need some improvements on a new purchase property?
The Purchase Plus Improvement program is designed to assist homebuyers who have found their desired property but need to make changes or updates before moving in. It enables homebuyers to fund renovations or improvements up to a certain percentage of the property's purchase price, which eliminates the need to pay for the renovations out of pocket or to take out a separate loan.
Homebuyers taking advantage of this program can also benefit from lower mortgage rates, as the renovations are financed at the same rate as the mortgage. This program has several advantages, including the ability to move into a new home and start making renovations immediately, which can increase the property value, making it a wise investment. However, to qualify for this program, homebuyers must have a minimum down payment of 5%, meet the lender's credit and income requirements, complete the renovations within 90 to 120 days of the closing date, and hire a licensed and insured contractor.
It is important to note that this program is not available in all regions of Canada, and not all lenders offer it. Therefore, it is recommended to consult a mortgage professional to discuss your options and determine if this program is available in your area.
The Purchase Plus Improvement program is an ideal choice for those seeking a mortgage solution that enables them to purchase their dream home and make renovations or updates simultaneously.