Purchase Plus Improvements
What is the Purchase Plus Improvements Program?
The Purchase Plus Improvements program allows a buyer to purchase a home with as little as 5% down and renovate immediately upon possession. We don’t have all the same tastes and it can be hard to find a home with a design that checks all your boxes. The PPI program can help you finance renovations and create the home you’ve dreamed of.
Allowable Improvements
New Paint
New Flooring
Renovate Kitchen
Renovate Bathrooms
Replace Windows, Doors, or Roof
Build a garage
The improvements must provide “value” to the property. Chattels such as appliances or hot tubs are not considered in this program.
Key Things To Know
All work MUST be complete and paid for BEFORE money is released from lender. The amount equivalent to the cost of improvements will be held back and released when an inspection report is provided.
Quotes are required to outline the work that is to be completed.
No structural changes are permitted.
Maximum value of improvements cannot exceed 10% of the purchase price or $40,000
Work must be completed in 120 days.