Does the new home you are going to purchase need some renovations? We help home buyers pay for their renovations, with one manageable mortgage, and as little as 5% down!
A purchase plus improvements mortgage is for consumers who are looking to purchase a home that has great potential but needs a little TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage.
Acceptable Loan Purpose
- Purchase transactions up to 95% or refinances up to 80% LTV
- Available for up to 30 years
- Maximum four units with at least one unit occupied as the principal residence
- New construction or existing properties
- Step 1: You must find a house and have a good idea of what renovations need to be done and a rough idea of how much it will cost.
- Step 2: We can get you an approval based on the house “as-is”. You then go and get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be completed.
- Step 3: Next, we will then have your mortgage approval revised to include the price of renovations.
- Step 4: You take possession of your new home and start the renovations. The work can be done by anyone as long as it is a quality job.
- Step 5: Once the work is completed, the lender will send a representative or a licensed appraiser to ensure the renovation was completed as required.
- Step 6: You get the money. Your lawyer will be instructed by the lender to release the money for the renovations.
Call or apply online today.