Hello everybody! FYI
Genworth (GE) yesterday (10/22/06) made two large announcements
They have now increased there amortizations for up to 40 years and in
addition, Genworth Financial has announced new GDS/TDS ratios:
Credit score less than 680: TDS=42%, GDS=35%
Credit score 680 or higher: TDS=44%, GDS=Not Applicable
The key is most lenders are becoming more beacon driven (credit rating)
and understand it’s time to change. They have had the same qualifying
ratios of 32 GDS and 40 TDS for over a decade.
CMHC will likely follow Genworth’s initiative
Also the mortgage industry has been mentioning another large insurer is
entering the marketplace from the US in the upcoming year, which would
be a good explanation for all the product changes.
This year, we have made mortgage history with all the initiation taken
by our mortgage insurers, as well as interest rates still 1 full percent
below the 25 year average.
The 40 year amortization can’t be combined with all other Genworth
products, so please contact me directly with any questions, Or visit my website at www.adrianocampo.com
Have a great day!
p.s. tune into the Mortgage Show on am1410 every Sunday at 9am if you
have a chance!
Real Estate Consultant
Royal LePage Coronation West