Purchase Plus Improvement Mortgages

Purchase Plus Improvement is an ideal program for new home buyers. The program includes renovation costs in the mortgage, making it easier for the homebuyers to finance the total cost of home purchase and the renovations efficiently.

The borrower must mention the required improvements at the time of applying for the mortgage. The only downside to the program is that it can get you 20% of the total price of the house and can’t exceed $40,000.

Get in touch with us to get a list of the eligible home improvements included in the program. Note that furniture, electronics, and other movable items are not included in the purchase plus improvement mortgages. You might need a full appraisal if the cost of renovation goes beyond $40,000 or 20% of the home’s total value. It is the lender’s responsibility to verify all the proposed improvements. This should be backed by valid evidence from qualified professionals, for example, an appraisal letter from an appraiser, before and after photos of the renovation, the list of areas renovated, paid invoices, and so on. The purchase plus improvement mortgage program finances all major cosmetic renovations, including but not limited to the changes in the kitchen, bathroom, living rooms, and bedrooms.