Purchase plus improvements
If you’re planning improvements for a home you’re about to purchase, it may be advantageous to finance the renovations at the time of purchase by adding their estimated costs to your mortgage. Mortgage Insurance can help you obtain financing for both the purchase of your home and the renovations — up to 95% of the value after renovations — with a minimum down payment starting at 5%. Purchase plus improvements is also available for conventional purchase.
Improvements that qualify are as follow: New roof, finished basements, Pools; Garage, Landscaping; Cosmetic Improvements such as painting, crown molding; Electrical; Plumbing; Heating System; Air Conditioner, Windows, Flooring and much more…
In general the improvements must add value to the house and stay with the house if it would be sold.
During the mortgage authorization process:
- Must provide details of the work to be completed (estimates from contractor and/or retailers)
- Remember to have extra visits of the property if required
- Cost has to be reasonable
- Improvements must add value to the home
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In general you are limited to 40 000$ in improvements
You have 90 to 120 days to complete your improvements after you have taken possession of your new home. Very important to note, you do not have access to these funds until your improvements are completed, important to plan accordingly.
Once the improvements completed, contact your mortgage professional, he will mandate an appraiser who will confirm your renovations are completed as per details provided during the mortgage authorization.
Your mortgage professional will communicate the report to the lender that confirms the improvements are completed.
Once revise by the lender, funds will be release to your account.
Your mortgage professional will communicate the report to the lender that confirms the improvements are completed.
Once revise by the lender, funds will be release to your account.
