Well if you check with the Calgary Real Estate Board, (CREB) website you will see that the number of active listings for this time of year are down 20% from last year. As a result the most desireable homes are selling quickly. What does that leave for you if you missed the house of your dreams?
Make another home , the house of your dreams with the Purchase Plus Improvements program from CMHC and Genworth Financial. These are the people who insure your mortgage against default and they want you to have a nice house.
How does this work? If you find a house in an older neighbourhood you may love the location but not care too much for the house. You know the place, it's right across the street from a school and a park, within walking distance of public transportation but it was built 40 years ago and it has lime green wall to wall carpeting combined with a basement with fake wood paneling.
Take a trip to a home renovation store like Home Depot and get a quote on new Burber carpeting.
Make an offer on the house and then have your mortgage broker submit your offer with the new carpeting quote to a mortgage lender under the Purchase Plus Improvements program.
If it is approved your real estate lawyer will receive 2 cheques. One for the purchase of the home and a second one to cover the renovations. When they are complete, the lawyer will pay out the renovations. Sound simple? It is . If you want more information on the program you can check it out here. If you want to know if you would qualify for this program contact me at my website.
David Cooke is a Calgary mortgage broker with Dominion Lending Centres Westcor in Calgary Alberta.
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