Every homebuyer has a list of things their new home “must have”. For some, it’s a pool. For others, it’s a home office or extra bedroom. Whatever the case, the home of your dreams is out there, it just might need some work.
If this is the case for you, a mortgage plus improvements is just the solution to transform your new home into your dream home. If the property you would like to purchase could use some renovations or repairs, this type of mortgage allows you to do just that. For as little as 5% down, you could be eligible to receive a mortgage plus up to 20% of the home’s value available in additional funds to cover the cost of the renovations.
A purchase plus improvements mortgage is ideal for people that want to add a little TLC to their home for renovations.