Exciting Developments for Purchase Plus Improvement Opportunities!

CMLS Financial’s Purchase Plus Improvement Program allows prospective homeowners to renovate their new property immediately after possession. This allows those shopping for a new home to make either minor or major changes to a property to meet their current wants and needs. 

 

With the Purchase Plus Improvement Program, homeowners have the additional benefit of increasing the property value and potentially helping with future resale value. 

 

 UPDATE EXISTING 

NEW ADDITIONS 

 

Update / Renovate Kitchen 

Update / Renovate Bathrooms 

New flooring (hardwood, carpet laminate) 

New paint 

 

 

Finish / Renovate the Basement 

New Patio or Deck 

New energy efficient Windows / Doors 

Addition of Garage 

 

 

 Product Parameters 

 

• Allows up to a 20% increase of the Purchase Price by a max of $40,000. 

• Available on insured mortgages only, client pays Insurance at all LTV’s 

• Owner occupied properties only 

• Maximum LTV 95% for purchases of properties with 1-2 units 

• Maximum LTV 90% for purchases of properties with 3-4 units 

• Commitment period of 120 days is available 

• Maximum amortization of 30 years for LTV up to 80% and 25 years for LTV over 80% 

• All terms available: 1,3,5,7, 10 year fixed rate as well as 3 and 5 year adjustable rate 

• Down payment is based on the “as-improved” value which is used to determine maximum LTV 

• Genworth requires their Renovation Worksheet to be completed at time of submission http://www.genworth.ca/en/pdfs/Genworth_Renovation_Worksheet.pdf 

 

 Documentation/Advances 

 

• A list of all improvements along with contractor cost estimates and quotes are required to support the increased value and must be provided at the time of application. 

• The initial advance of funds to the customer will be up to 95% of the as improved value of the property minus the cost of the improvement. 

• The solicitor will hold the balance of the funds “in trust” pending completion of the improvements to the property. 

• Release of funds held in trust will occur upon confirmation from the customer/solicitor that the improvements have been completed as per the original quote/contract provided at time of application. 

• A final inspection may be required to ensure completion of the scheduled improvements. 

 

Please give me a call to discuss how this information can help you with your next home! You can reach me at 604-415-9800.

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.