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         GENWORTH Self Employed Premiums

LTV Ratio Bureau Scores  
Purchase** Refinance** Top-Up Premium
90.01% - 95% 700 6.00% N/A 8.50%
85.01% - 90% 650 4.75% N/A 7.00%
80.01% - 85% 620 2.90% 2.90% 5.50%
75.01% - 80% 620 1.64% 1.64% 3.85%
65.01% - 75% 600 1.00% 1.00% 2.60%
< 65% 600 0.80% 0.80% 1.50%

* A .20% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25 - year mortgage amortization period

  

 

           

          Some lending guidelines for high ratio mortgage financing are:
 

1). The home must be located in Canada and is to be occupied as your principal residence.
2). Your payment must not exceed 32% of your gross household income. This includes payment of principal + interest + property taxes + heat + condo fees.
3). In addition to the above ‘shelter costs’, your total other debts including credit cards, car loans and personal loans must not exceed 40% of your gross annual income.
4). You must be able to cover closing costs equivalent to at least 1.5% of the purchase price.
5). You meet the lender’s eligibility requirements regarding income, employment and credit worthiness.