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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

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Published by
Brett Sampson
13 years ago

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