Let’s say you find a fixer-upper that you love. It’s a steal at just $400,000 because some essential part of the home needs to be renovated. Maybe it will cost an extra $30,000 to update the kitchen and install draft-free windows, but all your savings are earmarked for your down payment and closing costs.
If you don’t have the extra money to tackle home improvements in advance, Purchase Plus Improvements (PPI) can fund your renovations upfront!
Start by securing a PPI-qualifying mortgage from Osoyoos Credit Union. You can qualify with a down payment of as little as 5% of the home’s purchase ($400,000) plus renovation costs ($30,000). In this case, that would be a down payment of $21,500.
Your renovation costs are disbursed once the work is complete, and repayment is included in your manageable, monthly mortgage payments!
How would you transform that “DIY special” into your dream house? These high-impact renovations, retrofits and upgrades will increase your home’s comfort and style. In some cases, they may add value and lower carrying costs via lower utility bills, too!
New windows & doors
Family room makeover
Boost comfort & Style Add value Save Energy
Your home is one of the biggest investments you’ll ever make, so finding the best home improvement loan or mortgage that suits your needs is essential.
Here are a few other easy and flexible home improvement financing options to choose from:
The type of financing you’ll want to choose for your project has a lot to do with the type and cost of the renovations you are doing. Your OCU financial advisor can help you find the financing solution that’s right for you!