This program lets residential home builders and individual home buyers take advantage of insured progress advances while the property is being built. Insurance is based on the lesser of the market value of the work in place or the cost to complete. Borrowers are approved for the amount of financing required to construct the home and purchase the lot. The funds are advanced to the borrower after successful completion of the construction phases. Quite often the builder, contractors or trades people will require payment for their services prior to the funds being advanced to the borrower during each phase. It is imperative that anyone seeking this type of mortgage have enough borrowing capacity or cash available to satisfy these criteria. Global Empire Corporation associates are available to assist anyone interested in this type of mortgage to ensure that the borrower meets the financial requirements.
For more information: http://www.genworth.ca/en/products/progress-advance-program.aspx