CMHC Purchase Plus Improvements Program |
Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property. |
This option eliminates the need to obtain secondary financing after the purchase to Details The insured loan will be based on the lower of: The purchase price plus the actual cost of improvements, or, The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements. Applicants must have the following: A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements). Cost estimates for renovations/improvements. Qualifications to obtain a CMHCinsured loan through an approved lender. For more information call CMHC at (416) 221-2642 or www.cmhc.ca.
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Article courtesy of TREB www.torontorealestateboard.com |
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