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.  This means that in many instances that home buyers will need to get their quotations complete even before they write an offer to purchase for their new home.

The program is limited to 20% of the purchase price and is capped at $40,000.00 (however exceptions do apply and the cap can be increased).

  • 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. Also, details of the proposed renovations including cost estimates and available contracts.
  • For 3 and 4 unit properties mortgage insurers requires that the lender obtains 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.
  • Typically the program caters to more cosmetic changes such as kitchens, bathrooms, flooring, decks, and fences.

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