Low Down Payment Options
DOWNPAYMENT ADVANTAGE™
95% LTV and Less
The Downpayment Advantage program is designed for borrowers who can make a down payment of at least 5% toward the purchase of a home.
Transaction Types
- Purchase transactions.
- Purchase Advantage Plus™ eligible.
- Portable eligible.
Amortization
- 25 year standard.
- Eligible for up to 30 years amortization.
- 20 bps incremental premium surcharge for each additional 5 years beyond the standard 25 years.
Loan-to-Value Criteria
- 95% for Purchase: 1-2 units
- 90% for Purchase: 3-4 units
Property Types
- Maximum 4 units, with 1 unit owner-occupied.
- Resale or new construction (single advance).
- Progress Advance: refer to Canada Guaranty Progress Draw Advantage™ Product Highlights sheet.
Borrower Qualifications
- Down payment must be from borrower’s own resources or gifted from an immediate family member.
- Standard underwriting guidelines apply.
- Up to and including 679 credit score: GDS 35%; TDS 42%
- 680+ credit score: TDS 44%
Documentation Requirements
- Standard documentation.
Applicable Premiums
| Loan-to-Value Ratio | Single Premium | Top-Up Premium |
|---|---|---|
| ≤ 65% | 0.50% | 0.50% |
| 65.01%-75% | 0.65% | 2.25% |
| 75.01%-80% | 1.00% | 2.75% |
| 80.01%-85% | 1.75% | 3.50% |
| 85.01%-90% | 2.00% | 4.25% |
| 90.01%-95% | 2.75% | 4.25% |
Last Updated: 03/18/2011
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