PRODUCT DESCRIPTION - This product permits a homebuyer to qualify for some upgrades to their new home prior to taking possession.
IDEAL CLIENT - For borrowers who plan to buy a home that needs some TLC and want to include the costs of the renovations into the mortgage.
Example: You have saved for a down payment for your ideal home. But it took all your savings just for the down payment and now need money for closing costs, new furniture, or simply want some cash back at closing to save for a rainy day. This product provides cash back at the time of closing and you can get 1-5% cash back to use any way you like.
MAXIMUM LOAN-TO-VALUE - The maximum Loan-to-Value for this product is 95% on a purchase.
DOWN PAYMENT SOURCES - The down payment can come from own resources, or * gifted down payment. The down payment needs to be confirmed in your bank account.
SPECIAL CRITERIA - A minimum credit score of 680 is required for the all applicants, and you must have a solid credit re-payment history. Must note that if you sell this home or pay off the mortgage before the term has finished, you will need to pay back a pro-rated portion of the initial cash back amount.
View the entire Documents Required for mortgage purchases.