Below are the different types of Purchase Plus Improvements finance programs:
Single Advance
Customer is applying for a single advance insured mortgage to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements. Please check with CMHC/Sagen guidelines for detailed clarification on this product.
Progress Advances
Similar to the Single Advance program, with the added feature to draw funds at various intervals during the construction and/or renovations.
Construction
Customer is building a new home or making extensive, major renovations that require progress/staged advances of cash during the construction project. Do not confuse this type of financing with the situation where a customer is purchasing a home that is under construction and all that is required is a final mortgage (builders today typically finance the construction process themselves).