GNW made it even harder to borrow

Effective April 18, 2009, changes have been made to eligibility requirements for GENWORTH Financial Canada (GNW) insured mortgage applications.

All GNW insured mortgage applications:
New GDSR limit of 35% will now apply for all Beacon Scores (previously 35% for Beacon Scores less than 680 and N/A for Beacon Scores 680 and above)
New TDSR limit of 42% will now apply for all Beacon Scores (previously 42% for Beacon Scores less than 680 and 44% for Beacon Scores 680 and above)

The following Beacon Scores are required for GNW insured refinances:
85.01% - 90% LVR: Minimum Beacon Score of 660 (previously 600)
90.01% - 95% LVR: Minimum Beacon Score of 700 (previously 650)

GNW Mortgage for Self-Employed Program:
Purchases transactions only available up to 90% LVR (previously 95%)
Purchases and refinance transactions from 80.01% to 85% LVR: Minimum Beacon Score of 680 (previously 621)
Purchases transactions from 85.01% to 90% LVR: Minimum Beacon Score of 680 (previously 621)

GNW insured Rental Property Financing Program applications:
Non-owner-occupied rentals are no longer available for GNW insured financing (includes 1-4 unit rental properties and non-personal residential mortgages)

GNW insured high-rise condominium properties (4+ floors) residential mortgage applications, the following Beacon Scores are required:
85.01% - 90% LVR: Minimum Beacon Score of 660 (previously no minimum)
90.01% - 95% LVR: Minimum Beacon Score of 700 (previously no minimum)

The above changes apply only to GNW insured products and not to CMHC Insured products but who knows how long before they start making changes too...

This is yet another reason for you to apply for your mortgage right now… before it’s too late.

Visit my website http://www.joemalek.com/ where you can apply online or by fax but don’t procrastinate – GET STARTED TODAY!

Joe Malek, Mortgage Agent #M08004649