Blog > Purchase Plus Improvements

So you want to Renovate? Sometimes it’s the yard your after, more mature trees, neighborhood. You found that house location and lot that you love but the house needs some of your personal vision to be all it can be. The best time to put renovations into your mortgage is when you first purchase the property. How a purchase plus improvements work is you make and offer and get us quotes of the work you would like to put into your mortgage at the same time. There are some minor rules to this, so try not to go over 20% of the purchase price. We then submit your application into the lender with the request for money for the renovations. Once the lender approves, at closing they give you the money to purchase the house and have the lawyer hold back the money we request for renovations. Very important when you do these loan is that you must get the work completed before the lender will release the money to you. This can be done with Contractors carrying the cost or by your own personal credit. You will get 90-120 days to complete your renovations. Once complete we send someone out to inspect that you did everything on the approved quote and the lender authorizes release of funds. Simple as that! To get pre-approved for this product reach out to us today and we will be happy to get the ball rolling for you!

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