We have a lender who will add the pool’s construction/ADU (Accessory Dwelling Unit) cost to the purchase price of the home into one mortgage. So, if you are looking for only pool homes or need a property that has a flex space such as a mother in law suite or home office, this loan could help getting you into a home sooner.

This is a conventional renovation product that will allow for a buyer to roll the cost of building a pool into the mortgage, so no more “Only show me houses with pools”. What this means is that you can look at new construction and established neighborhoods with larger yards. The process is about the same as a standard conventional loan, you just need to find the property! 

PROCESS OF RENOVATION LOAN

1. Buyer would get a pool contractor/general contractor to draw up plans and estimate.
2. Submit the plan with the application for mortgage/purchase and purchase contract.
3. Order the appraisal for after value with new pool/ADU.
4. Underwriter reviews plans, costs, appraisal, and borrower application for approval.
5. The borrower could put down as little as 3% (first time home buyer), 5% for buyers who have owned a home within the last 3 years.
6. Close on the home (mortgage includes purchase and pool/ADU cost).
7. Pool would be built from draws out of escrow holdback after closing. (Construction must be completed within 6 months of closing).

ADDITIONAL INFO

• Credit score 620+
• Approve/Eligible on Desktop Underwriter System (no manual underwrites)
• Conventional Loan limit up to $766,
• Primary, Vacation, and Investment Properties
• Single Family
• Borrower cannot be related to contractor
• Can be used with the Temporary Buydown
• Interest rates are approximately .5% higher than traditional conventional rates 

**Credit is not automatically pulled when application is completed. I always call/text before submitting credit.