Progress Advance Program
Helps residential home builders and individual homebuyers take advantage of insured progress advances while their property is being built.
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Three Options for Residential Home Builders
For homeowners whose property is still being built, this program is available with three main options: the Residential Home Builder Program, the Contractor Program, and the Self-Built Program.
Premium Rate:
LTV Ratio | Premium Rate | Top-Up Premium |
---|---|---|
Up to 65% | 0.60% | 0.60% |
65.01% - 75% | 1.70% | 5.90% |
75.01% - 80% | 2.40% | 6.05% |
80.01% - 85% | 2.80% | 6.20% |
85.01% - 90% | 3.10% | 6.25% |
90.01% - 95% | 4.00% | 6.30% |
Eligible Products
- Business for Self (Alt. A) Program
- Borrowed Down Payment Program
- Homebuyer 95 Program
- New to Canada Program
- Vacation / Secondary Homes Program (Type A Properties)
Eligibility
- Up to 95% loan to value with multiple advances during construction
- Mortgage insurance is based on the lesser of the market value of the work in place or the cost to complete
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