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What if Renovations are needed?

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CMHC Purchase Plus Improvements

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 improvement costs that the purchaser may wish to make to the property.

This option eliminates the need to obtain secondary financing after the purchase to
pay for improvements.

The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.

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 CMHC insured loan through an approved lender.
 
Example
Purchase Price
$100,000
Renovations/ Improvments Costs
$25,000
Total cost
$125,000
 
Lending Value
$125,000
Maximum Mortgage (95%)
$118,750
Minimum 5% down payment
$6,250

Investment Properties
When you are looking at purchasing a rental property, it's substantially more complicated than financing a home that you plan to live in. Qualifications vary, and often it is not easy to find a lender willing to give you the funds to make your investment dreams come true.

From student rentals, to vacation getaway destinations, our knowledge will help guarantee your success!

Titan Mortgage Group has the expertise and the know how to finance all property sizes, from duplexes through to full-scale apartment buildings. No matter what your particular rental property goals are, leverage our expertise for your project and make us your partner of choice.

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