sangfnsgfsd
Categories: Brett's Mortgage Blog

How To Add A Pool When You Buy A House…

Good Morning!

What if you find your ideal house – but it’s missing one key element that you really wanted?   …A pool!

Many people are unaware of this, but it’s possible to buy the house and finance the cost of building the pool right into the house purchase!
…it’s done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback…
1)     It would have to be a conforming loan – so at least 5% down payment on a purchase.
2)    Your contractor will have 90 days to complete the pool after your purchase.
3)    There can be up to 3 draws (checks) for the contractor – with the last one coming after the final inspection.
4)    The value of the pool is used in the loan to value calculation.
5)    The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6)    Primary residence only.
7)    Maximum amount of escrow is $20,000 or 10% of property value for LTV’s of 90% to 95%.
8)    Maximum amount of escrow is $20,000 or 15% of property value for LTV’s less than 90%.
Keep this in mind the next time you are house hunting – if you have your heart set on a pool.

I hope you have a great day!  Thanks for reading!

Brett

Brett Sampson

Recent Posts

How To Buy A House With A Reverse Mortgage…

I’ve written about this before, but we have more and more people passing the age…

4 days ago

Advantages Of Buying A House From A Relative…

I had this situation come up again last week, and I wanted to address it…

6 days ago

You Have To Know This When Buying A House…

One of the most important things you will have to do when you apply for…

2 weeks ago

Free Grant Money Available For Down Payment If You Have One Of These Jobs…

I wanted to remind you that we have a 2% to 5% downpayment and closing…

3 weeks ago

How To Get A Loan With Foster Care Income…

If you receive money from the State or a County sponsored organization for providing foster…

3 weeks ago

How To Pull Cash Out Of Your Rental Property With No Proof Of Income…

Do you have investment property, and would like to pull cash out of your property?…

4 weeks ago