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With lifestyle demands, a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways can be very appealing. In 2003, CMHC and Genworth introduced a product to make this process more feasible - with as little as 5% down!
Acceptable Loan Purpose
*The program does not provide for the purchase of investment, rental pool or timeshare properties; therefore, incidental rental income will not be used for qualification purposes.
Eligible Properties (Refer to the Property Type Schedule)
Secondary Homes (Type A Properties):
Vacations Homes (Type B Properties):
Loan-to-Value Ratio Limits
'Loan-to-value' (LTV) is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with a $90,000 loan, you have a 90% LTV ($90,000 divided by $100,000 = 90%).
Turnaround times in this program are outside the standard purchase business levels. Property specifications
Type A Property:
Type B Property:
All Type A property requirements apply to Type B, except for the following:
FOR PROPERTIES OUTSIDE THE PROVINCE AND INTERNATIONAL PURCHASES, PLEASE CONTACT ME DIRECTLY TO DISCUSS YOUR OPTIONS.
To Speak directly about your specific situation and requirements, please contact me directly. Alternatively, you can get the ball rolling by applying directly here on our website. Please enter as much information as you can, agree to the terms and send. It comes to me directly giving me the opportunity to review and have a more informed discussion with you. The application process also provides us with a "soft touch" of your credit bureau without affecting your rating but allowing us to paint a better picture of your specific situation. Download our "MOPOLO" App here which provides access to Mortgage Alliances many tools including creating your profile, Credit applications, current mortgage rates, financial calculators, know your credit score every month, and important updates on the market.
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