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.
- 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
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.