Home Renovation Program!!! Renos included in your mortgage!
With the Spring Market here! I thought I would take some time to highlight a simple Home Renovation Program and my Refinance plus Improvement Program. By utilizing this program you can create your Dream Home!!
Step 1: Purchase your home with a detailed list of improvements, including a contract outlining the scope of work and cost estimates. An appraisal is then needed to show the “as is” value and “improved” value.
Step 2: My lender advances the entire improvement value with the mortgage amount to your solicitor at closing, and you have 90 days to complete work.
Step 3: Once renovations are complete, a simple inspection to confirm that the work has been completed is required. No receipts needed! Your solicitor then releases the funds back to you!
Low Ratio: $40,000 or 10% of value of property.
High Ratio: CMHC allows $40,000, to a max of 10% of the "as improved" value.
Genworth allows 20% of "as is" value, to a max of $40,000
Create your Dream Home! Call today for More details!!!
Posted by Kathryn Grant
on April 7, 2014