Give Good Bones a Chance With Purchase Plus Improvements Mortgages

If you've been shopping for a new home this year then you've probably toured more than your fair share of "just okay" spaces - spaces that don’t quite live up to the veritable Pinterest board of your mind with the soaker tubs and breakfast nooks that dreams are made of. You’ve also no doubt looked at the good bones of these spaces and thought “Wow, we could make this perfect - if only we could get the cash.”

But lucky for you, we have the perfect answer to that dilemma! With a Purchase Plus Improvements mortgage, lenders will allow you to borrow up to 10% of the home's value or a maximum of $40,000 (or in some cases even more) for approved renovations - and the process is simple! Start by finding that elusive “good bones” home and envisioning exactly how you’d make it your own, work with your realtor to make an estimated guess as to what your dream renovations would cost and then make an offer that the seller can’t refuse.

Next, you’ll connect with trusted contractors to get reasonable quotes for the work - getting as specific as possible since, as we know, lenders don’t love to leave much up to the imagination! Once your proposed renovations are approved and your sale closes, you will be given the green light to start work and kick back to watch the magic happen as those fresh new countertops replace the old Formica.

Finally, when the work is done and your house has become a home, your lender will send a representative to ensure that the work has been completed as agreed upon. Then that cash will hit your bank account to pay your brilliant contractors, you’ll move in and that dingy old bathroom will become a distant memory!

So if you are on the hunt this spring, look past the surface to see a property’s true potential and trust that a Purchase Plus Improvements mortgage could help you make that vision a reality. If you’ve got questions about how this could look for you, you know who to call!