Mortgage Architects –Home Improvement Plan
     
Basic Terms
 Here is a summary of the main terms of the Home Improvement Plan;
 
-minimum credit score is required, often 680
-improvements are limited to the lesser of 10% of the purchase price, or $40,000. for CMHC
-improvements are limited to 20% of the purchase price for Genworth
-a detailed quote for improvements is required fro a bone fide contractor
-quote must be submitted on letterhead, signed, and stating completion date
-quote must be submitted along with your purchase agreement at the same time for    approval
-keep your realtor involved with your plans for home improvements to manage time required for approval
-your realtor needs to provide access to the home for contractors to prepare quotes
            -paid invoices may be required
            -completion within 60 to 90 days
            -funds for home improvements are held back by lawyer
-funds for home improvements are released on formal inspection confirming 100% complete  
-budget approx $150.00 for this inspection report
-for larger home improvement plans, you may need to arrange interim payment to suppliers and contractors
 
 
MA –Home Improvement Plan
 
A pre-approval helps to answer questions on qualifying criteria, as well as questions on financing improvements. (Like all mortgage plans the Home Improvement Plan has terms and conditions.) So getting a pre-approval is even more important when improvements are needed! A pre-approval saves time and stress, since approval matters can be finalized, and documentation can be obtained, before the demands of looking for a home start. Questions?  Call 754-7607