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Is a pool technically eligible as a home improvement?

by marabara from San Diego, California. Jun 17th 2013 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

Depending on the type of mortgage/loan you are getting, yes, it is eligible. PrimeLending even offers a mortgage (purchase or refiannce) with an escrow for installation of an inground pool in an amount I believe up to $60,000. Or, it can be one of several planned home improvements or repairs under a more broad renovation mortgage. If you are really looking for a separate home improvement loan that would likely be a good question for a local bank or credit union. pdumouchel@primelending.com

Jun 17th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

PS> for the loans I highlighted, the appraisal of the home is based on the value with the pool and any other planned improvements completed.

Jun 17th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, because it adds value to the home.

Jun 17th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

Yes, it is depending on the loan you obtain for the cost of the pool. For example, with FHA 203K loans, you cannot add a pool, you must make home repairs that are necessary. However if you complete a cash-out refinance, you can use the funds to add a pool to your home. We are also located in San Diego if you would like to chat to determine which financing options would work for you - 858-605-0952.

Jun 17th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Depends on the Loan Program.. You may not use a 203k

Jun 17th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Depends on the Loan Program.. You may not use a 203k

Jun 17th 2013
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Joe Shamie (Joe Shamie)
#5 ranked lender in New Jersey - 1,412 contributions

It Depends on the loan program

Jun 17th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

it depends on whether your purchasing or not.. if your purchasing and using a rehabilitation loan such as FHA's 203K, then you can do pool repairs up to $2500, but you cannot add a pool.. for 2nd position loans, you can use your home improvement funds as you wish.. 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

Jun 17th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

it depends on whether your purchasing or not.. if your purchasing and using a rehabilitation loan such as FHA's 203K, then you can do pool repairs up to $2500, but you cannot add a pool.. for 2nd position loans, you can use your home improvement funds as you wish.. 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

Jun 17th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

Yes, but not with FHA 203k.

Jun 17th 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,827 contributions

Yes, except if you are doing an FHA 203k. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 17th 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,827 contributions

Yes, except if you are doing an FHA 203k. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 17th 2013
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

Yes, you should be fine.

Jun 18th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,993 contributions

Need more info...

Jun 18th 2013
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Josh Lund (Josh_Lund)
#46 ranked lender in Minnesota - 113 contributions

Yes, but not with a FHA 203k.

Jun 18th 2013
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Edgar Aranda (earanda)
#752 ranked lender in California - 93 contributions

Yes, you can but not with FHA 203k. I am also located in San Diego. Give me a call if you have any other questions. 858.663.0472 http://www.firstcal.net/aranda

Jun 18th 2013
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Stacey Nielsen (Unitywestlending)
#909 ranked lender in California - 123 contributions

Yes. "eligible" being the operative word here.

Jun 21st 2013
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