State income premiums

Genworth and Canada Guaranty will continue to provide mortgage insurance for self-employed borrowers using stated income programs. The premiums, however, will be increasing. For a self-employed borrower the premium to put a 10% down payment was 4.75% which is increasing to 5.45%. Premiums decrease as the down payment increases and are charged based on the mortgage balance. For more information about buying or refinancing a home using a self-employed stated income program, call me today!