This program allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price, rolling it all into one easy-to-manage mortgage payment. Once you take possession of your new home, you can start the upgrades immediately. The purchase can be an insured or conventional. Difference of percentage down payment will determine.
For insured deals, the increase in the value of the property is based on specific insurer guidelines. It is either 10% of the appraised value/purchase price or up to 20% of the as is value or $40,000.
For conventional deals, the increase in the value of the property is up to 20% or $40,000.
The initial advance of funds will be up to 95% of the approved value of the property minus the cost of improvements.
Balance of the funds to be held in trust by the solicitor until completion of the approved improvements is confirmed.
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