Need Financing Solutions?
In a competitive real estate market or a lack of available listings, the Purchase Plus Improvements mortgage could be just what you need. Finding the ideal home at the perfect price can be rather challenging in today real estate market. Due to higher home prices it’s difficult to make improvements or customize your new house to your liking.
All this can be done with one manageable mortgage and with only 5% down.
What is a Purchase Plus Improvements program?
A Purchase Plus Improvements mortgage is a program that allows the buyer to purchase their home and get funds to renovate the property; up to a certain percentage of the purchase price. In a nutshell, a purchase plus improvements mortgage allows you to roll the costs of improvements into your mortgage. Therefore, your new mortgage gives you the ability to finance repairs and get you into the home of your dreams!
The lending value is based on the lesser of the improved property value; or the sum of the purchase price plus direct costs of the improvements.
Down payment requirements are set-up on as-improved value. Therefore the value determines the maximum loan amount.
Examples of documentation requirements may include:
Our Sunlite Mortgage agents will walk you through the choices available and help you identify the most suitable mortgage product; while looking at your short to medium term goals. Call a Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to help you with a mortgage.