Purchase Plus Improvement Programs allow buyers to include the cost of home improvements in their mortgage. Essentially, when you buy a home, you can also secure additional funding for renovations or upgrades, which is included in your Purchase Plus Improvements Mortgage. This program simplifies the process of financing both the purchase and the renovations of your new home.

The amount of additional funding available through a Purchase Plus Improvements Mortgage depends on your lender's policies and your creditworthiness. Typically, lenders will consider the improved value of the property after renovations when determining the loan amount.

Most renovations that add value to the property are eligible under Purchase Plus Improvement Programs. This includes kitchen remodels, bathroom updates, and energy-efficient upgrades. However, it's important to discuss your specific renovation plans with us to ensure they meet the criteria.

Generally, the renovation budget is not released upfront. Instead, funds are typically disbursed upon completion of the work, and an inspection confirms the improvements. This ensures that the renovations are completed as intended.