Finance A Pool Installation & Surrounding Outdoor Living Area's

[Jerry Padilla]

OPTIONS FOR POOL INSTALLATION – RENOVATION LOAN

OUTDOOR LIVING AREA’S ALLOWED WITH INSTALLATION OF AN “IN GROUND” SWIMMING POOL AS WELL AS RELATED EQUIPMENT.

HomeStyle; Prior To Completion of the Pool:

• 50% of the “as completed” appraised value + 10% contingency reserve
• Completion Time of 180 days
• # Contractors – Up to 3
• # Draws – Up to 4
• Fee - $650
• Primary Residence - Purchase/Limited Cash Out Refinance –
  • 1 unit properties – Up to 95% LTV
  • 2 unit properties – Up to 85% LTV
  • 3-4 unit properties – Up to 75% LTV
  • Credit Score 680
• Investment Property
  • 1 unit property only
  • 85% LTV for purchase
  • 75% LTV for limited Cash Out Refinance
  • Credit Score 720
• 6 months minimum reserves for 2-4 units and investment purchases
• Must be within conforming limits – No High Balance
• Proposed work can not be done by borrower or borrower’s family members - a non – arm’s length transaction

Prime; Following Completion of the Pool, Pool Escrow:

• Lesser of 35% of the “as completed” appraised value or $85k + 10% contingency reserve
• Completion Time of 120 days
• # Contractors – Up to 2
• # Draws – Up to 4
• Fee - $900
• Credit Score Minimum of 620.
• Work must be a non – arms length transaction
• 1 unit properties or PUD's only.
• Must be within conforming limits – No High Balance
  • 80% - 95% LTV

JUMBO Product; Prior To Completion of the Pool:

• Up to $150k + 10% contingency reserve
• Completion Time of 120 days
  • • # Contractors – Up to 2
    • # Draws – Up to 4
    • Fee - $650
• Lesser of 30% of the “as completed” value or $250k
• Completion Time of 160 days
• First Time Home Buyer Subject to Max loan amount of $1,000,000 AND a min. of 12 months reserves
• Borrowers with a recent mortgage history in previous 3 years Max loan amount of $1,500,000 and 6 months reserve requirement.
• Minimum Credit Score of 720
• 1 Unit properties only
• Proposed work can not be done by borrower or borrower’s family members - a non – arm’s length transaction