Construction, Renovation & Improvement Financing

Yes, but construction financing is more specialized than a normal purchase mortgage. Funds may be advanced in stages as construction progresses, and the lender may require plans, budgets, permits, inspections and additional equity.

It is financing advanced in stages rather than all at once. Draws are typically released after specified construction milestones are completed and verified.

Potentially. Options can include a purchase-plus-improvements mortgage, refinance, HELOC or other renovation financing depending on whether you already own the property and how much work is planned.

This type of program may allow eligible renovation costs to be included in the mortgage for a home being purchased, with funds released after approved work is completed and verified. Rules and maximum improvements vary by lender and insurer.

Potentially. A specific insured refinance program is available for eligible projects adding secondary suites; conventional options may also be available. The insured program has conditions for the existing home, occupancy, construction, units and financing. It is not a general entitlement to refinance any property at a higher loan-to-value. Review permits, zoning, budget and lender availability before starting work.