Purchase Plus Improvements
Does the home you want to purchase check all the boxes, but a few things are missing? We have the perfect program to assist you. Purchase plus improvements have become extremely popular with home buyers.
We can add to your purchase price up to 10% or $40,000 dollars of extra dollars to accommodate your upgrades.
How our lenders put this together:
- You will acquire a quote from the contractor or from a hardware store providing you with the material
- You will tell us exactly what improvements you wish to complete
- We will add these dollars to your new mortgage
- We will have the lawyer hold these dollars in trust for you
- Once the work is complete an appraiser will come out and confirm completed
- Your lawyer will refund you the dollars held in your trust
A few questions:
How long do I have to complete the purchase plus improvements?
From the date your mortgage closes, you will have 180 days to complete the work in the quote for the improvements
How is the purchase plus improvements included in the mortgage?
We add the exact dollars to the purchase price then we take off the down payment. For example:
$400,000 Purchase price
$40,000 Improvements
$440,000 Total
$22,000 Down payment 5%
$420,000 plus CMHC fees
GoToBrokers is here for you and will be more than happy to assist you. Our lenders are very familiar with this mortgage program. Reach out today and we will be happy to answer any of your questions.
