Purchase Plus Improvements is a program that enables mortgage professionals to provide more options when it comes to borrowers who want to commit to a new home, but may want to undertake small or large renovations in the future.
The costs of these home improvements are added to the total sum of the borrower’s mortgage, so you don’t have to commit to any out of pocket expenses. Purchase plus is great because borrowers can take advantage of their mortgage’s super low interest rates and renovate their home for a few extra dollars added onto their monthly payments!
Depending on your mortgage insurer, you can utilize up to 20% of your initial home cost for the renovations that need to be done. Let’s say your mortgage is $500,000, and your mortgage insurer is CMHC who allows up to 10% of your initial mortgage. That means that you can have up to $50,000 for renovations, and perfect your new home.
Contact us directly or through any of our social media outlets to learn more about this program that we offer. We are more than happy to share our expertise, and help walk you through essential home buying steps.