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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.1
- 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 renovation, 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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