Have you fallen in love with a home that may need some TLC? There’s a solution for you to pay for your renovations, using only one mortgage. With as little as a 5% downpayment you can get the financing needed to make a fixer-upper into your home sweet home.
There is even a similar program available for refinances that is great for homeowners that do not quite have enough equity that can be used for upgrades.
These programs are particularly popular for homes that need kitchen or bath upgrades, and for houses with partially completed basement suites.
We’ve written a great article about the program.
The program is meant to make a home that is in a great location just a bit better by renovating what you don’t like. However, you can also use the program to make an “unmortgageable” home mortgageable again by improving things like old wiring or asbestos piping.