Finding a home can be a stressful experience when you can’t seem to find anything suited to you within your price range. All of the newly renovated homes sit far outside of your budget, and you just don’t have the money for a fixer-upper. We offer a mortgage product that could transform your entire homebuying experience: Purchase Plus Improvements.
Customize Your Space
While flooring and an open concept layout may be integral to your desire to live in a particular home, so is the financial ability to do so. With Purchase Plus Improvements, you can invest in a house that has the potential to become your home, without obliterating your budget. Think of all the homes you would have loved if it weren’t for that horrid kitchen or the unfinished basement. This mortgage product can allow you to purchase that fixer upper and help fund the renovations.
How it Works:
- Step 1: Collect quotes. Do your research and get quotes for the renovations you intend to do. Keep in mind that the work must be something that adds value to the home, ie: flooring or cabinets, and not additions that can be removed when you leave, ie: appliances. Once this has been determined, the estimated cost of renovations will be added to the purchase price of your new home. The purchase price and the renovation cannot exceed the maximum amount you’ve been approved for.
- Step 2: Get approved. Next you will need to submit the offer to be accepted. Once this has been approved, the purchase plus funds will be held in trust by a lawyer.
- Step 3: Begin renovations. As soon as you gain possession of your home, renovations can begin. Notify us once they are complete so that the work can be inspected by an appraiser.
- Step 4: Receive your money. Once the work done has been validated, the lawyer will be instructed to release the funds to you, to pay the contractor.
Interest rates for our Purchase Plus Improvements program are comparable to regular mortgages, making this a feasible option for many potential homeowners. For those personally occupying their new home, only a 5% downpayment is required. Those investing in a rental property will need to place 20% down.
Our Purchase Plus Improvements program gives you the opportunity to purchase a house and turn it into your home. Call today to get started!