Can a property with an in-ground pool qualify?
Yes. The base loan is capped by the value of the property as if it does not have a pool. The FHA appraiser should do the normal as is appraisal and then add in a sheet with three additional comps without pools. Since the goal is to find a value while pretending there is no pool, they should not make an adjustment for the pool on the three additional comps. Rather, they would simply review the three values after doing the other adjustments and make a determination of value. If the appraiser opts to establish a contributory value of the pool by making adjustments for the pool and then subtract it from the as is value, they must thoroughly document how they derived that adjustment. Reminder, the amount of the one time RD guarantee fee can be added in excess of the appraised value.
