1. Home
  2. Products
  3. Alternative lending solutions
  4. Second Homes

Second Homes

Introducing our new Second Homes product

Rate sheet (download PDF)
Download our rate sheet
Lending guidelines

 CWB Optimum Mortgage Rental Guidelines

Alt-A Program

Rentals up to 80% LTV on the first $1.5M and 50% on the remainder in large markets. Consideration may be provided to Rentals in small markets that are within close proximity to a large market  

Max 30 Year amortization

Max 55 GDS/55 TDS   

Purchase and Refinance eligibility

Non-Subject 80% offset  

Add back subject rentals (80%)

Max $500K Rental Income 

Airbnb for Non-subject Income can be used to qualify with 2 years history

We do not finance Airbnb property
Min 30K population. Consideration may be provided to locations that do not meet population requirements, but are in close proximity of a large market 

Alternative lending guidelines
 Loan purpose
  • Purchase and Refinance 
 Maximum LTV
  • 80% LTV
Property types
  • Single family detached (minimum 800 square feet)
  • Semi-detached (minimum 800 square feet)
  • Condominium or apartment (minimum 500 square feet)
  • Recreational properties
Lending areas
  • Lending areas within 50 km of a large urban population centre (communities with populations > 50,000)
Minimum beacon score
  • 600 Beacon 
  • 1, 2 and 3 year fixed rate (up to 30 year amortization) 
  • 5 year variable (up to 25 year amortization) 
Minimum loan amount
  • $100,000
  • $75,000 in Atlantic Canada
Maximum loan amount 
  • $750,000
Qualifications The greater of the mortgage contract rate plus 2% or the 5 year benchmark rate
Down payment
  • Minimum 20% for purchases
  • Consideration given to gifted down payments
  • Home occupied by an immediate family member or intended use of the borrower is for 50% year round occupancy
  • 25 year economic remaining life on property
  • Statutory declaration to be signed at the solicitors 
  • Early payouts permitted (may be subject to charges)
  • Opportunity to make an annual payment up to 20% of original mortgage amount, double-up payments or increase monthly payment up to 20% at any time
  • Prepayment charge is calculated as the greater of 3 months interest or the interest rate differential (using CWB posted rate, not bond rate) plus 1% of the mortgage balance
  • Mortgage is portable based on client and property qualification
  • Blend & extend options available
Consideration given to
  • Discharge and bankruptcies with 12 months re-established credit
  • Applications demonstrating orderly payment of debts
Outside our lending guidelines
  • BEACON/FICO scores less than 500
  • Unique properties
  • Previous grow-ops
  • Rent-to-own contracts
  • Farms
  • Mobile homes and/or manufactured homes
  • Rental pools
  • Cooperative housing
  • Indigenous reserve land