What is a Purchase Plus Improvement Mortgage?
Have you ever been in this situation? You have been searching for a new home and you have finally found one that you like. It’s in your approved price range and all it needs is a few improvements. Some new laminate flooring, update the kitchen and bathroom, a coat of paint and it will be good as new.
The only problem is that once you calculate the total amount you’ll need for the down payment, taxes, and legal fees, you realize you won’t have enough money for the renovations. Luckily, there is a mortgage for that!
Whether it’s a new kitchen, bathroom or windows, this mortgage provides you with the flexibility
to purchase a home and include the cost of the
renovations in the price.
It’s called a Purchase Plus Improvement Mortgage
And I can help you get approved for one!
The Purchase Plus Improvement Mortgage is a great option for many people who find themselves in this situation. They are able to complete the upgrades right away and live in the home they really want.
The guidelines for the Purchase Plus Improvements Mortgage states that:
- The cost of the home improvements must not exceed 10% of the purchase price or $40,000
- The money must be used for improvements or upgrades, not repairs like damage or structural issues
- You will needs to get a quote for the cost of the improvements prior to subject removal
- You cannot change the scope of the work after it has been approved
- An inspection report from an appraiser is required when the work is complete
This mortgage is available at the best rates and may help to make it easier for you to decide which home is best for you and your family.
If you think this type of mortgage would be perfect for yourself or someone you know, then contact Milka Lukacevic from The Mortgage Centre TMK Team, today!