Does the new home you are going to purchase need renovations?

 

Frontline Mortgage Group helps home buyers pay for their renovations, with one manageable mortgage.

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Purchase Plus Improvements is for consumers looking to purchase a home that has great potential but needs a little TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage.

 

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Acceptable Loan Purpose
-Purchase transactions up to 95% or refinances up to 80% LTV
-Available for up to 30 years

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Eligible Properties
-New construction or existing properties

-Maximum of 4 units with one unit occupied as the principal residence

 

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How the Process Works
 

Step 1 

You must find a house and have a good idea of what renovations need to be done and rough idea of how much it will cost.

Step 2

Frontline Mortgage Group can get you an approval based on the house “as-is”.  You then go and get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be complete.
 

Step 3 

Frontline Mortgage Group will then have your mortgage approval revised to include the price of renovations.
 

Step 4 

You take possession of your new home and start the renovations.  In most cases, the work has to be done by licensed contractor.

Step 5

Once the work is completed we send out a bank representative to ensure the renovation was completed as required.
 

Step 6

You get the money. Your lawyer will be instructed by the lender to release the money for the renovations.

 

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The mortgage interest rate is not affected by this program, but it is absolutely necessary to have a firm price quote prior to possession of the subject property. You will not receive any funds for the renovations until after the work is completed