Purchase Plus Improvements Mortgage
Include Your Improvement Loan with Your Mortgage Payments
It is important that you limit the improvements amount to $25,000, otherwise it becomes a construction draw mortgage which is very complicated.
This means that the total improvement value of your home can be $330k + $25k = $355k and your total improvement mortgage would be 80% of that = $284,000.
Note that you can still submit contractor quotes for more than $25,000, however your request should be limited to this amount to keep it simple and within the program.
For more information on this topic, fill out the sign-up form below with correct contact information and I will connect you with Dan Balfour who has provided this above information in short form.