Did you know you can include a renovation budget in your mortgage?
In today’s housing market, homes of all ages and styles are selling fast, and purchasing a home that needs some work is just as common as purchasing a home that’s move-in ready.
Many buyers today are willing to renovate in order to make their new home a dream home, but with so many upfront costs associated with securing a home, finding the money can be a challenge.
Enter Genworth Canada.
Genworth Canada’s Purchase Plus Improvements program allows qualified homebuyers to renovate their new property immediately after taking possession.
Here’s how it works:
In addition to investing 5% of a home’s purchase price towards the down payment, 5% of the renovation cost you wish to borrow is added. For example, if you wanted to add a $30,000 renovation budget to a $300,000 mortgage, your down payment would be $16,500 (5% of 300,000= $15,000 + 5% of 30,000 = $1500).
Genworth Canada’s Purchase Plus Improvements program opens the door to homeownership options and offers the convenience of one manageable loan.
For more information, visit Genworth.ca and ask your mortgage professional how Genworth Canada can help you realize the dream of homeownership sooner.