Purchase Plus Improvement Mortgage
So you found the home you like but it requires some work. You’re thinking of updating the kitchen countertops, replace the roof, and upgrade bathroom. A Purchase plus improvement mortgage is for buyers looking to purchase a home that has great potential but needs renovation.
This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to- manage mortgage. The idea is that immediately renovating your home adds to its market value and the mortgage is essentially based on that new and improved value. It’s a great way to purchase a home, to ensure its up to date and safe for you and your family.