What is a Purchase Plus Improvements Mortgage?
Often times, after securing a mortgage, paying out a down payment, closing costs, moving costs, etc. the idea of taking out a line of credit with a bank or having to finance renovations can seem unappealing and unrealistic. This is where a Purchase Plus Improvements Mortgage can help you!
With this type of mortgage, you can fine-tune your home to just the way you like, by using the funds included in the total amount you borrowed for your mortgage. You can upgrade the home immediately upon you moving into it, thereby creating your dream home.
Just how much could you obtain for home renovations? Providing that you meet all lender mortgage application qualifications, you may qualify for up to 20% of the purchase price or $40,000 (whichever is less) for improvements and upgrades that can be done to increase the overall value of the home.