Canada Guaranty

Transaction Types

• Purchase transactions.
• 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.

Credit Score Requirements

• Credit score and GDS/TDS requirements are based on the LTV and product selected.

Loan-to-Value Criteria

• Maximum 95% LTV for Purchase: 1–2 units
• Maximum 90% LTV for Purchase: 3–4 units

Property Types

• Maximum 4 units, with 1 unit owner-occupied.

Maximum Value of Improvements

• Full appraisal required for improvements exceeding 20% of “as is” value or $40,000.

Lending Value

• Lending value is based on the lesser of the improved property value or the purchase price, plus direct costs associated with the improvements.

Borrower Qualifications

• Gifted down payment from immediate family member is acceptable.
• Borrower must provide the lender with quotes for the work to be completed.
• Standard underwriting guidelines apply.

Documentation Requirements

• Standard documentation.
• Lender is responsible for managing holdbacks.
• Lender to confirm improvements are completed.

Applicable Premiums