Can I add a pool to my purchase loan?

The warmer month’s are almost upon us and finding that perfect home is becoming more and more difficult. Did you know you can buy a home and add the installation of a pool to your purchase loan? Yes you can, it is called a renovation loan or more specifically a Fannie Mae Homestyle or Freddie Mac CHOICERenovation. These loan types allow you to purchase a home and include the cost for the improvement into the loan. You can select the contractor, the type of materials used and style.

How does that work you ask? Simply, we will lend you the money for the purchase acquisition and the needed funds for the pool improvement, combine those figures and subtract your minimum down payment and that determines the actual loan amount. The appraisal is then completed and value is given to the home as if the pool is already installed , this is called a “subject to” appraisal where the future value of the pool improvement is given before its completed.

When does the work begin? Once you take possession of the new home work needs to begin within 30 days and be completed within 6 months. For more details please be sure to give me ( Steven Fishman) a call 440-773-9941 or 239-980-7588