Absolute Mortgage offers a unique product that allows homebuyers to finance renovations and upgrades as part of their mortgage. This innovative solution simplifies the process of making necessary improvements to a new home, as the renovation costs are included within the mortgage amount. This eliminates the need for separate financing and streamlines the path to creating a dream home.
This option is ideal for buyers purchasing a home that requires upgrades, such as replacing windows or remodeling a kitchen. By including the cost of these improvements in the mortgage, buyers can focus on enhancing their new property right from the start. For example, if you purchase a house priced at $350,000 and require renovations like new windows and kitchen updates, the cost of these improvements can be assessed by a contractor and added to the mortgage amount. The down payment is then calculated based on the total cost, ensuring all expenses are conveniently bundled together. Once the upgrades are completed, the contractor is paid, and the homeowners can enjoy their updated living space.
With a maximum Loan-to-Value of 95% on purchases, this product offers substantial financial flexibility. Down payments can come from various sources, including personal savings, gifted funds, or borrowed amounts, as long as they are confirmed in your bank account. This makes the product accessible to a wide range of buyers with different financial backgrounds.
To qualify, the main applicant must have a minimum credit score of 680 and a solid credit repayment history. This ensures that applicants are financially prepared to manage the mortgage and the included renovation costs effectively. This product is designed to empower homebuyers to make their new home truly their own, with modern upgrades and improvements tailored to their needs.