The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 22nd, 2016

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NASHVILLE, TENNESSEE

Home Buyer’s Korner

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USDA Eligible Homes with In-Ground Swimming Pools

in ground poolsMany real estate agents have come to know that USDA does not allow the values of an in-ground swimming pool to be considered in the appraised value, when securing USDA Rural Development financing. Many more are under the false assumption that in-ground swimming pools are not permitted and avoid showing homes with in-ground swimming pools to home buyers interested in using USDA Rural Development as their financing tool.

In-ground swimming pools are not the issue with USDA. The issue is under agency policy the appraiser cannot use the value of an in-ground swimming pool, when appraising a property with USDA Rural Development financing.

Although this probably isn’t a big issue in many parts of the county, in-ground swimming pools are almost as common in states as kitchen sinks.

Although swimming pools do not support their total cost when considering them in value an average pool can cost upwards of $25000 to build and retain $10,000 in value for appraisal purposes or coming up with a listing price. With the pool value being deducted, there may not be any room left for closing costs or the ability to secure a zero down home loan. Keeping in mind, most USDA home buyers tend to be first time buyers with little or no money available to make a down payment.

Beginning December 2014, USDA Rural Development intends to amend this appraisal policy and allow in-ground pools to be included in the appraiser’s value analysis. This policy change should greatly enhance the inventory of homes available for many real estate agents and home buyers interested in USDA Rural Development financing. Be sure to clarify this policy change with your mortgage lender before showing homes an assuming the change is in effect or follow our blog for future updates.

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TENNESSEE HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace a deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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