Do you plan on buying a home that needs improvement? Now you can finance both the purchase and renovations with just one loan!

The Purchase & Renovate program offers:

• More money. The amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of the home after improvements are made.
• Lower monthly payments. Your renovation costs are spread throughout the entire term of the loan, so your monthly payments may be lower than other financing options.
• Tax deductibility. The interest on the cost of your improvements, included in your mortgage, may be tax deductible.*
• Speed. Start making improvements immediately after closing. No need to wait to put in that modern kitchen or new roof. And, no need to pass up a house that's in the ideal location but needs improvement.
• Simplicity. One application, one set of fees and closing costs, one closing to attend and one payment each month.

 

Best for people who:

• Are interested in buying a house that will need work, but want to avoid going through the hassle of getting two separate loans.
• Need extra financing to improve newly purchased property.

The Purchase & Renovate loan gives you the funds to purchase a home and renovate it, all in a single loan. Unlike first mortgages with a home equity loan to fund renovations, the amount of money you are permitted to borrow with the Purchase & Renovate loan is based on the home's value after improvements are made. And it works far more to your advantage than other financing options.

Make the renovations you want...now!

 

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