Found a home that is right, except it needs updating? You may not need a separate loan for the renovations. Purchase Plus Improvements rolls the cost of planned work into your mortgage, based on what the home will be worth once it is done. Here is how it works.
You provide contractor quotes for the planned work up front.
The mortgage is sized on the home's value after the work, within limits.
The improvement money is held and released once the work is done and verified.
The purchase and the renovations sit in a single mortgage.
The improvement portion is capped, and rules vary by lender and insurer.
A home that needs updating but is otherwise right, where the work adds value and you have quotes and a plan. It is usually cleaner than taking a separate loan for the renovations.
You typically pay for the work first and are reimbursed once it is verified, so plan your cash flow for the gap. Quotes, timelines, and improvement limits all apply.
Bring us the home and the renovations you have in mind, and we will walk through whether Purchase Plus Improvements fits. A licensed member of our team will follow up.
Start a conversationInformation here is general and educational. It is not financial, legal, or lending advice, and it is not an offer of financing. Purchase Plus Improvements rules, improvement limits, and how funds are advanced vary by lender and insurer and can change; improvement funds are typically released only after the work is completed and verified. Any figures are illustrative only. All financing is subject to lender review, property review, and supporting documentation. Submission of a form does not guarantee approval or financing.