Found A Great House, But You Wanted A Pool?... Here's How To Get Both!

Hello,

What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!

Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!

...it's done on a purchase with an escrow hold back for the pool.

Here are some basic guidelines for the pool escrow holdback...

1) It would have to be a conforming loan - so at least 5% down payment on a purchase.

2) Your contractor will have 90 days to complete the pool after your purchase.

3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.

4) The value of the pool is used in the loan to value calculation.

5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.

6) Primary residence only.

7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.

8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.

Keep this in mind the next time you are house hunting - if you have your heart set on a pool.

I hope you have a good day today. Thanks for reading!


Brett

If Your Credit Is Below 620 - Here Are Your Options...

Hello,

I’ve had borrowers ask this question a lot lately…

What is the minimum credit score for a USDA loan?

The answer is – for a long time the minimum credit score to get a USDA loan was 580. …However, USDA has raised their minimum score to 620.

So, really there’s only three loan scenarios that will still go below 620.

1) FHA.

2) VA.

3) Conventional (must get Approve/Eligible in the automated system) – where the loan to value ratio is below 80%.

Movie... The Power Of Focus.

Hello,

Simple Truths sent me this early this morning... I usually don't have time to stop and watch these in the morning, but I did this one.

It's a neat little movie about the power of focus...

I'm passing it on to you now. Perhaps it will enable you to have a more productive day today.

Enjoy...

http://www.eagleschoolmovie.com/


I hope you have a good day today. Thanks for reading!


Brett