Found a nice home but we need to add a swimming pool, what do we do?

By
Home Inspector with 203kOnLine.com, covering the USA S0289

Need a pool? swimming pools and the FHA 203k

While the FHA 203K loan program is for renovation of existing properties in conjunction with the refinance or purchase, most of you may know that the restriction on luxury item repair is $1500. Is not a whole lot of new tools you could install for $1500 and to be sure you would try you cannot add a swimming pool with an FHA 203K.

So what we do when the only thing that's wrong with the house were trying to sell is that it has no swimming pool?

This would be a Homestyle loan offered by Fannie Mae via Prospect mortgage. Prospect Mortgage Company is not the only place you can get this but in my opinion it's one of the best places to get this loan product. They know how to close the Fannie Mae Homestyle loan as they are the largest lender of this product in the nation.

We had a project while back in in the El Dorado Hills area of California. The home had been foreclosed during the course of the construction of the pool. The swimming pool had not been finished and required another roughly $20,000 to complete. This is well beyond the ability of the FHA 203K. So we recommended a Fannie Mae Homestyle since this was the bulk of the work needed. Since Fannie Mae can ask the bill the pool from scratch this was a no-brainer in our opinion and a better fit than the FHA 203K loan from this client.

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

Skype name: the203kconsultant

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Groups:
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Tags:
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Rainmaker
2,826,031
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Mike,  Great forward thinking in finding a perfect solution. 

Apr 20, 2013 07:52 AM #1
Rainmaker
614,486
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Kathleen, thanks for dropping by

Apr 20, 2013 08:18 AM #2
Rainmaker
1,304,524
Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Hi Mike and thanks for sharing this kind of information as I did not know this and always am looking for outside the box suggestions.

Apr 20, 2013 02:10 PM #3
Rainmaker
614,486
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Charles, thanks for stopping by. The program is available all over the US and our colonies.

Apr 20, 2013 09:12 PM #4
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Mike Young

FHA 203k Consultant 916-758-1809
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