PURCHASE ADVANTAGE PLUS™

The Purchase Advantage Plus program is designed to assist borrowers who are purchasing and want to make value-added improvements to their home, while including these costs within their first mortgage.

download PURCHASE ADVANTAGE PLUS™ Product Sheet

TRANSACTION TYPES
Purchase transactions.
Portable eligible.

AMORTIZATION
25 year standard.
Up to 80% LTV: Eligible for a 30 year amortization (subject to a 0.25% premium surcharge).

LOAN TO VALUE CRITERIA
Maximum 95% LTV for Purchase: 1–2 units
Maximum 90% LTV for Purchase: 3–4 units
Maximum LTV is subject to adjustments based on local housing market conditions.

PROPERTY TYPES
 Maximum 4 units, with 1 unit owner-occupied.

MAXIMUM VALUE OF IMPROVEMENTS
Full appraisal required for improvements exceeding 20% of “as is” value or $40,000

LENDING VALUE
Lending value is based on the lesser of the improved property value or the purchase price, plus direct costs associated with the improvements.

BORROWER QUALIFICATIONS
Gifted down payment from immediate family member is acceptable.
Borrower must provide the lender with quotes for the work to be completed.
 Standard underwriting guidelines apply.

DOCUMETNATION REQUIREMENTS
Standard documentation.
Lender is responsible for managing holdbacks.
Lender to confirm improvements are completed.

APPLICABLE PREMIUMS
Loan-to-Value Ratio     Single Premium     Top-Up Premium
≤ 65%    0.60%    0.60%
65.01%–75%    0.75%    2.60%
75.01%–80%    1.25%    3.15%
80.01%–85%    1.80%    4.00%
85.01%–90%    2.40%    4.90%
90.01%–95%    3.15%    4.90%
Flex 95 Advantage™    3.35%    4.90%
NOTE: Mortgage Insurance premiums are non-refundable.