Purchase Plus Improvements mortgage is for buyer’s who are going to purchase a property that needs renovations. They can continue to live in the area of preference and enjoy the luxury of an updated home.

Qualified buyers can make their new home just right for them by renovating and making improvements immediately after taking possession of the purchased property with one manageable mortgage with as little as 5% down. The downpayment is 5% plus the cost of renovation. The cost of renovation is added to the mortgage and the funds are disbursed when renovations are complete. If improvements exceed 20% of initial purchase price or $40,000, detail of proposed renovations including Cost estimates and contracts are required for purchase plus improvement mortgage approval.

What is the process for Purchase Plus Improvements Mortgage?