The 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.