-Program for people who have saved enough for down payments but not enough to fix up the property.

-Allows you to include renovation costs into your purchase price.

The maximum allowed is $40,000 but we have seen exceptions up to 10% of the value of the house.

-Purchase has to front the cost of the renovations but the lender reimburses once work is complete. (We have seen clients use credit, borrow from family, or use a contractor that does not need to be paid till after completion to get around this)

-You cannot use this to purchase removable objects (IE. Fridge, Stove, Dishwasher)

This mortgage is designed for homeowners who want to add value or make essential renovations right after taking possession of their property. The amount you can borrow is based on the property’s value after improvements or the purchase price plus renovation costs.

The process for applying for a Purchase Plus Improvement Mortgage is outlined in the infographic below:

Why Choose the Purchase Plus Improvement Mortgage?

This program is an excellent solution for homeowners who want to renovate their properties without depleting savings or taking on high-interest loans. The flexibility of the program lets you fund necessary upgrades like adding an income-generating basement suite, renovating a kitchen, or improving the layout of your home—all with the financial support of your mortgage.

For many homeowners, the ability to finance renovations directly into their mortgage makes a significant difference. Rather than relying on credit cards or personal loans with higher interest rates, you can spread renovation costs over your mortgage term. Plus, by upgrading your home, you’re investing in its long-term value, which can pay off when it comes time to sell.

For more information on the Purchase Plus Improvement Mortgage, contact us at Browne Mortgage and let us help you get started.