house-puzzle-300x300The new Purchase Plus Pool Program from Kelly Decker allows borrowers to take advantage of home purchase financing with the ability to roll in the cost of home improvements – specifically the addition of a pool. This is a great option for home buyers who are looking to purchase a home and install a pool but would like to finance both within the same loan. 

 Here are a few highlights of the program:

  • Creates more options for buyers that do not currently exist in this tight inventory market
  • The pool financing becomes part of the low rate, first mortgage loan
  • Use future value of the home with improvement for loan calculations
  • Minimum 5% down payment
  • Dedicated in-house process
  • 95% LTV up to $417,000
  • 90% LTV up to $650,000
  • Minimum loan amount $150,000
  • 680 minimum FICO (700 for LTV > 85%)
  • Qualifying requirements slightly higher
  • Platted subdivision in the DFW Metro area
  • Primary residence homes
  • Interest only during construction on adjustable rate mortgage
  • Once pool is complete, modified into fixed rate, fully amortizing loan at minimal to no cost
  • Plan for a 45 day contract

Here are a few more points to remember when considering the Purchase Plus Pool Program:

  • “Cost” and “Value” will likely not align. The Decker Group goes off of completed value.
  • Start up costs and deposits will vary by pool company.
  • This program can also be used for remodel and other home improvements.

Currently, Kelly Decker’s team of mortgage professionals are partnered with the following contractors:

  • Hobert Pools and Spa – Murphy, TX
  • Allen Pools – Frisco, TX
  • Fallas Landscape – Plano, TX
  • Additional pool contractors can and will be added to the pre-approved list

To learn more about this exciting program, contact the home financing professionals at the Decker Group by calling (972) 591-3097.

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