Purchase Plus Improvements
If you are purchasing a home that needs your own personal touch or some minor upgrades the purchase plus improvements program can be very helpful
- For borrowers who want to make improvements to their home immediately after taking possession of the purchased property, the Purchase Plus Improvements Program allows them to do so with one manageable mortgage.
- Improvements can include new flooring, a bathroom or kitchen remodel, a new garage, paint, etc.
- Improvements cannot include things such as window coverings, new appliances, or hot tubs (things that can be removed from the home)
- You are required to provide quotes for all improvements you wish to do
- You are required to pay for all the improvements (as per your quotes) with your own funds.
- Once the work is done (to 100%) the lender will release the funds to reimburse you the money spent to do the upgrades.