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Purchase Plus Improvements

At Your Mortgage Needs, we know that finding the perfect home isn’t always about the current condition—it’s about potential. With our Purchase Plus Improvements program, you can finance both the purchase price of your new home and the cost of necessary renovations or upgrades. Let us help you make your dream home a reality, with one simple mortgage that covers everything.



Found the perfect fixer-upper? A Purchase Plus Improvements mortgage allows you to include renovation costs in your mortgage, so you don’t need to worry about upfront expenses.

How It Works:

  1. Get Pre-Approved:
    We’ll determine how much you qualify for, including funds for improvements.
  2. Plan Your Renovations:
    Provide quotes for your planned upgrades—whether it’s a new kitchen, bathroom, or finishing the basement.
  3. Access the Funds:
    Once the renovations are complete and verified, the additional funds will be released.


Common Questions About Purchase Plus Improvements:

  • What types of renovations qualify?
    Most upgrades that add value to the property, like structural improvements or energy-efficient updates, are eligible.
  • How much extra can I borrow?
    Typically, up to 10-20% of the property’s value or a capped amount based on lender guidelines.



Turn your house into your dream home with our guidance.

FAQ’s for Investment Property Purchases

  • What is a Purchase Plus Improvements mortgage?

    his mortgage allows you to finance both the purchase of a home and the cost of planned renovations, combining them into a single mortgage.

  • How much can I borrow for renovations?

    Typically, you can borrow up to 10% to 20% of the property's as-improved value, subject to lender approval.

  • What types of renovations are eligible?

    Eligible renovations usually include structural repairs, kitchen or bathroom remodels, and energy-efficient upgrades. Cosmetic changes may not qualify.


  • How does the disbursement process work?

    Funds for renovations are held in trust and released upon completion of the work and inspection. You'll need to cover renovation costs upfront or arrange interim financing.


  • What are the benefits of this program?

    It allows you to customize your new home immediately and can increase the property's value, potentially leading to greater equity.


  • Can I use this program for cosmetic upgrades?

    Yes, as long as the improvements add value to the property and are approved by the lender. Examples include painting, flooring, or kitchen updates.


  • How do I estimate renovation costs accurately?

    Obtaining detailed quotes from licensed contractors and adding a contingency for unexpected expenses can help ensure accurate estimates.


  • What happens if renovation costs exceed the initial estimate?

    If costs exceed the approved amount, you'll need to cover the difference out of pocket, as lenders typically won't increase the mortgage amount after approval.


  • ow long do I have to complete the renovations?

    Lenders usually require renovations to be completed within a specific timeframe, often 90 to 180 days after closing.


  • Do I need to hire licensed contractors for the renovations?

    Yes, most lenders require that renovations be completed by licensed professionals to ensure quality and compliance with building codes.

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