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Purchase Plus Improvements

The Purchase Plus Improvement Program lets you add the cost of upgrades to your mortgage before you move in, allowing you to benefit from a low mortgage interest rate and make only one payment.

Genworth:

  • Suited to borrowers that require improvements to their newly purchased home. The purchase and the improvements are combined into one mortgage and a single advance.
  • Improvements cannot exceed 20% of the initial value of the property or $40,000.

CMHC:

  •  Suited to borrowers that would like to purchase or refinance a home, with improvements.
  • The purchase or refinance and the improvements are combined into one mortgage and a single advance.
  •  Improvements cannot exceed 10% of the as improved value of the property.

Required Documentation:

  • Estimates will be required for improvements up front on each purchase plus improvements transaction.
  • Improvements must be completed within 120 days at which time an inspection report will be ordered to verify the improvements are complete.
  • The inspection report is to verify that the improvements are complete prior to advancing funds.
  • Note an inspection report is only required for improvements of $15,000 or greater. If improvements are $15,000 and less, then paid invoices will suffice as proof of completion.
  • Improvements must add value to the underlying security to qualify.

Canada Guaranty

  • Lending value is based on the lesser of the improved property value or the purchase price, plus direct costs associated with the improvements.
  • Lender is responsible for managing holdbacks.
  • Lender to confirm improvements are completed.
   

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