Genworth, a top default mortgage insurance provider in Canada, has a great mortgage option for the many parents of new students heading to the Universities and Colleges. The benefits of The members of the family must have proven good credit.
Looking at the fees for University residence single room on the University of Ottawa’s fee site shows that in one of the older residences that 8 month fee is $5683 and in the 90U, the 8 month rent is $7289. So both over $710.00 a month. I lived in these residences and knew many students that did not live in them first year that did not miss out on much. Four students in a home paying $500.00 in rent can cover your principal + interest, property taxes, heat, hydro, and maintenance . Having your son or daughter in your home will usually keep the others in check and treat the home like you would want your personal home to be treated.
A major benefit in Ottawa is that we have an amazing bus system (soon to be LRT as well) that goes right to all of the campuses. There is a “uPass” for $188 a semester that you can pay for this service. Trust me, in Ottawa, many,many students live off campus and not in Sandy Hill.
Here is a video the family plan a little more as well:
[youtube]https://www.youtube.com/watch?v=a5ddR2ORz_k[/youtube]
Eligible Properties for this include:
-Maximum 2 units where 1 unit must be occupied by an immediate family member
-New construction covered by a lender approved New Home Warranty Program
-Existing resale properties
-Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
-Estimated remaining economic life of the property should be a minimum of 25 years
– See more here
Borrower Qualification:
-Applicant(s) buying the home for a family member must have clean credit, stable employment and income, positive net worth and a down payment from own resources
-An immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian, or legal dependant
-All qualifying applicants, including the resident family member, must be on the title
-The income and debts, including shelter costs, of all persons on the application will be used along with those of the occupying borrower to calculate the TDSR
-Existing requirements related to income, down payment and credit worthiness apply
Contact me anytime as I am your mortgage expert in this program in Ottawa.
