HomeOpeners®: Purchase Plus Improvements Program

Finding the perfect home is no easy feat. And, in many cases it’s the renovations after a purchase that makes all the difference. Here’s how one young couple made their first home, their dream home.

Video Transcription

Hello, my name is Andrew Schwalm and I am an account manager at Genworth Canada.

Finding the perfect home is no easy feat. And, in many cases it’s the renovations after a purchase that makes all the difference. Here’s how one young couple made their first home, their dream home.

Graham and Ashley Davis found a great home in a highly desirable neighbourhood, close to where they work. The $300,000 price was appealing and the bones of the home were great, but the current owners had not updated it since it was built in the late 1970s. The couple determined $30,000 worth of improvements would bring the house up to date. However, with the bulk of their savings going toward the down payment, there was little money left for major improvements.

Genworth Canada’s Purchase Plus Improvements program allows qualified homebuyers to renovate their new property immediately after taking possession, with one manageable mortgage and with as little as a five per cent down payment.

The Davis’ secured a mortgage with their lender that qualified for Genworth Canada’s Purchase Plus Improvements program. They qualified by investing five per cent of the purchase price plus renovation cost as a down payment. The $30,000 renovation cost was added to their mortgage and dispersed to them once the new flooring and updated kitchen renovations were completed. In the end, their purchase price was $330,000 and the required down payment was $16,500.

Now in their newly renovated place, the Davis’ are enjoying a home that’s just right for them.

Genworth Canada’s Purchase Plus Improvements program opened the door to homeownership and enabled this young couple to renovate immediately after taking possession while enjoying the convenience of having one mortgage payment.

Know your options and ask your mortgage professional how Genworth Canada can help you realize the dream of homeownership sooner.

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