Does the new Home or Commercial Property 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!

Purchase Plus Improvements is for consumers looking to purchase a home that but needs a little TLC and has great potential. Improvement is for homebuyers purchasing an existing home or commercial unit that requires some. This program allows you to make improvements immediately after taking possession of your purchase and have the costs rolled into one easy-to-manage mortgage.

Acceptable Loan LTV’s and Types.

  • Purchase transactions up to 95% or refinances up to 80% LTV
  • Available for up to 30 years
  • Commercial properties LTV is subject to the type of Business.

Eligible Properties

  • Maximum four units with at least one unit occupied as the principal residence
  • New construction or existing properties
  • Commercial property improvements are normally not limited.

The Process

  • You must find a property and have a good idea of what renovations need to be done and a rough idea of how much it will cost.
  • Make sure the quotes specifically state the work that is to be complete.
  • Our Team will then have your mortgage approval reflect the renovation cost added to the mortgage loan amount.
  • Once you took possession of your new home and start renovations. In most cases, the work has to be done by a licensed contractor.
  • Once the work is completed, we will schedule a bank representative to inspect the property to ensure work is completed.
  • You get the money. Your lawyer receives instruction from the bank to release funds.

Notes:
The mortgage interest rate is not affected by this program
It is absolutely necessary to have a firm price quote prior to possession of the subject property
The bank releases the funds to you based on the quote provided once renovations are complete