You have found that perfect home but it needs some renovation! The purchase plus improvements mortgage with as little as 5% down enables you to take possession of the home and roll the cost of the renovation into your mortgage. You will provide us with a firm quote for the renovations you would like to do and we obtain approval for you for the price of the home plus the renovation cost.  For example, the price you have negotiated on your new home is 400,000.00 and the cost of the renovation is 40,000.00 resulting in a total cost of 440,000.00. Your down payment is based on the 440,000.00 value. The lender will release the 400,000.00 at closing and you move in and begin your renovations. Once the renovations are complete an appraiser will confirm and your lawyer will advance the balance of the funds to you.