Last week we provided information on the cost of a Fixer Upper, this week we discuss Financing a Fixer Upper. The three Mortgage Insurance Companies in Canada, CMHC, Genworth Canada and Canada Guaranty have programs to assist you in financing your Fixer Upper and getting the best rates for your mortgage.
Programs to Assist in Financing a Fixer Upper
CMHC – CMHC Improvement
Greater Financing Choice for New Construction and Home Improvements – CMHC Improvement enables mortgage professionals to offer greater financing choice to borrowers who are building new homes or who want to undertake small or large scale improvements to existing homes where the improvements will increase the value of
the property. Find Out More
Canada Guaranty – Purchase Advantage Plus program
The Purchase Advantage Plus program is designed to assist borrowers who are purchasing and want to make value-added improvements to their home, while including these costs within their first mortgage. Find Out More
Genworth Canada – Purchase Plus Improvements program
Genworth Canada can help qualified home buyers make their new home just right for them, with tailored improvements, immediately after taking possession of the purchased property. All this can be done with one manageable mortgage and with only 5% down. Find Out More
Talk to your Mortgage Professional or Mortgage Broker to see you if qualify for one of the programs.