Columbus FHA Loan Rates, Closing Costs & Stats

COLUMBUS, GA-AL

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Columbus's 111 lenders originated 957 FHA loans during 2022. The total origination value was $197,885,000, with an average FHA loan value of $206,776.

    Columbus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Columbus averaged 6.59% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Columbus's average FHA mortgage closing costs are $6,430.

    The average rate for the prior week (2023-11-24) was 6.9% and one month ago for the week of 2023-10-27, the average rate was 6.91%.

    The average rate one year ago was 5.93%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.5%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Columbus FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Columbus level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 109 4.52% $8,098
    HOMESTAR FINANCIAL CORPORATION 73 5.05% $7,516
    Synovus Bank 48 4.93% $7,394
    BROKER SOLUTIONS, INC. 46 5.14% $9,128
    CROSSCOUNTRY MORTGAGE, LLC 43 4.97% $8,430
    ENVOY MORTGAGE, LTD 41 4.89% $8,711
    CMG MORTGAGE, INC. 37 5.06% $9,685
    UNITED WHOLESALE MORTGAGE, LLC 37 5.18% $7,544
    LOANDEPOT.COM, LLC 31 5.19% $8,507
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 30 5.00% $6,450
    INTERLINC MORTGAGE SERVICES, LLC 26 5.07% $6,258
    GUILD MORTGAGE COMPANY 25 4.83% $9,008
    EVERETT FINANCIAL, INC. 16 5.13% $5,681
    FirstBank 16 4.69% $7,697
    PENNYMAC LOAN SERVICES, LLC 15 3.92% $4,919
    CERTAINTY HOME LOANS, LLC 14 4.72% $9,597
    Carrington Mortgage Services, LLC 11 4.73% $7,603
    MOVEMENT MORTGAGE, LLC 10 5.26% $7,660
    PRIMELENDING, A PLAINSCAPITAL COMPANY 10 5.12% $9,431
    Northpointe Bank 10 4.59% $7,042
    NEWREZ LLC 10 4.39% $6,363
    FREEDOM MORTGAGE CORPORATION 10 4.96% $8,016
    Mr. Cooper ( Nationstar Mortgage ) 10 4.61% $10,362
    LAKEVIEW LOAN SERVICING, LLC 9 4.80% $7,612
    Renasant Bank 9 4.94% $7,398
    VANDERBILT MORTGAGE AND FINANCE, INC. 9 5.46% $8,228
    RUOFF MORTGAGE COMPANY, INC. 9 4.53% $4,621
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.76% $7,602
    NATIONS DIRECT MORTGAGE, LLC 7 4.00% $7,283
    AMERISAVE MORTGAGE CORPORATION 7 4.96% $10,763
    MUTUAL OF OMAHA MORTGAGE, INC. 6 4.27% $7,077
    HOME POINT FINANCIAL CORPORATION 6 5.50% $6,652
    Flagstar Bank, FSB 6 4.14% $7,187
    Wells Fargo Bank 6 5.10% $4,025
    Nations Lending Corporation 6 4.63% $6,997
    Mortgage Research Center, LLC 6 5.54% $5,045
    LAND HOME FINANCIAL SERVICES, INC. 5 5.85% $10,751
    VILLAGE CAPITAL MORTGAGE 4 3.88% $3,856
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 4 5.63% $12,009
    Ameris Bank 4 3.91% $7,580
    First Federal Bank 4 4.88% $7,619
    Lakeview Community Capital, LLC 4 3.78% $7,121
    GUARANTEED RATE, INC. 4 5.29% $10,111
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.72% $8,235
    Plains Commerce Bank 4 4.72% $12,413
    CARDINAL FINANCIAL 4 4.47% $7,041
    CALIBER HOME LOANS, INC. 4 5.06% $8,207
    ZILLOW HOME LOANS, LLC 3 6.71% $7,649
    Hometown Equity Mortgage, LLC 3 3.38% $9,786
    OPEN MORTGAGE, LLC 3 4.92% $11,330
    STOCKTON MORTGAGE CORPORATION 3 5.50% $4,659
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.75% $8,236
    MICHIGAN MUTUAL, INC. 2 5.06% $6,527
    Prosperity Home Mortgage, LLC 2 4.75% $7,944
    Bank of England 2 5.50% $7,122
    M&T Bank 2 4.75% $7,275
    RELIANCE FIRST CAPITAL, LLC 2 4.75% $7,637
    TJC Mortgage, Inc. 2 4.50% $8,253
    Bank of America 2 5.75% $9,347
    Paramount Residential Mortgage Group, Inc. 2 5.06% $11,370
    Truist 2 3.76% $7,500
    Trustmark National Bank 2 5.06% $9,702
    NFM, INC. 2 5.56% $6,770
    AMERICAN FINANCING CORPORATION 2 5.69% $6,557
    HOMESIDE FINANCIAL, LLC 2 4.50% $10,295
    Equity Prime Mortgage LLC 2 6.13% $9,452
    GENEVA FINANCIAL, LLC 2 6.19% $10,552
    ACOPIA, LLC 2 6.13% $10,758
    JPMorgan Chase Bank 2 5.69% $5,076
    Hometown Lenders, Inc. 2 5.31% $10,349
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $9,236
    PLANET HOME LENDING, LLC 1 4.38% $4,413
    PNC Bank 1 5.00% $8,767
    Capital City Home Loans, LLC 1 6.25% $14,082
    Regions Bank 1 4.75% $10,731
    Austin Capital Bank SSB 1 4.13% $12,263
    SECURITYNATIONAL MORTGAGE COMPANY 1 4.75% $7,261
    SHELTER HOME MORTGAGE, LLC 1 7.13% $5,752
    Atlantic Coast Mortgage, LLC 1 5.63% $9,089
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.88% $10,634
    South State Bank 1 5.00% $7,582
    SOUTHWEST STAGE FUNDING, LLC 1 4.88% $5,468
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.63% $20,213
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.38% $14,365
    SUMMIT FUNDING, INC. 1 5.75% $9,284
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.25% $18,238
    TOP FLITE FINANCIAL, INC. 1 6.88% $10,070
    TOWNE MORTGAGE COMPANY 1 6.25% $21,826
    LENDING 3, INC. 1 6.75% $2,800
    U.S. Bank 1 5.25% $6,385
    Advisors Mortgage Group, L.L.C. 1 4.62% $5,549
    VAN DYK MORTGAGE CORPORATION 1 5.00% $10,649
    United Community Bank 1 6.75% $12,994
    LOANPAL, LLC 1 5.00% $12,905
    Loan Simple, Inc. 1 5.75% $18,259
    MID AMERICA MORTGAGE, INC. 1 6.50% $6,487
    MILEND, INC. 1 5.75% $10,219
    MORIA DEVELOPMENT, INC. 1 6.75% $7,740
    GMFS LLC 1 5.13% $6,339
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $6,728
    Gateway First Bank 1 5.75% $8,780
    First Guaranty Mortgage Corporation 1 3.50% $7,587
    DIRECT LENDERS, LLC 1 7.13% $5,041
    NEW DAY FINANCIAL, LLC 1 3.88% $11,132
    CONTOUR MORTGAGE CORPORATION 1 5.38% $11,382
    North American Savings Bank, F.S.B. 1 6.13% $12,841
    Colony Bank 1 5.63% $6,561
    ON Q FINANCIAL, INC. 1 5.63% $11,925
    ACADEMY MORTGAGE CORPORATION 1 6.00% $6,037
    PANORAMA MORTGAGE GROUP, LLC 1 5.75% $8,217
    Citizens Bank 1 3.75% $6,599

    The top Columbus FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 109 FHA loans originated. Their average total fees are $8,098, which is $582 higher than the next largest lender, HOMESTAR FINANCIAL CORPORATION.

    The lowest fee Columbus FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($4,919), EVERETT FINANCIAL, INC. ($5,681), INTERLINC MORTGAGE SERVICES, LLC ($6,258), NEWREZ LLC ($6,363) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,450).

    The lowest rate Columbus FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.92%), NEWREZ LLC (4.39%), QUICKEN LOANS, LLC (4.52%), Northpointe Bank (4.59%) and Mr. Cooper ( Nationstar Mortgage ) (4.61%).

    Columbus FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    COLUMBUS, GA-AL RUSSELL 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBUS, GA-AL CHATTAHOOCHEE 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBUS, GA-AL HARRIS 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBUS, GA-AL MARION 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBUS, GA-AL MUSCOGEE 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBUS, GA-AL STEWART 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBUS, GA-AL TALBOT 2022 $420,680 $538,650 $651,050 $809,150
    COLUMBUS, GA-AL RUSSELL 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL CHATTAHOOCHEE 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL HARRIS 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL MARION 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL MUSCOGEE 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL STEWART 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL TALBOT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Columbus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $159,220 (11.4%) $205,702 (12.6%) 0.59 1,474
    2018-02-01 $158,348 (8.5%) $204,471 (10.7%) 0.58 1,477
    2018-03-01 $159,500 (6.4%) $206,866 (10.5%) 0.56 1,484
    2018-04-01 $162,813 (5.8%) $211,395 (11.7%) 0.55 1,511
    2018-05-01 $164,000 (5.9%) $212,128 (10.5%) 0.55 1,528
    2018-06-01 $159,900 (3.2%) $204,209 (5.2%) 0.53 1,549
    2018-07-01 $158,945 (2.6%) $204,826 (4.1%) 0.53 1,556
    2018-08-01 $157,225 (1.4%) $200,421 (1.4%) 0.53 1,567
    2018-09-01 $160,000 (3.2%) $204,892 (1.4%) 0.54 1,536
    2018-10-01 $159,950 (3.6%) $206,333 (2.9%) 0.54 1,531
    2018-11-01 $159,000 (1.7%) $207,918 (3.5%) 0.54 1,532
    2018-12-01 $159,900 (2.9%) $210,069 (3.7%) 0.55 1,537
    2019-01-01 $159,995 (0.5%) $212,197 (3.2%) 0.55 1,438
    2019-02-01 $164,150 (3.7%) $212,552 (4.0%) 0.55 1,426
    2019-03-01 $164,900 (3.4%) $218,519 (5.6%) 0.54 1,325
    2019-04-01 $163,075 (0.2%) $222,522 (5.3%) 0.52 1,259
    2019-05-01 $159,950 (-2.5%) $226,651 (6.9%) 0.50 1,222
    2019-06-01 $164,900 (3.1%) $227,361 (11.3%) 0.52 1,202
    2019-07-01 $166,611 (4.8%) $231,974 (13.3%) 0.52 1,113
    2019-08-01 $176,378 (12.2%) $237,010 (18.3%) 0.56 1,084
    2019-09-01 $178,596 (11.6%) $240,297 (17.3%) 0.57 1,076
    2019-10-01 $185,110 (15.7%) $245,117 (18.8%) 0.60 1,071
    2019-11-01 $189,900 (19.4%) $246,864 (18.7%) 0.62 1,047
    2019-12-01 $186,725 (16.8%) $246,936 (17.6%) 0.62 1,018
    2020-01-01 $183,700 (14.8%) $246,034 (16.0%) 0.61 967
    2020-02-01 $189,700 (15.6%) $251,525 (18.3%) 0.62 920
    2020-03-01 $181,588 (10.1%) $246,354 (12.7%) 0.57 872
    2020-04-01 $179,200 (9.9%) $243,473 (9.4%) 0.56 868
    2020-05-01 $179,900 (12.5%) $248,829 (9.8%) 0.55 766
    2020-06-01 $199,900 (21.2%) $261,914 (15.2%) 0.59 687
    2020-07-01 $199,675 (19.9%) $261,383 (12.7%) 0.58 619
    2020-08-01 $199,900 (13.3%) $268,451 (13.3%) 0.57 563
    2020-09-01 $193,450 (8.3%) $288,444 (20.0%) 0.55 484
    2020-10-01 $195,079 (5.4%) $287,590 (17.3%) 0.56 503
    2020-11-01 $193,700 (2.0%) $275,369 (11.6%) 0.57 522
    2020-12-01 $179,925 (-3.6%) $272,152 (10.2%) 0.54 511
    2021-01-01 $194,500 (5.9%) $279,514 (13.6%) 0.58 458
    2021-02-01 $188,650 (-0.6%) $271,684 (8.0%) 0.55 432
    2021-03-01 $186,850 (2.9%) $272,904 (10.8%) 0.53 389
    2021-04-01 $191,000 (6.6%) $286,550 (17.7%) 0.52 367
    2021-05-01 $189,600 (5.4%) $275,727 (10.8%) 0.50 369
    2021-06-01 $186,350 (-6.8%) $271,458 (3.6%) 0.49 396
    2021-07-01 $185,000 (-7.4%) $281,500 (7.7%) 0.49 483
    2021-08-01 $189,900 (-5.0%) $279,302 (4.0%) 0.51 497
    2021-09-01 $189,900 (-1.8%) $292,290 (1.3%) 0.51 523
    2021-10-01 $189,900 (-2.7%) $283,921 (-1.3%) 0.51 522
    2021-11-01 $186,850 (-3.5%) $286,837 (4.2%) 0.50 536
    2021-12-01 $189,450 (5.3%) $296,387 (8.9%) 0.51 436
    2022-01-01 $187,900 (-3.4%) $318,215 (13.9%) 0.51 356
    2022-02-01 $183,625 (-2.7%) $316,498 (16.5%) 0.48 328
    2022-03-01 $185,250 (-0.9%) $308,961 (13.2%) 0.46 331
    2022-04-01 $174,950 (-8.4%) $275,772 (-3.8%) 0.42 356
    2022-05-01 $200,475 (5.7%) $280,407 (1.7%) 0.46 411
    2022-06-01 $227,950 (22.3%) $299,125 (10.2%) 0.51 464
    2022-07-01 $235,000 (27.0%) $299,869 (6.5%) 0.53 537
    2022-08-01 $219,900 (15.8%) $336,138 (20.4%) 0.51 546
    2022-09-01 $221,350 (16.6%) $335,742 (14.9%) 0.52 552
    2022-10-01 $229,900 (21.1%) $300,536 (5.9%) 0.54 600
    2022-11-01 $232,400 (24.4%) $293,745 (2.4%) 0.56 586
    2022-12-01 $225,000 (18.8%) $293,745 (-0.9%) 0.56 529
    2023-01-01 $230,000 (22.4%) $348,330 (9.5%) 0.57 437
    2023-02-01 $215,000 (17.1%) $341,756 (8.0%) 0.52 420
    2023-03-01 $224,900 (21.4%) $354,793 (14.8%) 0.53 401
    2023-04-01 $246,000 (40.6%) $378,778 (37.4%) 0.57 395
    2023-05-01 $274,500 (36.9%) $382,418 (36.4%) 0.62 410
    2023-06-01 $269,950 (18.4%) $386,190 (29.1%) 0.61 415
    2023-07-01 $270,500 (15.1%) $376,299 (25.5%) 0.61 424
    2023-08-01 $276,450 (25.7%) $374,029 (11.3%) 0.63 446
    2023-09-01 $269,900 (21.9%) $349,622 (4.1%) 0.63 536
    2023-10-01 $267,125 (16.2%) $343,694 (14.4%) 0.63 569
    2023-11-01 $259,950 (11.9%) $316,404 (7.7%) 0.62 601
    Columbus's median listing price for 2023-11-01 was $259,950, a difference of $27,550 (11.9%) versus the prior year and $-7,175 versus the prior month.

    Columbus's median listing price comes in at 62% of the national average.

    Columbus's average listing price for 2023-11-01 was $316,404, a difference of $22,659 (7.7%) versus the prior year and $-27,290 versus the prior month.

    For the 2023-11-01 period, Columbus had 601 MLS listings, a difference of 32 listings (6%) versus the prior month and 15 listings (3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Columbus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 1,924 sqft
    2018-02-01 86 days 1,933 sqft
    2018-03-01 74 days 1,929 sqft
    2018-04-01 73 days 1,929 sqft
    2018-05-01 72 days 1,972 sqft
    2018-06-01 68 days 1,937 sqft
    2018-07-01 73 days 1,915 sqft
    2018-08-01 80 days 1,922 sqft
    2018-09-01 84 days 1,936 sqft
    2018-10-01 85 days 1,951 sqft
    2018-11-01 91 days 1,940 sqft
    2018-12-01 96 days 1,929 sqft
    2019-01-01 101 days 1,925 sqft
    2019-02-01 96 days 1,937 sqft
    2019-03-01 91 days 1,948 sqft
    2019-04-01 80 days 1,948 sqft
    2019-05-01 73 days 1,939 sqft
    2019-06-01 67 days 2,000 sqft
    2019-07-01 66 days 2,013 sqft
    2019-08-01 68 days 2,030 sqft
    2019-09-01 70 days 2,055 sqft
    2019-10-01 70 days 2,098 sqft
    2019-11-01 67 days 2,134 sqft
    2019-12-01 74 days 2,114 sqft
    2020-01-01 82 days 2,098 sqft
    2020-02-01 80 days 2,109 sqft
    2020-03-01 71 days 2,060 sqft
    2020-04-01 67 days 2,013 sqft
    2020-05-01 69 days 2,047 sqft
    2020-06-01 58 days 2,140 sqft
    2020-07-01 51 days 2,104 sqft
    2020-08-01 44 days 2,046 sqft
    2020-09-01 45 days 2,012 sqft
    2020-10-01 39 days 2,004 sqft
    2020-11-01 42 days 1,962 sqft
    2020-12-01 46 days 1,931 sqft
    2021-01-01 54 days 1,988 sqft
    2021-02-01 33 days 1,899 sqft
    2021-03-01 32 days 1,883 sqft
    2021-04-01 32 days 1,866 sqft
    2021-05-01 19 days 1,819 sqft
    2021-06-01 22 days 1,814 sqft
    2021-07-01 26 days 1,790 sqft
    2021-08-01 37 days 1,821 sqft
    2021-09-01 37 days 1,785 sqft
    2021-10-01 38 days 1,800 sqft
    2021-11-01 42 days 1,830 sqft
    2021-12-01 55 days 1,895 sqft
    2022-01-01 57 days 1,849 sqft
    2022-02-01 31 days 1,795 sqft
    2022-03-01 25 days 1,737 sqft
    2022-04-01 23 days 1,713 sqft
    2022-05-01 22 days 1,819 sqft
    2022-06-01 26 days 1,890 sqft
    2022-07-01 30 days 1,936 sqft
    2022-08-01 37 days 1,866 sqft
    2022-09-01 44 days 1,879 sqft
    2022-10-01 41 days 1,955 sqft
    2022-11-01 50 days 1,970 sqft
    2022-12-01 64 days 1,943 sqft
    2023-01-01 64 days 1,964 sqft
    2023-02-01 38 days 1,872 sqft
    2023-03-01 40 days 1,891 sqft
    2023-04-01 36 days 2,019 sqft
    2023-05-01 36 days 2,084 sqft
    2023-06-01 40 days 2,039 sqft
    2023-07-01 43 days 2,052 sqft
    2023-08-01 35 days 2,104 sqft
    2023-09-01 37 days 2,035 sqft
    2023-10-01 39 days 1,981 sqft
    2023-11-01 44 days 2,030 sqft
    Columbus's median listing age (time on market) for 2023-11-01 was 44 days. This is -13% shorter than the same period one year ago.

    Columbus's median square footage for active listings during the 2023-11-01 period was 2,030 sqft. One year prior, the average listing was 1,970 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).