Purchase + Renovate

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Found that home that is almost perfect but really needs some updating or would be perfect if the basement was finished ?

Many lenders have what is often called a Purchase Plus program. This allows you to complete the purchase with as little as 5% down of the total costs, and add some renovation costs back to the mortgage balance.

You provide us with 3 quotes from qualified contractors for the improvements you want done, and then the cost of those improvements is added into the mortgage and paid back over time.  You will need to have access to sufficient funds to pay for the renovations up front, because with this type of mortgage, the renovation funds provided by the bank are held back at the lawyer on closing until the work is completed, and then paid to you after a final inspection is performed to confirm the work is done.