home > Products At a Glance
Products at a Glance
An overview of available products, summarized guidelines and applicable premiums.
Downpayment Advantage™ (95% LTV and Less)
- Purchase: Max. 95% LTV for 1 to 2 units, 1 unit owner-occupied
- Purchase: Max. 90% LTV for 3 to 4 units, 1 unit owner-occupied
- Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
- Maximum debt service ratios: GDS 39% / TDS 44%
- Down payment from own resources or gifted from an immediate family member
Flex 95 Advantage™
- Max. 95% LTV
- Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
- Maximum debt service ratios: GDS 39% / TDS 44%
- Max. 2 units, 1 unit owner-occupied
- Strong credit profile required
- Down payment options include: borrowed down payment from arm’s length source, gifts or grants from arm’s length 3rd party
Purchase Advantage Plus™
- Max. 95% LTV 1 to 2 units, 1 unit owner-occupied
- Max. 90% LTV 3 to 4 units, 1 unit owner-occupied
- Maximum debt service ratios: GDS 39% / TDS 44%
- Gifted down payments from immediate family members are eligible
- Full appraisal required if value of improvements exceeds 20% of “as is” value or $40,000
- Borrower to supply lender with written quotes
- Lender to manage holdbacks and confirm improvements are completed
Lifestyle Advantage™ (Second Homes)
- Purchase: Max. 95% LTV
- Strong credit profile required
- Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
- Maximum debt service ratios: GDS 39% / TDS 44%
- Max. 1 unit for secondary occupancy, owner-occupied or occupied by a member of the owner’s immediate family
Progress Draw Advantage™
- Purchase: Max. 95% LTV 1 to 2 units, 1 unit owner-occupied
- Strong credit profile required
- Maximum debt service ratios: GDS 39% / TDS 44%
- Down payment from own resources or gifted from an immediate family member
- Title to land in borrower’s name on, or before, closing
- Basic Service (lender managed) and Full Service (insurer managed) available
- Builder loans are not eligible
Rental Advantage™
- Purchase: Max. 80% LTV
- Properties with 2-4 units only. Single unit properties ineligible.
- Strong credit profile required
- Maximum debt service ratios: GDS 39% / TDS 44%
- Max. 50% of gross rental income may be added to the borrower’s gross annual income
- Down payment from own resources
- Maximum Loan Amount for Greater Calgary, Vancouver and Toronto Areas is $750,000. For all other locations, a maximum loan amount of $600,000 applies.
Low Doc Advantage™ (Self-Employed)
- Purchase: Max. 90% LTV
- Strong credit profile required
- Maximum debt service ratios: GDS 39% / TDS 44%
- Max. 2 units, 1 unit owner-occupied (secondary homes are ineligible)
- 2 years self-employed
- Borrower’s income must be reasonable for the nature and tenure of the business
- Minimum 10% down payment, of which 5% must come from borrower’s own resources. Remainder may be gifted from an immediate family member.
- Lender to confirm no tax arrears (please refer to product sheet for details)
- Commission sales income is not eligible
- Maximum loan amount for Greater Toronto, Vancouver and Calgary areas is $750,000. For all other locations, a maximum loan amount of $600,000 applies. Exceptions to be reviewed on a case-by-case basis.
Portable Advantage™
- Max. 95% LTV 1 to 2 units
- Max. 90% LTV 3 to 4 units
- Max. 4 units, 1 unit owner-occupied (please refer to product sheet for details)
- Purchase, Resale or New Construction (single advance)
- Straight Port: No changes (LTV/amort./$) no new premium
- Port with Increase: Increase LTV/amort./$ , premiums based on the lesser of single premium on the total loan amount or the top-up portion
- Port with Increase: Borrower eligible for the Borrower Loyalty Credit
- Original mortgage must be in good standing and insured by Canada Guaranty
Maple Leaf Advantage™
- Max. 95% LTV
- Maximum debt service ratios: GDS 39% / TDS 44%
- Minimum 5% down payment from borrower’s own resources. Remainder may be gifted from an immediate family member or from a corporate subsidy. No borrowed down payments permitted.
- Alternate forms of credit confirmation acceptable
- Purchase, Purchase Advantage Plus™, Progress Draw Advantage™, Resale or New Construction
- Must have immigrated to Canada within the last 5 years
- Permanent resident/landed immigrant status or a valid work permit required
- Max. 2 units, 1 unit owner-occupied
Energy-Efficient Advantage Program
- Applicable to all Canada Guaranty mortgage insurance products
- Purchase: New construction or existing home
- Purchase with improvements for energy-efficiency purposes
- Borrowers with mortgage financing currently insured by Canada Guaranty are eligible for a partial premium refund of up to 25%
- Request for partial premium refund must be submitted within 24 months of the mortgage closing date
- All applicable mortgage insurance premiums and fees on the original mortgage must have been received by Canada Guaranty prior to issuing the refund
- Please refer to Energy-Efficient Advantage Program overview for complete details regarding qualifications and required documentation
Product Features
- All products:
- Eligible for portability
- Maximum 25 year amortization
- Maximum property value must be less than $1,000,000
- For products that allow a minimum 5% down payment, the following guidelines apply:
- Purchase Price ≤ $500,000: Minimum 5% down payment required.
- Purchase Price > $500,000 and < $1,000,000: Minimum 5% down payment required on the first $500,000 of the purchase price, plus an additional 10% down payment required on the portion of the purchase price above $500,000.
NOTE:Maximum LTV is subject to adjustments based on local housing market conditions.
Disclaimer:Product guidelines are subject to change without notice. Information in this document represents a brief summary of products only. Please refer to official product sheets and underwriting guidelines for additional details.
PREMIUM RATES AT A GLANCE |
|
Standard Premium Rates |
Low Doc Advantage™ |
Rental Advantage™ |
Loan-to-Value Ratio |
Single |
Port. Top-up |
Single |
Port. Top-up |
Single |
Port. Top-up |
≤ 65% | 0.60% | 0.60% | 1.50% | 3.00% | 1.45% | 3.15% |
65.01 - 75% | 1.70% | 5.90% | 2.60% | 6.50% | 2.00% | 3.45% |
75.01 - 80% | 2.40% | 6.05% | 3.30% | 7.00% | 2.90% | 4.30% |
80.01 - 85% | 2.80% | 6.20% | 3.75% | 7.50% | | |
85.01 - 90% | 3.10% | 6.25% | 5.85% | 9.00% | | |
90.01 - 95% | 4.00% | 6.30% | | | | |
Flex 95 Advantage™ | 4.50% | 6.60% | | | | |
NOTE: Mortgage insurance premiums are non-refundable. |
Last Updated: 03/17/2017