The FHA Escrow Holdback guidelines have recently been updated. Escrow holdbacks are used to hold funds in an escrow account until repairs can be completed. This accommodation allows the loan to close and the borrower to occupy the property while the work is finished.
Repairs are limited to minor, incomplete items of no more than $5,000 based on the appraiser’s opinion or contractor bids.
Funds for the escrow can be provided by the buyer or the seller.
Limited to incomplete items not affecting habitability, safety, marketability, or structural soundness of the property.
Source: Academy Mortgage 1750 East Northrop Blvd.230Chandler, AZ85286
Author:Penny Seahorn Phone: 602-549-9242 Dated: February 27th 2016 Views: 144 About Penny: Buying and selling a home is a very important event in your life. Whether it be your first home, a ...
View our latest blog posts in your RSS reader. Click here to access.
CLIENT SERVICE GUARANTEE: American Allstar Realty is committed to providing every customer with the highest level of service. As your agent, I promise to always remember that YOU are the most important person in the transaction. At American Allstar Realty, we believe that communication is the cornerstone to a successful transaction. Please feel free to communicate your wants and needs to me as frequently as possible. If I am ever unavailable to receive your call, I promise to return your call as soon as possible; normally in less than one hour.
Buying or selling a home is about much more than just the price you pay for a piece of land. Selecting a property to become your home or place of business is what it is really about, and that's why I enjoy helping my clients buy and sell real estate. My clients come to me because of my knowledge of the industry and my familiarity with the area. I can help you find that "dream" home. Call me today and let's get started!
To navigate the complex decisions involved in today's real estate market requires the guidance of a professional. I am committed to service with an emphasis on accountability, reliability, timeliness and enthusiasm. I provide my clients with all the information necessary to help them make real estate investment decisions throughout the changing market cycles.
A successful real estate transaction is built upon the strength of relationships and the experience of how to get things done. I am well respected by my peers, and have developed invaluable working relationships with other professionals in my industry such as title companies, attorneys, lenders and appraisers.
"Michael is an awesome person to work with. He's honest, and a professional at what he does. He was there always ready to answer any of my questions. Very flexible with schedules and ready for business. Me as a first time home buyer my experience with Michael was great."