Purchase a Home and Make it Just Right!

Are you in the process of purchasing a home and struggling to find the one that is just right.   If so, you may want to consider a “Purchase Plus Improvments” mortgage option offered by some lenders.

This option allows for the cost of renovations to be added to any mortgage by using the “As Improved” value of there home when calculating the loan to value ratio.   Here is an example:

 

Purchase Price – $250,000 (Initial Value)

Estimated cost of renovations – $25,000 (Maximum 10% of initial value or $40,000)

“As improved” Value – $275,000*

Down Payment Required – 5% (minimum) based on “As Improved” Value  = $13,750

Total Mortgage $261,250

Contact Us for a discussion of the possibilities!