****** ATTENTION FIRST TIME BUYERS ***

New mortgage programs for creditworthy clients with limited down payment

RBC is launching two default insured mortgage programs that have been modified slightly to meet RBC requirements:

o CMHC Non-Traditional Source of Equity
o Genworth Cashback Equity.

These two programs allow new home buyers who have above average credit scores and good cash flow but not enough funds for a down payment to use borrowed funds or Cashback to purchase a home.

Cash or borrowed funds can be used for down payment
Through these two programs and subject to mortgage default insurer approval, clients with good credit can use available Cashback or borrowed funds toward the 5% minimum down payment for a home purchase. Clients must also qualify under RBC standard credit criteria for both the mortgage and any loan included in debt servicing calculations.

Other key details of these programs:

o Available only for home purchases
o Property must be a owner occupied primary residence and all applicants must reside at the property
o Cashback and funds borrowed for down payment cannot exceed 5% of purchase price
o Loan can be a unsecured RBC Royal Credit Line or Term Loan, and can also be obtained from a competitor
o Available to clients for one mortgage only

Only Available at RBC.