Home Buying in Lemoore>Question Details

Mylitapple, Home Buyer in Lemoore, CA

Seperating the value of a pool from a home to comply w/ USDA loans?

Asked by Mylitapple, Lemoore, CA Sun May 6, 2012

I spoke with Rural Develoment about a USDA loan I'm looking for as close to 100% financing as possible. However the home I like has pool. They state they will finance the home but not the pool. How would I speperate this value?

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2
Need to find sold comps without the pool in the immediate neighbourhood, sience USDA allows zero dollar for pool.
1 vote Thank Flag Link Mon Jun 11, 2012
The home has to appraise and then the underwriter has to remove the value of the pool. Typically the appraisers are valuing a pool at $8-12,000. unless it's a really nice pool, oversized, water slides that sort of thing.
So the house then has to appraise the 8-12,000 over the agreed purchase price.
Thats the only way to do a USDA on a house with a pool or spa.
If you need specific information feel free to call me at (559) 284-5712
0 votes Thank Flag Link Fri Jul 13, 2012
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