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02-16-2010, 10:44 AM
Here are the details of the zero-down mortgage program currently being offered.
Cashback – 5.5% cashback on purchase price on 5 year posted rate (5.39%) E.G. Mortgage amount $400,000, Cash back $25000.
Amortization 35 yrs
Borrower qualification
If the down payment is borrowed, repayments must be included in the TDS calculation
A minimum credit bureau score of 650 is recommended at 90.01-95% LTV. We will adjudicate all deals using Genworth Financial Canada's proprietary scoring model
Non-residing guarantors are not permitted. Non-residing co-borrowers are acceptable (must be an immediate family member and on title).
Lender to ensure that borrower demonstrates the ability to cover closing costs of at least 1.5% of the purchase price. These funds may be borrowed provided any associated repayments are included in the TDS calculation based on a 12-month repayment period.
Also Available 7% cashback on 7-year rate
Line of Credit – borrow the 5% required and repay the line of credit how you want
Cashback – 5.5% cashback on purchase price on 5 year posted rate (5.39%) E.G. Mortgage amount $400,000, Cash back $25000.
Amortization 35 yrs
Borrower qualification
If the down payment is borrowed, repayments must be included in the TDS calculation
A minimum credit bureau score of 650 is recommended at 90.01-95% LTV. We will adjudicate all deals using Genworth Financial Canada's proprietary scoring model
Non-residing guarantors are not permitted. Non-residing co-borrowers are acceptable (must be an immediate family member and on title).
Lender to ensure that borrower demonstrates the ability to cover closing costs of at least 1.5% of the purchase price. These funds may be borrowed provided any associated repayments are included in the TDS calculation based on a 12-month repayment period.
Also Available 7% cashback on 7-year rate
Line of Credit – borrow the 5% required and repay the line of credit how you want