Our Services
Purchase Plus Improvements
The Purchase Plus Improvements mortgage is a government program designed to help home buyers borrow the cost of renovations (capped at a certain percentage) and add it to the home price. This way, all expenses are rolled into one mortgage payment. This program is ideal for anyone purchasing a ‘fixer upper’ or a home that they aspire to renovate or refresh into their dream home.
Requirements to secure a Purchase Plus Mortgage:
- You must begin upgrades the moment you take ownership of your new home.
- You must provide firm quotes for all the anticipated renovations on the new home.
- Amortization is typically for 30 years.
- There is a maximum allowance of four units per building with one serving as the homeowners principal residence.
- Available to new construction of existing properties.
- No renovation funds are received until after the work is complete.
The Process:
- Find your dream home and map our exactly what renovations you need with quotes or pricing estimations.
- Contact our mortgage team for pre-approval on the house ‘as-is’.
- Connect with the licensed contractors for hire and get FIRM pricing quotes that state the dates.
- Your Plus Lending mortgage broker will revise your mortgage approval to include renovation costs based on your quotes and complete your new mortgage details.
- Upon purchasing the home, renovations must begin immediately.
- Upon completion of the renovations, a bank agent is sent to review the renovations.
- You will finally receive the money for the renovation fees which will be released by your bank as per direction from your lawyer.