Purchase Plus Improvements
It is an understatement that home buyers often have higher expectations than their budget allows–some people have champagne tastes on a beer budget. Even the most practical buyers want to put their own stamp on their new home, to make it feel more like their own. No house is going to esthetically tick all the boxes. That’s where we come in. If clients want to make updates to a home–such as updating flooring, modernize the kitchen, or fix up the bathroom, these are all possible under a Purchase Plus Improvements program.
Lenders can provide a mortgage on the basic amount needed to buy the home, then hold money back for the updates being done. Generally buyers get quotes on the work they want to be done. They pay the money out of pocket, then show the work is done and get reimbursed by the mortgage lender.
Borrowers can get 10-20% of the value of the home depending on the situation, and with limitations. The rules that apply are different depending on the lender and if the mortgage is insured or not. But you don’t need to know all the gory details, we’re here to help with that.
Don’t let that dated bathroom hold them back from the perfect house. Call us and we can see what is possible to help your buyers achieve their home ownership goals.