Purchase Plus Improvements


Make It Your Own

We can help you make your new home perfect for you, with improvements you complete right after taking possession of your purchased property. All of this can be done with the simple Purchase + Improvements Mortgage and with only 5% down payment.


How It Works

Start by scheduling an appointment with a Financial Advisor and get pre-approved for your mortgage. This will help you determine how much you can afford, for both the home and the renovations. For example, if you have a budget of $250,000, you can choose a house that costs $185,000, which will then make your renovation budget $65,000.

No matter how big or small your renovation plans are, this mortgage can take your fixer-upper from to-do to ta-da. There is no maximum amount for your renovation, as long as it and the purchase of the home both fit within your budget.

Once finalized, the mortgage and renovation costs will be rolled into one convenient payment.

Eligible Properties:

  • Up to four units where one unit is owner-occupied 
  • New construction covered by a lender approved 
  • New Home Warranty Program 
  • Existing resale properties 
  • Readily marketable residential homes, located in markets with demonstrated ongoing re-sale demand 
  • Estimated remaining life of the property should be a minimum of 25 years
Wondering if this product is right for you?

Learn more about the Purchase Plus Improvements Mortgage by reading this helpful CUAuthors article.

 
 

Find Branch/ATM

Enter address, postal code or branch name