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Can I purchase a home with FHA or VA and get funds to add on an inground pool?

by jan4hh_606_878 from Leesburg, Virginia. Feb 21st 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,008 contributions

No.. VA does not allow for cash back funds, and FHA 203K only allows funds to pay for repairs/improvements to the property.. They will not allow for you to build a pool with those funds.. if the property has a pool that is not working, you can use up to $2500 to repair the pool, but that's it... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 21st 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

FHA 203B loans allow for financing some energy items, such as solar energy equipment, but a pool is considered a luxury, and as such does not qualify. Consider looking for a home with a pool. If pools are common in your area, the difference in purchase price may be as little as $5,000 to $10,000 additional, far less than the cost of a new in ground pool construction.

Feb 21st 2013
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

Even in places like Arizona where a pool is as much a necessity as air conditioning, FHA and VA do not consider it the same way. The only way you can get FHA or VA to include a pool is if the property already has a pool. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 21st 2013
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Joe Shamie (Joe Shamie)
#6 ranked lender in New Jersey - 1,412 contributions

You can do a 203B Thru FHa but those funds would need to be used to rehab the home.

Feb 21st 2013
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The challenge will be the home is in great condition and we want to add a pool to complete everything...

Feb 21st 2013
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Matthew De Weese (Pacific1Lending)
#793 ranked lender in California - 55 contributions

In short. For VA, No. For FHA, yes - but only for improvements.

Feb 21st 2013
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Tyler Whyburn (OklahomaMortgage)
#21 ranked lender in Oklahoma - 24 contributions

You cannot receive funds back at closing unless you were getting an FHA 203k, however those funds are only for repairs. If you wanted to add a pool I would suggest waiting until after closing and either getting a Home Equity Loan (if there is equity for it) or some sort of personal loan once the property is already yours.

Feb 21st 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,560 contributions

Yes... on an FHA loan... but not for an in ground pool.

Feb 21st 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 394 contributions

I concur with my colleagues. The only way to get funds after closing is with the FHA 203k program and that is only for repairs/upgrades to the home. It can include landscaping and repair of an existing pool but constructing a pool is not allowed. I'm a licensed mortgage banker in NM and don't lend in VA. NMLS# 195031 - www.gencormortgage.com/csparks

Feb 21st 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#37 ranked lender in Massachusetts - 723 contributions

Good Afternoon. The repair of the pool would be allowed, but not the installation of a pool with a FHA 203K loan. I'd suggest you locate a home that already has a pool which meets your needs in order to get the property financing you are looking for. I'd be happy to work with you on any and all options that may work for your situation, so please feel free to reach out directly to me. Thank you and good luck!

Feb 21st 2013
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Fha allowed monies but only for rehabs. I am a Branch Manager located in Va. Give me a call if you need any additional information. Jericho Cherry 804-556-0685.

Feb 21st 2013
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George Dokos (georgedokos@movementmortgage)
#59 ranked lender in Virginia - 25 contributions

Unfortunately the pool will have to be built with your own funds. The pool is considered a luxury and not part of the structure of the home itself. There are loan programs available to renovate & rehab property but not to add a pool. I am located in Virginia, if anyone would like to talk with me regarding their financing options please feel free to call me at my office. My direct line is: 757-645-0715.Have a great day !George

Feb 21st 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Sorry to say no.

Feb 21st 2013
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Mark Allen (Mallen)
#61 ranked lender in Virginia - 10 contributions

you would not be able to use FHA or Va to add a pool you could purchase a home with a pool already with either program , i am a broker licensed in Virginia and would be happy to help you, please feel free to contact me through my profile

Feb 21st 2013
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Mark Allen (Mallen)
#61 ranked lender in Virginia - 10 contributions

you would not be able to receive funds to put in an infround pool on either program,you would need to purchase a home that already has a pool or buy now and put in pool later through other financing,i am a mortgage broker in virginia and would be happy to help you with financing the property of your choice , please feel free to contact me through my profile

Feb 21st 2013
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Lynne Dewar (ldewar)
#48 ranked lender in Arizona - 16 contributions

No -VA & FHA do not allow cash back to the buyer on a purchase. You can ask the seller to pay for your closing costs and use that money to go towards putting a pool in. The FHA 203K does not allow a pool to be put in.

Feb 21st 2013
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Barb Lanis (BarbLanis)
#72 ranked lender in Illinois - 662 contributions

With an FHA 203K loan, you can repair and existing pool, but you cannot install one.

Feb 21st 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

That IS possible with a conventional loan that I offer, but I need to check whether the minimum downpayment is 3% or 5%. The cost of installing the pool would be added to your purchase price and the appraisal ordered "subject to" the installation of the pool, so the appraised value will be based on the home after the pool is installed. Your downpayment would be based on the total cost for purchasing the home plus the cost of the pool, up to 95 or 97% of the appraised value with the pool installed. Qualifications are a bit higher for a conventional loan than for FHA or VA but I have had borrowers with scores as low as 660 who qualified. contact me at pdumouchel@primelending.com for more info if you would like more information. I do lend in VA.

Feb 22nd 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Additional info: max. 95% loan to value for our Pool Excrow so you would need 5% minimum downpayment based on the lower of the cost for the house plus the pool (including a 10% escrow) or the appraisal

Feb 22nd 2013
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Larry Lechel (Larry@GenevaFi.com)
#15 ranked lender in Indiana - 38 contributions

I have reviewed the answers given by my peers and I am proud to say that this forum is filled with knowledgeable people. I have been in the business since 1998 and I have witnessed many "loan officers" give bad advise and everyone here appears to be spot on with their direction.

Feb 22nd 2013
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Mark Simon (mark.simon)
#9 ranked lender in Delaware - 83 contributions

I think you received some good input from those below. If you would like to move forward and close quickly we would be glad to help immediately Mark 302-449-7373

Feb 22nd 2013
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Jason Vondrak (jvondrak)
#186 ranked lender in California - 1,722 contributions

You are not allowed to cash back with a VA loan. FHA 203K loans allow you to get additional funds, but they need to be used strictly to repair the home, not to add on a pool.

Feb 22nd 2013
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Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 56 contributions

Hi Again Jan4hh,The loan you'd want for "Luxury Items" such as a pool or similar add-on would be available through our Suite of homeloans including one called the HomeStyle Renovation Loan.The loan can be used to either purchase or refinance a home.And details can be obtained by contacting me directly. To do so simply click my logo to the left. Thanks,Ron

Jan 15th 2014
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Corey Vandenberg (Coreyv)
#66 ranked lender in Indiana - 15 contributions

Well, Homestyle Renovation loans are affectionately called "pool loans" because they do allow luxury items. A word to the wise, you may see what financing the dealer offers first, but honestly, having it be part of the home loan and it is an improvement after all, with just one payment is probably worth it: http://www.phmc.com/coreyvandenberg

Oct 19th 2017
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Lynne Dewar (ldewar)
#48 ranked lender in Arizona - 16 contributions

VA and FHA do not allow a buyer to get cash back on the purchase. You can ask the seller to pay for your closing costs and use those funds towards a pool. The FHA 203K is to fix up the home and a pool is not included in the allowable repairs and upgrades.

Feb 21st 2013
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