If you've ever wondered how to include the cost of renovations into your mortgage, you've come to the right place! The Purchase Plus Improvements program is exactly what you need in order to turn those renovation dreams into a reality when you're buying your next home. Below you'll find some handy facts about this awesome program.

Purchase Plus Improvements Program:

  • Mortgage amount $350,000
  • 5 Year Fixed rate of 2.99%
  • 25 Year Amortization
  • Monthly Payments $1654.56

  • Mortgage amount $390,000 ($40K)
  • 5 Year Fixed rate of 2.99%
  • 25 Year Amortization
  • Monthly Payments $1843.66
For a difference of $189.10 monthly you can have a brand new kitchen, floors or bathroom. The possibilities are endless, let me show you how!
Here are some of the important facts to know:
  • Applies to purchases only, and the new home must be owner-occupied (no rentals).
  • Maximum renovation budget must be <$40,000 OR <10% of the as-complete value of the home. Renos can exceed these limits, but the difference (over $40k) must be paid for by the clients.
To get a lender to add on the amount for renovations to your mortgage, we need the following:
  • Detailed contractor’s quote(s) outlining the scope of the work and cost estimates.
  • Copy of the building permit if improvements are structural.
Release of Holdback Funds:
  • The extra funds will be released once your lender receives and approves a final inspection confirming the work is finished, per the original quote/contracts.
  • In addition to the above, proof that your contractor has been paid (receipts) may sometimes be required.
  • The work must be completed within 120 days after your closing day. If the work is expected to take longer, there can sometimes be exceptions.


If you're interested in learning more about how this works please

Contact Us