Deanna Valeo
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Get a new pool with your new house; A Pool Holdback can keep cash in your pocket September 15, 2014

HomeStyle Renovation make up our core mortgage products, but unique Escrow Holdbacks (including a POOL Holdback) are available as well.

So you want a pool in your new house or an existing house. You have found the perfect house but it doesn't have a pool and you want to finance it into the purchase of your home.

Most lenders do not allow for a "pool holdback" however First Choice Loan Services has a unique product which allows you to buy your house, get a pool quote and plans, include those into the future value of the house and finance up to 95% of the purchase price or $417,000 whichever is lower.

So let's say you find the perfect house, the cost is $400,000 and you get the perfect pool quote for $25,000 the appraiser looks at the current house and the pool plans and appraised the value of the house at $425,000 you can get a new loan for $425,000*95% or $403,750; this means $21,250 + Closing Costs out of pocket to buy your new home.
Most Banks and Mortgage companies do not allow this pool allowance. This means buying the house for $400,000 and getting a 95% loan for $380,000 and then having to finance the pool for $25,000 or $45,000 + Closing Costs out of pocket to buy your new home.

A Pool Holdback can keep cash in your pocket. Contact me for more info on this!

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