Tomasz Smok M.A.Sutton Group Summit Realty Inc. Real Estate Information, properties for sale, homes for sale, home evaluation, mississauga real estate Mississauga, Toronto, Oakville and Milton Ontario, Canada, including homes, condos and townhouses for sale, and resale. When you find a home that you like, call me at (416) 992-5010 to request a showing, for more information You can access my websites www.tomsmok.com | tomsmok.realtor | tomsmok.wordpress.com
Friday, 16 November 2007
Real estate continues to climb
Canada's real estate scene is showing no sign of the weakness sweeping through the U.S. market, as sales and prices continue to rise.
Saturday, 3 November 2007
CMHC Purchase Plus Improvements
CMHC Purchase Plus Improvements
Program
Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property.
This option eliminates the need to obtain secondary financing after the purchase to
pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.
Details
The insured loan will be based on the lower of:
The purchase price plus the actual cost of improvements, or,
The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements.
Applicants must have the following:
A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements).
Cost estimates for renovations/improvements.
Qualifications to obtain a CMHCinsured loan through an approved lender.
For more information call CMHC at (416) 221-2642 or www.cmhc.ca.
EXAMPLE:
Purchase Price
$100,000
Renovations/improvements costs
$25,000
Total cost
$125,000
Lending Value
$125,000
Maximum Mortgage (95%)
$118,750
Mimimum 5% down payment
$6,250
Subscribe to:
Posts (Atom)