14. Can I get a mortgage to purchase a home and make improvements?

Purchasers with as little as 5% down may qualify to buy a home and make improvements to it. Both CMHC and Genworth Financial insured mortgages are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or improvements that the purchaser may wish to make to the property. This option eliminates the need to finance the renovations or improvements separately. Conditions apply and applicants must qualify for this product.

Where the improvements are cosmetic, the Mortgage Loan Insurance Premium is unchanged from the standard schedule. Where the improvements are deemed to be structural, the Mortgage Loan Insurance Premium is increased by .50% over the standard schedule. For more information on Mortgage Loan Insurance Premiums please contact one of our Mortgage Professionals. (click here for a list of “Our Team”).