Need to Renovate? Welcome Home.
Not every home is move-in ready—and that’s perfectly okay. You may have found the right home, but it needs a little work to truly make it yours. With a Purchase Plus Improvements mortgage, I can help you buy the home you love and include the cost of renovations in one simple, manageable mortgage—sometimes with as little as 5% down.
At Mortgages By Candice, I work with a wide range of lenders, not just one. This allows me to find the right mortgage solution and a competitive rate that fits both your goals and your budget. Best of all, I take the stress out of the process so you can focus on planning your upgrades and settling into your new home.
What Is a Purchase Plus Improvements Mortgage?
A Purchase Plus Improvements mortgage allows you to borrow funds for approved renovations and add those costs directly to your home’s purchase price. Everything is rolled into one mortgage payment, making it easier to manage your finances.
What Does This Mortgage Offer?
- Competitive interest rates
- Renovation costs added directly to the purchase price
- Mortgages available up to 95% loan-to-value (LTV), or refinances up to 80% LTV
- Amortization periods of up to 30 years, depending on the lend
Eligible Properties
- Properties with up to four units, with at least one unit used as your principal residence
- New construction or existing homes
How the Process Works — and How I Help
Step 1: Once you’ve found a property, you identify the renovations you’d like to complete and estimate their cost.
Step 2: I help secure an initial mortgage approval based on the home’s as-is value. You’ll then obtain detailed quotes from qualified contractors for the planned work. These quotes must clearly
outline the scope of renovations and are typically required to come from licensed professionals.
Step 3:
Your mortgage approval is updated to include the renovation costs, and I ensure all mortgage details are finalized accurately and efficiently.
Step 4:
After the purchase closes and you take possession of your home, renovations can beginimmediately.
Step 5:
Once renovations are complete, a bank representative will confirm that the work was completed as outlined and meets lender requirements.
Step 6:
Renovation funds are released to pay the contractors, usually through your lawyer, as directed by the lender.
Step 7:
With the upgrades complete and financing settled, you can fully enjoy your updated home.
Important Notes
- Your mortgage interest rate is not impacted by participating in this program
- Firm contractor quotes are required before final mortgage approval
- Renovation funds are released only after the work is completed and ver