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Purchase Plus Improvement Mortgage


Found your dream home, but it needs a little work? Trying to come up with a down payment and money for renovations can get expensive. We help home buyers buy their home, pay for their renovations all with one manageable mortgage payment.  With as little as only 5% down!

Purchase Plus Improvements is for consumers looking to purchase a home that has great potential but needs a little TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage.

The Process

  • Step 1: You must find a house and have a good idea of what renovations need to be done and rough idea of how much it will cost.
  • Step 2: We can get you an approval based on the house “as-is”.  You then go and get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be complete.
  • Step 3: We will then have your mortgage approval revised to include the price of renovations.
  • Step 4: You take possession of your new home and start the renovations.  The work can be done by anyone as long as it is a quality job and a professional quote is provided. 
  • Step 5: Once the work is completed we send out our appraiser to ensure the renovation was completed as required.
  • Step 6: You get the money back. Your lawyer will be instructed by the lender to release the money for the renovations.

Things to Note:

  • 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.
  • You will not receive any funds for the renovations until after the work is completed.

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