Buy and renovate
in one mortgage.
The Purchase Plus Improvements program lets you finance a home AND its renovations in a single mortgage — at mortgage rates, not credit-card rates.
- BBB Accredited
- No fees, ever
- Licensed Alberta brokers
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A specialist will review your numbers and email your estimate within 5–10 minutes.
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Tell us a bit more
This helps us understand where you're at so we can match you with the right options.
What's your down payment situation?
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We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
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The Skip the Down Payment program — and any mortgage with less than 20% down — requires solid credit history. Here's what good credit looks like and how to build it.
If you don't have any credit history yet, start with secured Visas from Scotia Bank and Home Trust — they're easier to approve for and a great first step. You can track your score for free at www.equifax.ca.
Down payment ranges and what credit you'll need
- 0–4% down: excellent credit, score above 680
- 5–9% down: score of 620+, no late payments or collections in the last 2 years
- 10–19% down: score of 580+, no recent late payments or collections
- 20%+ down: multiple lenders available depending on your interest rate tolerance
Tips to bump up your credit score
- If you've missed payments, try to open or maintain three credit accounts with perfect repayment going forward. (Student loans don't count.)
- Re-establishing payment history typically takes:
- ~12 months for one missed payment
- 2–3 years for 60- or 90-day late payments
- 3+ years for written-off debts (excluding minor collections like cell phone bills)
- Consumer proposals and orderly payment of debt are treated like a bankruptcy for mortgage purposes — wait times are significantly longer.
- Keep credit utilization low. Utilization is the ratio of balance to total credit limit. 30% or under is ideal.
- If you plan to purchase a home within 24 months, do not finance a vehicle purchase — the high utilization of that debt will reduce your score and your mortgage approval chances.
Why closing cards can hurt you
Say you have these accounts:
| Account | Limit | Balance |
|---|---|---|
| Credit Card A | $15,000 | $0 |
| Credit Card B | $10,000 | $0 |
| Credit Card C | $5,000 | $4,000 |
| Loan (orig. $20,000) | $20,000 | $17,000 |
Total utilization: $21,000 balance ÷ $50,000 total limit = 42% — that's healthy.
Now close Cards A and B (because you don't use them). New utilization: $21,000 ÷ $25,000 = 84% — that's bad. Your credit score could drop 50 points overnight.
The house with potential
You found the right neighborhood. The right size. The right yard. But the kitchen is from 1987 and the bathroom needs a gut. You don't have $40,000 sitting around to renovate after paying the down payment — but you could afford it as part of the mortgage.
The Purchase Plus Improvements program (sometimes called 'Handy Man') is exactly this: you submit two numbers to the lender — the purchase price and the planned renovation cost. The lender funds both, you take possession, complete the work, and submit invoices. The renovation funds release as work is done.
Right fit checklist
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Purchase price + renos under maximum. Combined total stays within standard insured mortgage limits — usually $1M for the all-in number.
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Quotes for the work. Lenders need contractor quotes upfront — they're funding against estimated post-reno value, so the scope has to be defined.
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Standard mortgage qualifying. You qualify for the all-in mortgage amount on standard income/credit/down-payment criteria. No special hurdles.
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Reasonable scope. Renos that add value (kitchen, bath, flooring, basement finish) are easy. Pools, hot tubs, and overly cosmetic work face more scrutiny.
Three steps to a quote
Get quotes during conditional period
Once your offer is accepted, get contractor quotes for the planned renovations. We need them before final approval.
Combined approval
Lender approves the all-in amount — purchase price + reno budget. Mortgage funds at closing on the purchase amount only.
Renovation draw
After closing, complete the work. Submit invoices and proof of completion. Lender releases the renovation funds (usually held by your lawyer in trust).
Renovation funding compared
Mortgage rates, not credit-card rates
5% mortgage interest vs 21% credit card or 12% personal loan. On $40,000 of renos, that's thousands per year of savings.
One payment, not three
No juggling a mortgage payment AND a HELOC payment AND a credit card payment. One mortgage, one monthly amount.
Tax-free equity gain
Renovations that increase home value build tax-free equity (principal residence rules). Borrowed money to do them — but the resulting equity is yours, untaxed.
Buy a house at a discount
Houses that need work usually sell for less than turnkey ones. The Plus Improvements program lets you exploit that discount instead of paying for someone else's renovation.