt service flexibilities are based on the overall assessment of the strength of the overall application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. B2B Bank. B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.