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Escrow Holdbacks And What It Means
If you find the home of your dreams, it needs a little work, and you have a little extra cash saved....(It can even be gift money)
Lenders typically will not issue a mortgage for a home that needs repairs. FHA Loans (Federal Housing Administration), and VA Loans have to be Move-In-Ready, but both have a repair escrow program for mortgages designed for buying and repair of a property at the same time.Escrow Holdbacks are allowed only when the Appraisal is completed “Subject to Repairs or Alterations”. It might need Carpet, New Appliances, HVAC, Window Replacement, or even a New Roof. You will need to have the cash readily available for these issues, that way you won't have to worry about applying for a ReHab Loan, which will cost you more in the long run. The Closing Attorney will usually hold the funds in escrow, and disburse when necessary. The property must meet FHA & VA minimum property standards at closing.
They will close the Sale, and allow the repairs to be completed within a specified timeframe.
Hope this is helpful..
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