Buy a home and renovate it - in one mortgage
Found a home that's perfect except for the kitchen? The Purchase Plus Improvement program lets you add renovation costs to your mortgage - at mortgage rates, not credit card rates.
Apply now →$40K+
Extra for improvements
4–5%
Rate (vs 12% loan)
5%
Min down payment
1
Mortgage, not 2 loans
How Purchase Plus Improvement works
When you find a property that needs work, instead of buying it and then taking out a separate loan for renovations, you include the renovation costs in your mortgage. The total mortgage amount is based on the improved value of the home.
The process: Get a purchase offer accepted → get renovation quotes → appraiser confirms the improved value → your mortgage is approved for purchase price + renovation costs → funds for renovations are held in trust and released as work is completed.
✓ What qualifies
- • Kitchen and bathroom renovations
- • New flooring, painting, fixtures
- • Windows, doors, and siding
- • Basement finishing
- • Structural repairs
- • Energy efficiency upgrades
✗ What doesn't qualify
- • Landscaping or outdoor features
- • Furniture and appliances (standalone)
- • Swimming pools or hot tubs
- • Additions that change the footprint (use construction mortgage instead)
💡 The savings math
$35,000 renovation comparison over 5 years:
Personal loan @ 10%
$17,500 in interest
Purchase Plus @ 4.5%
$7,875 in interest
Save $9,625
Found a fixer-upper?
Tell us about the property and planned improvements. We'll find the best Purchase Plus Improvement rate.
Get a free quote →