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In a competitive real estate market or a lack of available listings, the Purchase Plus Improvements mortgage could be just what you need. Finding the ideal home at the perfect price can be rather challenging in today’s real estate market. Due to higher home prices, it’s difficult to make improvements or customize your new house to your liking.

All this can be done with one manageable mortgage and with only 5% down payment.

Purchase Plus ImprovementsWhat is a Purchase Plus Improvements program?

A Purchase Plus Improvements mortgage is a program that allows the buyer to purchase their home and get funds to renovate the property; up to a certain percentage of the purchase price. In a nutshell, a purchase plus improvements mortgage allows you to roll the costs of improvements into your mortgage. Therefore, your new mortgage gives you the ability to finance repairs and get you into the home of your dreams!

The lending value is based on the lesser of the improved property value; or the sum of the purchase price plus direct costs of the improvements.

Down payment requirements are set-up on as-improved value. Therefore the value determines the maximum loan amount.

Examples of documentation requirements may include:

  • A list of improvements
  • The cost of estimates and plans
  • Verification of completion of home improvements


  • You can purchase a lower price house, as a result gives you a lower mortgage and monthly payments
  • Renovate and make improvements to your needs, which also helps increase the property value for a future resale


  • Improvement mortgage is typically 10% -20% of the purchase price, or up to $40,000 maximum. The funds must be used for improvements and not for structural issues.
  • The mortgage is approved based on an estimate of costs of improvements. (Must have price quotes from a contractor for the renovation work; which specifically states the work that will be carried out.)
  • Improvements must be done before the money is advanced, proof of the work is required before the lawyer can advance the money.
  • An appraiser will verify the renovation status once they are complete.

Our Sunlite Mortgage agents will walk you through the choices available and help you identify the most suitable mortgage product; while looking at your short to medium term goals. Call a Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to help you with a mortgage.

Apply Today, Approved Today 3 Simple Steps

    • 1. Apply Online or call 1-877-38LOANS
    • 2. Get Pre-Approval as easy as 1-2-3
    • 3. Get Pre-Approved, Start Home Shopping.

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