Purchase Plus Improvements Program
Mortgages with renovations with as little as 5% downpayment.
Ideal for consumers looking to purchase a home that has great potential but needs a little TLC. The Purchase Plus Improvements 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.
Knowing your financing options when purchasing your home is being a smart consumer.
As a mortgage broker, Gilbert Checoury will discuss with you all mortgage products available to you.
There are options to finance home renovations: 1. Using a secured line of credit (HELOC) or unsecured line of credit to fund the home renovations, 2. for first time home buyers putting 5% downpayment, purchase plus improvement provided by CMHC, Genworth & Canada Guaranty is a good option where the home buyers provide a detailed contractor quote upfront when applying for mortgage financing. An appraisal is done upfront and an inspection is completed once the renovations are done for the lender to advance the funds. The limitation of this program are $40,000 renovation budget or 10% of original home purchase price, the lesser of the two.