All Forum Posts by: Sean Prokopec

Does a the particular contractor need to be approved by the lender before work is done or is their focus solely on the work done?

Thank you Nick and Matt. I'm looking at purchasing a duplex to fix up but with the cost of the renovations will only be able to provide a 5% down payment. I am hoping to be able to put money into it and have those costs added to the mortgage as I go. Does a 5% down still apply for a "Purchase plus improvements mortgage"?  

Also would any money be released before renovations are completed or only after?

Thanks

Is anyone aware of a similar program offered by the Canadian feferal government or Ontario provincial government to the FHA 203k Loan?

Or any kind financing available for a second property where the cost of renovations are included in the mortgage?

Thanks, Sean.