Cornell, Home Buyer in Fort Worth, TX

I am in need of a 203k speacialist for a propoerty that will not pass inspection for my FHA because of a dilapidated pool.

Asked by Cornell, Fort Worth, TX Wed Mar 21, 2012

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Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Wed Mar 21, 2012
What exactly is wrong with the pool? Depending on what's wrong with it, you may not be able to use a 203k to repair it. If you're sealing cracks or fixing something with the filtration system (subject to underwriter discretion), you may be ok but if there is concrete work to be done, you'll most likely get a turn down from an underwriter.

My company for instance will allow up to $1500 in pool repairs but that won't go very far depending on the shape of the pool whereas others prohibit any work on the pool at all. Each lender will have their own threshold on what level of risk they'll take (assuming they even do full 203ks).

It looks like you're looking for a direct response/communication, feel free to email or call if you have questions.
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Dallas Texas, Agent, Dallas, TN
Wed Mar 21, 2012
Has the property owner considered to repair the pool OR is this a foreclosure ? Your mortgage broker should be assisting you with all these particulars.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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Jeremy Garcia, Agent, Dallas, TX
Wed Mar 21, 2012
Rob is right you wont be able to use a 203k to fix a pool. What I would suggest doing is finding a pool contractor to fix the pool with a small cash down payment, sign a vendors lien agreement, turn it into the title company to be paid on the HUD1 as a vendors lien along with closing costs, taxes, etc, it then becomes a cost to sell the house. As a mortgage broker/banker and realtor for the last 15 years I have had things like this covered at closing time and time again using this method. Its just a matter of finding a contractor that will work with you on it.
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