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Purchase Plus Improvements

Homebuyer Program

Make improvments to your home and borrow against the increased value of your property

That’s exactly what The Purchase with Improvements and Refinance with Improvements program provides home buyers/owners.

Purchase transactions up to 95% on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements.

Refinance Plus Improvements up to 80% on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements.

This policy addresses purchase and refinance situations when improvements are made to the property that increase the market value.

The cost of improvements are limited to the lesser of 20% of the Improved Value, or $40,000

When an application is being submitted, a detailed list of improvements from a contractor is required. The list from the contractor should outlining the scope of work, cost estimates, and copies of building permits.

Clients have 90-days to complete the indicated work. The 90 Days can be extended depending on nature of work and weather. Some lenders release the entire committed amount to the solicitor at closing, and some lenders hold it back from advance.

The improvement funds are released from a lawyers trust account. The client will receive the funds upon approving the inspection report from an approved Appraiser which confirms that all work has been completed.

Standard debt servicing rations must be adhered to, as well as credit rating requirements.