Building a Custom Home with less than 20% downpayment

Hello, my name is Angela Baggio and I am an account manager at Genworth Canada. Building a custom home according to personal taste and standards is the dream of many but can be daunting from a financial perspective Today I’d like to share a story of how one young couple was able to build more than just a home Bryce Stephenson and Jill Davies were recently engaged to be married They currently own a semi-detached house in the city but want to build something larger as they plan to start a family For their upcoming wedding, Jill’s parents have gifted them a piece of land north of the city that they want to use to build a new home on But how would they go about financing such a project? The couple met with their mortgage professional who told them about Genworth Canada’s Progress Advance program a program that would help them finance their project with as little as 5 per cent down. He explained the three different options under the program: 1) building through a residential homebuilder 2) through a general contractor… or 3) the Self-built program Since Bryce and Jill already owned land but lacked the qualifications to build themselves they hired an architect to draft a plan and enlisted the services of Hank Smith a very reputable general contractor who evaluated the cost to build and oversee the project He is fully qualified to build their home and is a member of a Lender-approved New Home Warranty Program They qualified under this program by using some of the equity built up in their current home and chose to invest 10% as a down payment for the new home building project The pair arranged with their financial institution to disburse funds in four different stages throughout the project so that Hank could pay his sub-contractors as the project progressed Now in their custom-built home, newlyweds Bryce and Jill couldn’t be happier with the choices they made Genworth Canada’s Progress Advance program opened the door to the perfect home for Bryce and Jill to begin a family Know your options and ask your mortgage professional how Genworth Canada can help you realize the dream of homeownership sooner.

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