How to do a Reno when you’ve maxed out on your down payment

If you are in the market to buy a new home – don’t overlook that fixer upper! 

For many first time home buyers, they face the duel challenge of not having a big down payment and higher home prices.  Often, the only homes that younger buyers can afford are ones that are in need some renovations.

But just how do you budget for renovations when you’ve maxed out on the down payment?

Did you know you can add the estimated costs for your renovation to your mortgage loan?

We can help you or a friend or family member access the Purchase Plus Improvements program.

This program allows borrowers to access to up $40,000 for the purpose of renovations.  Borrowers can then pay off this extra amount along with their regular mortgage payments, spreading out the renovation costs and making them easier to manage.

This means that if you find a home for $300,000 and you want to do a renovation totalling another $30,000, you can include the extra $30,000 into your mortgage.  You could put as little as 5% down which is $16,500.

So if you or someone you know is trying to take the first step towards homeownership, give One Link a call at 204-954-7620!  We would love the opportunity to help them secure financing for their dream home!