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Improvements Mortgage

Improvements Mortgage 
AKA: Purchase Plus Improvements & Refinance Plus Improvements


Not a product lenders promote too much nor is it a product many know 
about. However, it is a product people should be aware of.

Both CMHC and Genworth offer the program along with most A lenders.
 The CMHC Improvements program gives qualified buyers the ability to
borrow up to 10% of the as-improved value of a home to put towards the 
cost of renovations and include it in their mortgage loan amount. 

If purchasing a home, the maximum purchase price is $1,000,000.00 and a minimum of 5% down is still required, for 95% of the purchase price.

If refinancing a home mortgage, the maximum LTV is still 80% as with all mortgage refinancing.
 
Eligible Properties:

  • Maximum 4 units
  • New construction covered by a lender approved New Home Warranty Program
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 years

Qualifying Terms And Interest Rates:

  • l Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
  • l Maximum interest rate term of 25 years
  • l The qualifying interest rate is the greater of the contract rate or 5-year benchmark rate
 
Amortization Options:

  • l Up to 25 years

Examples of Qualifying Improvements:

  • Septic Well, Sewer Hookup
  • Windows, Doors, Roofing, Insulation
  • Driveway, Landscaping
  • Heating and A/C Systems
  • Wiring, Plumbing
  • Flooring
  • Basement Renovation
  • Bathroom, Kitchen Renovations
  • Ask us about other improvements 

*Note: You will be required to include quotes and invoices for the mortgage lender


Since you cannot go direct to a mortgage insurer to obtain an Improvements Mortgage, contact us today if you are looking at this option for either a purchase or to refinance your current home.
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