Escrow Opportunities to Benefit Your Home
Here are some examples of escrow accounts that finance specific improvements:
There’s nothing like being able to unwind from the comfort of your own backyard. If you want to add a pool with an outdoor living space to your house, but the costs are preventing you from getting your feet wet, there are options.
FNMA Pool Loans
Jeff Berman helps borrowers by offering the FNMA Pool Escrow loan. This program helps with expenses of a swimming pool, and you can roll the costs into your mortgage. Plus, repairs can start immediately after closing.
Pool Loans Highlights:
- Down payment options as low as 5%
- Built-in outdoor kitchens and sprinkler systems can be installed
- Available for refinances and new home purchases
Jumbo Pool Loans
So you’ve found your ideal home, but it’s missing one thing—a swimming pool! With a Jumbo Pool Loan from Jeff Berman at Elite Financing Group, you can add the costs of installing a pool into your jumbo loan. You won’t need a second loan, and you’ll have one easy monthly payment. Along with a pool, this type of loan allows you to install an outdoor living area, too.
Pool Loans Specifications Include:
- Maximum jumbo loan amount plus pool loan escrow is $1.5 million
- Down payment options as low as 20%
- The pool loan escrow can be up to $150,000 or 10% of the appraised home value after completion
- First-time homebuyers are eligible
Don’t let the hot summers burn you! For homeowners who have always wanted a pool, this is your chance. These Pool Loans can help you build the pool you have always wanted to your property. They are available on conventional and jumbo loans.
If your soon-to-be fantastic house was recently on the wrong side of a hailstorm, this could be the option for you. Available on FHA, conventional and some Veterans Administration loans, they allow you to set aside as much as $3,500 for weather-related or energy-efficient upgrades—either appraiser mandates or personal preference.
Buyer/Seller-Funded Repair Escrow
In this scenario, the buyer or seller provides the funds that will be used to address the needs of the home. These funds can go to both appraiser-approved and optional upgrades on FHA, conventional, and some VA loans (in cases when the seller is the funder).
How do you envision your home? What remodeling and repairs do you want to achieve to make your home the ultimate living space? Contact Jeff Berman “The Mortgage Go To Guy”, at 214-989-7700 or complete the form below. Jeff Berman, mortgage broker, has the Home Improvement Loan experience to help you live in the home of your dreams.