With a purchase plus improvements mortgage, you can renovate now and pay those renovations off over time as part of your mortgage. How does this work?

•  An appraiser will determine both the current value of the home and the future value once the renovations are complete.
• Your minimum down payment will be based on the lesser of: the purchase price plus the cost of improvements, or the future value of the home.
• The cost of renovations is added to your mortgage and paid off with your mortgage payment.

Important note: You will need to pay for the cost of renovations upfront. Once the improvements are complete and inspected, the funds are reimbursed to you.