FHA Escrow Holdback Update

FHA Escrow Holdback Update

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. 230 ChandlerAZ 85286

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Phone: 602-549-9242
Dated: February 27th 2016
Views: 182
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