Buying a Home that Requires Immediate Updates?
Canada Mortgage and Housing
Corporation (CMHC) insured
mortgage loans are available to cover
the purchase price of a home as well
as an amount to pay for immediate
major renovations or other
improvements that the purchaser
may wish to make to the property.
This option eliminates the need to
obtain secondary financing after the
purchase to pay for improvements.
The homebuyer obtains a single first
mortgage, makes a single mortgage
payment, and benefits from first
mortgage interest rates.
Details
- Available for purchase or refinance
transactions.
- Used when the loan includes
improvement costs that are less
than or equal to 10% of the
property's estimated as-improved
value.
- Downpayment requirements are
based on the as-improved value.
