I plan on buying existing house and adding a pool - can I include this in my mortgage?

I would like to add a pool to a house I am planning to buy, can I add the cost of the pool into my initial mortgage or will I have to finance it seperately?

Public Comments

1. The easiest thing to do is to buy the house and then get a home equity line of credit. This will allow you a revoling line of credit secured with your house to make this and other improvements. Good Luck.
2. no, most mortgage companies won't add in the extra amount for this. buy the home, then either take out a second mortgage for the renovations & pool, or get a home equity line of credit and have the pool installed.
3. No you can not do that, a bank will only give you a loan in the amount of how much the house is worth in the market now. You will have to wait until the house grows in value, and depending where you live this can happen within a month or a year, then do Refi. or take Home Equity line of credit and add a pool. Good Luck to you.
4. you'll have to finance it separately, there are laws that restrict how a purchase contract is drawn up. Improvements that are not made to make the home livable can not be added. Most lenders will not even consider the application with that kind of stipulation. I know cause i work in the business.
5. No. You will have to either get a second mortgage or a home equity loan after you close on the first mortgage depending on how much equity you have. http://www.lendermark.com/using_your_equity_to_make_home_improvements.htm
6. Yes you can do that, go to First Horizon Homes...here let me give you the number and they have a program just for that.. here is the Number 800-615-0822 x 17428 Ask for Tom Mackinnon and tell him That Daniel Referred you. Let me know how it goes
7. YES, you can, using a One Time Close loan, meaning that the purchase money and the construction money are obtained at the same time, and permanent financing ensues after the work is completed. Now, I am NOT going to blatantly advertise here, but I will let you know that I am a licensed home loan consultant for a well known NATIONAL direct lender that specializes in Construction lending. Contact me if you would like more information. To anyone else out there reading this, please note that you can buy a house and do ANY type of renovation (must be over 50K worth of work) with the loan based on the COMPLETED value of the home! A fantastic program for rehab, not just new home construction!