This product provides homebuyers with the opportunity to qualify for cash back at closing, enabling them to finance home upgrades before taking possession of the property. It offers flexibility and financial support for renovation costs or other expenses.
This program is ideal for borrowers purchasing a home that requires renovations and who wish to include renovation expenses in their mortgage. For example, you might have saved for a down payment but now need additional funds for closing costs, new furniture, or other future expenses. With this product, you can receive 1-5% cash back at closing to use as you wish.
The maximum Loan-to-Value (LTV) for this product is 95% on a purchase. The down payment can come from your own resources or be a gifted amount, provided it is confirmed in your bank account.
Applicants must have a minimum credit score of 680 and a solid credit repayment history. Additionally, if the home is sold or the mortgage is paid off before the end of the term, a pro-rated portion of the initial cash back amount must be repaid.