Purchase Plus Improvements Mortgage

What Is a Purchase Plus Improvements Mortgage?

When you have found an affordable home that is in need of TLC in order for it to be transformed into that perfect home that you have always dreamed of; with new bathrooms, kitchen, and hardwood floors. A purchase plus improvements mortgage allows you to add the costs of the renovation into your mortgage at the time of purchase and provides you with financing for the entire renovation transformation without you having to wait!
 
How does it work?

• A licensed contractor visits the home that you are looking to purchase and provides you and the mortgage lender with a quote to complete the renovations that you would like to see take place.
• The lender will review the contractor’s quote and your application for financing and will give their final approval for the purchase plus improvements mortgage.
• Once you have taken possession of the home, the contractor will have 90 days to complete the work.
• Once the work has been completed, the lender will send a representative to confirm that the work has been done and the lender will then pay the contractor directly.
• The total amount of the renovation costs will be added on to your mortgage amount.
 
Here’s an example of how your mortgage will be calculated:

              This is a great solution that allows you to transform a home into your dream home!

If you have any further questions on how a purchase plus improvement mortgage works, please contact me directly.
I have highly recommended licensed contractors and builders standing by and
ready to provide renovation quotes for your dream home. 

Contact Jenna today!
613-242-1503

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