Purchase Plus Improvements is an excellent program for new home purchasers to include renovation costs in the mortgage for their new home.   The improvements must be declared, and quotes provided at the time of application.  Homebuyers will need to get the renovation quotes completed before they write an offer to purchase their new home.

The maximum renovation amount is limited to  20% of the purchase price or $40,000.00, whichever is lower (however exceptions do apply and the cap can be increased depending upon the scope of the renovation work and we may be able to go up to $100,000 of improvements).

  • For a list of eligible improvements please contact us directly. Ineligible improvements would include but are not limited to, any form of personal chattels such as furniture, appliances, electronics, or other forms of moveable property.
  • If the proposed improvements exceed 20% of the initial purchase price or $40,000, a full appraisal will be required, and all the details of the proposed renovations including cost estimates and available contracts.
  • For 3 and 4-unit properties mortgage insurers require that the lender obtain a general assignment of rents and leases or include this requirement in the standard charge terms.
  • The Lender is responsible for verifying the proposed improvements have been completed via documentation such as, but not limited to: a third-party report from a qualified professional, photos of the indicated improvements that support they have been completed (i.e. before and after photos), or paid invoices. The appropriate documentation should be commensurate with the amount and scope of improvements.
  • As a general rule, the program caters to more cosmetic changes such as kitchens, bathrooms, flooring, decks, and fences.


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