East Stroudsburg FHA Loan Rates, Closing Costs & Stats

EAST STROUDSBURG, PA

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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.

    East Stroudsburg's 114 lenders originated 640 FHA loans during 2023. The total origination value was $159,890,000, with an average FHA loan value of $249,828.

    East Stroudsburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in East Stroudsburg averaged 6.93% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    East Stroudsburg's average FHA mortgage closing costs are $8,747.

    The average rate for the prior week (2024-04-12) was 7.02% and one month ago for the week of 2024-03-15, the average rate was 7.08%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.87%.

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

    East Stroudsburg 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 East Stroudsburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 115 6.21% $11,547
    UNITED WHOLESALE MORTGAGE, LLC 44 6.21% $14,339
    CROSSCOUNTRY MORTGAGE, LLC 42 6.86% $13,064
    MOVEMENT MORTGAGE, LLC 23 6.96% $12,788
    LOANDEPOT.COM, LLC 17 6.19% $14,567
    PENNYMAC LOAN SERVICES, LLC 16 6.07% $16,044
    NEWREZ LLC 15 6.42% $17,265
    UNION HOME MORTGAGE CORP. 13 6.97% $11,305
    Paramount Residential Mortgage Group, Inc. 13 6.77% $14,402
    Acre Mortgage and Financial Inc 11 7.25% $16,531
    GUILD MORTGAGE COMPANY 10 6.43% $12,910
    FREEDOM MORTGAGE CORPORATION 10 6.64% $15,238
    Prosperity Home Mortgage, LLC 10 6.44% $10,760
    CMG MORTGAGE, INC. 8 7.00% $10,357
    Ixonia Bank 8 6.94% $13,218
    BROKER SOLUTIONS, INC. 8 6.91% $12,304
    GUARANTEED RATE, INC. 7 6.67% $11,412
    AMERISAVE MORTGAGE CORPORATION 6 6.27% $15,800
    Flagstar Bank, FSB 6 6.58% $10,465
    Mr. Cooper ( Nationstar Mortgage ) 6 5.73% $16,333
    Carrington Mortgage Services, LLC 6 6.04% $13,689
    CARDINAL FINANCIAL 6 6.65% $16,442
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.58% $12,245
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.71% $12,621
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.92% $13,148
    Bank of England 5 6.63% $12,957
    Semper Home Loans, Inc. 5 6.88% $18,004
    RELIANCE FIRST CAPITAL, LLC 5 6.63% $14,150
    PLAZA HOME MORTGAGE, INC. 5 6.78% $11,239
    LAKEVIEW LOAN SERVICING, LLC 5 6.63% $12,699
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.83% $13,347
    NATIONWIDE MORTGAGE BANKERS, INC. 5 7.15% $12,078
    VILLAGE CAPITAL MORTGAGE 4 6.53% $8,887
    PARAGON HOME LOANS INC. 4 6.84% $8,886
    PLANET HOME LENDING, LLC 4 6.44% $12,367
    GREENTREE MORTGAGE COMPANY, L.P. 4 6.63% $12,864
    SUCCESS MORTGAGE PARTNERS, INC. 4 6.72% $8,705
    HOMESIDE FINANCIAL, LLC 4 6.81% $14,784
    Citizens Bank 4 6.63% $9,932
    AMERICAN FINANCIAL NETWORK, INC. 4 7.38% $14,357
    Keystone Funding, Inc. 3 7.00% $17,712
    Northpointe Bank 3 6.50% $8,800
    Century Mortgage Company DBA Century Lending Company 3 6.46% $12,748
    ABSOLUTE HOME MORTGAGE CORPORATION 3 6.38% $12,863
    RESIDENTIAL HOME FUNDING CORP. 3 7.33% $14,060
    Wells Fargo Bank 3 6.67% $8,342
    ZILLOW HOME LOANS, LLC 3 5.79% $12,853
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 3 6.92% $15,563
    MORTGAGE ACCESS CORP. 3 6.92% $14,732
    T2 FINANCIAL LLC 3 6.38% $9,169
    TOP FLITE FINANCIAL, INC. 3 7.00% $14,843
    MLB RESIDENTIAL LENDING, LLC 2 6.94% $12,537
    TD Bank 2 6.44% $10,374
    ROYAL UNITED MORTGAGE LLC 2 6.81% $16,597
    ALLIED MORTGAGE GROUP, INC. 2 5.75% $16,876
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.13% $16,760
    Mortgage America, Inc. 2 6.56% $8,042
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.63% $16,972
    EMM LOANS LLC 2 6.94% $17,360
    EVERETT FINANCIAL, INC. 2 6.38% $13,877
    Equity Prime Mortgage LLC 2 6.31% $14,976
    M&T Bank 2 5.88% $7,800
    EMBRACE HOME LOANS, INC. 2 6.69% $13,112
    NFM, INC. 1 6.88% $12,257
    Advisors Mortgage Group, L.L.C. 1 6.75% $9,741
    AmeriHome Mortgage Company, LLC 1 6.25% $10,056
    AmRes Corporation 1 6.75% $14,342
    ARC HOME LLC 1 5.63% $14,525
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $8,109
    Barrington Bank & Trust Company, N.A. 1 6.25% $4,783
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.49% $22,481
    BECKAM FUNDING CORP. 1 7.25% $16,413
    BOND STREET MORTGAGE, LLC 1 5.99% $17,397
    Byline Bank 1 5.88% $9,385
    Cornerstone First Mortgage, Inc 1 6.88% $12,359
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 7.13% $8,387
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.63% $15,308
    ENVOY MORTGAGE, LTD 1 7.25% $8,627
    Fifth Third Bank 1 5.88% $12,131
    First Option Mortgage, LLC 1 7.75% $15,013
    Gateway First Bank 1 7.75% $15,563
    GSF Mortgage Corporation 1 6.25% $9,176
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $16,216
    JPMorgan Chase Bank 1 7.00% $7,261
    LADERA LENDING, INC. 1 5.63% $18,930
    LENDING CAPITAL GROUP Inc 1 6.50% $13,921
    LOANPAL, LLC 1 5.25% $18,615
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.63% $17,634
    Meridian Bank Corporation 1 6.75% $8,918
    MICHIGAN MUTUAL, INC. 1 5.38% $17,083
    MID-ISLAND MORTGAGE CORP. 1 5.63% $12,761
    MILEND, INC. 1 5.50% $18,444
    Mortgage Research Center, LLC 1 6.13% $6,681
    NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $12,719
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 7.25% $11,759
    NJ LENDERS CORP. 1 6.13% $18,495
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $16,947
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $21,257
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $9,892
    PHH Mortgage Corporation 1 7.13% $11,101
    Plains Commerce Bank 1 7.13% $3,710
    PNC Bank 1 5.75% $7,783
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $12,862
    Princeton Mortgage Corporation 1 6.50% $14,971
    RESIDENTIAL BANCORP 1 7.49% $6,378
    RESIDENTIAL HOME MORTGAGE CORPORATION 1 6.13% $13,784
    RUOFF MORTGAGE COMPANY, INC. 1 5.25% $10,587
    SUMMIT FUNDING, INC. 1 6.25% $14,783
    Summit Mortgage Corporation 1 6.25% $17,375
    SWBC MORTGAGE CORPORATION 1 6.63% $16,191
    TOTAL MORTGAGE SERVICES, LLC 1 7.00% $6,896
    TOWNE MORTGAGE COMPANY 1 6.25% $14,398
    U.S. Bank 1 6.63% $7,783
    US MORTGAGE CORPORATION 1 6.63% $19,410

    The top East Stroudsburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 115 FHA loans originated. Their average total fees are $11,547, which is $2,791 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee East Stroudsburg FHA lenders (with over 10 loans originated) are Prosperity Home Mortgage, LLC ($10,760), UNION HOME MORTGAGE CORP. ($11,305), QUICKEN LOANS, LLC ($11,547), MOVEMENT MORTGAGE, LLC ($12,788) and GUILD MORTGAGE COMPANY ($12,910).

    The lowest rate East Stroudsburg FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.07%), LOANDEPOT.COM, LLC (6.19%), UNITED WHOLESALE MORTGAGE, LLC (6.21%), QUICKEN LOANS, LLC (6.21%) and NEWREZ LLC (6.42%).

    East Stroudsburg FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    EAST STROUDSBURG, PA MONROE 2022 $420,680 $538,650 $651,050 $809,150
    EAST STROUDSBURG, PA MONROE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - East Stroudsburg (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 $159,928 (1.0%) $200,111 (3.9%) 0.59 1,448
    2018-02-01 $159,907 (0.1%) $201,246 (3.3%) 0.58 1,351
    2018-03-01 $163,700 (2.4%) $204,538 (2.7%) 0.57 1,338
    2018-04-01 $168,000 (1.9%) $206,632 (1.4%) 0.57 1,384
    2018-05-01 $169,100 (1.9%) $206,021 (0.4%) 0.56 1,506
    2018-06-01 $168,400 (-0.4%) $206,782 (1.1%) 0.56 1,607
    2018-07-01 $171,525 (1.5%) $209,909 (2.1%) 0.57 1,682
    2018-08-01 $171,375 (0.9%) $209,341 (1.8%) 0.57 1,719
    2018-09-01 $172,350 (1.7%) $211,525 (3.9%) 0.58 1,677
    2018-10-01 $176,450 (4.2%) $215,452 (5.2%) 0.60 1,601
    2018-11-01 $179,450 (7.5%) $215,614 (6.5%) 0.61 1,517
    2018-12-01 $175,000 (6.7%) $211,818 (5.1%) 0.60 1,399
    2019-01-01 $173,738 (8.6%) $208,110 (4.0%) 0.60 1,274
    2019-02-01 $177,000 (10.7%) $213,512 (6.1%) 0.60 1,227
    2019-03-01 $178,743 (9.2%) $215,817 (5.5%) 0.58 1,231
    2019-04-01 $178,743 (6.4%) $216,886 (5.0%) 0.57 1,294
    2019-05-01 $179,900 (6.4%) $218,785 (6.2%) 0.56 1,403
    2019-06-01 $179,900 (6.8%) $218,287 (5.6%) 0.56 1,579
    2019-07-01 $179,900 (4.9%) $216,557 (3.2%) 0.56 1,656
    2019-08-01 $181,311 (5.8%) $218,458 (4.4%) 0.57 1,665
    2019-09-01 $183,386 (6.4%) $218,148 (3.1%) 0.59 1,653
    2019-10-01 $185,450 (5.1%) $217,162 (0.8%) 0.60 1,623
    2019-11-01 $189,000 (5.3%) $223,439 (3.6%) 0.62 1,449
    2019-12-01 $185,450 (6.0%) $221,950 (4.8%) 0.62 1,290
    2020-01-01 $185,950 (7.0%) $224,762 (8.0%) 0.62 1,185
    2020-02-01 $189,900 (7.3%) $230,631 (8.0%) 0.62 1,105
    2020-03-01 $195,000 (9.1%) $232,634 (7.8%) 0.61 1,086
    2020-04-01 $199,000 (11.3%) $236,277 (8.9%) 0.62 1,010
    2020-05-01 $199,900 (11.1%) $237,040 (8.3%) 0.61 1,015
    2020-06-01 $211,750 (17.7%) $247,107 (13.2%) 0.62 965
    2020-07-01 $219,450 (22.0%) $257,046 (18.7%) 0.64 801
    2020-08-01 $225,000 (24.1%) $277,035 (26.8%) 0.64 679
    2020-09-01 $229,900 (25.4%) $290,474 (33.2%) 0.66 621
    2020-10-01 $239,999 (29.4%) $295,459 (36.1%) 0.69 600
    2020-11-01 $242,725 (28.4%) $299,886 (34.2%) 0.71 588
    2020-12-01 $252,246 (36.0%) $310,207 (39.8%) 0.75 549
    2021-01-01 $265,000 (42.5%) $336,217 (49.6%) 0.79 434
    2021-02-01 $279,000 (46.9%) $350,224 (51.9%) 0.81 368
    2021-03-01 $279,000 (43.1%) $349,643 (50.3%) 0.79 367
    2021-04-01 $279,450 (40.4%) $346,233 (46.5%) 0.76 414
    2021-05-01 $279,000 (39.6%) $334,679 (41.2%) 0.74 502
    2021-06-01 $279,950 (32.2%) $341,498 (38.2%) 0.74 576
    2021-07-01 $289,900 (32.1%) $355,062 (38.1%) 0.76 690
    2021-08-01 $289,900 (28.8%) $362,501 (30.9%) 0.77 738
    2021-09-01 $297,000 (29.2%) $373,849 (28.7%) 0.79 712
    2021-10-01 $295,000 (22.9%) $375,033 (26.9%) 0.79 665
    2021-11-01 $298,700 (23.1%) $376,147 (25.4%) 0.80 591
    2021-12-01 $299,900 (18.9%) $396,548 (27.8%) 0.81 491
    2022-01-01 $319,950 (20.7%) $415,145 (23.5%) 0.87 408
    2022-02-01 $324,975 (16.5%) $426,615 (21.8%) 0.85 348
    2022-03-01 $325,000 (16.5%) $416,897 (19.2%) 0.81 366
    2022-04-01 $335,000 (19.9%) $405,225 (17.0%) 0.80 438
    2022-05-01 $349,950 (25.4%) $402,600 (20.3%) 0.80 563
    2022-06-01 $349,900 (25.0%) $399,767 (17.1%) 0.78 690
    2022-07-01 $349,900 (20.7%) $406,466 (14.5%) 0.79 842
    2022-08-01 $349,900 (20.7%) $400,596 (10.5%) 0.81 846
    2022-09-01 $348,750 (17.4%) $397,808 (6.4%) 0.82 858
    2022-10-01 $348,000 (18.0%) $393,578 (4.9%) 0.82 833
    2022-11-01 $336,125 (12.5%) $399,085 (6.1%) 0.81 779
    2022-12-01 $330,000 (10.0%) $395,769 (-0.2%) 0.81 726
    2023-01-01 $329,950 (3.1%) $395,679 (-4.7%) 0.82 643
    2023-02-01 $330,000 (1.6%) $398,376 (-6.6%) 0.80 596
    2023-03-01 $341,625 (5.1%) $404,447 (-3.0%) 0.81 557
    2023-04-01 $350,000 (4.5%) $418,694 (3.3%) 0.81 577
    2023-05-01 $350,000 (0.0%) $422,976 (5.1%) 0.79 629
    2023-06-01 $353,750 (1.1%) $416,735 (4.2%) 0.79 697
    2023-07-01 $359,000 (2.6%) $413,882 (1.8%) 0.82 762
    2023-08-01 $359,498 (2.7%) $424,797 (6.0%) 0.83 776
    2023-09-01 $359,900 (3.2%) $424,013 (6.6%) 0.84 819
    2023-10-01 $355,000 (2.0%) $418,575 (6.4%) 0.84 829
    2023-11-01 $350,000 (4.1%) $417,793 (4.7%) 0.83 821
    2023-12-01 $350,000 (6.1%) $416,332 (5.2%) 0.85 766
    2024-01-01 $349,975 (6.1%) $412,851 (4.3%) 0.85 723
    2024-02-01 $349,900 (6.0%) $408,065 (2.4%) 0.84 693
    2024-03-01 $349,000 (2.2%) $399,814 (-1.2%) 0.82 662
    East Stroudsburg's median listing price for 2024-03-01 was $349,000, a difference of $7,375 (2.2%) versus the prior year and $-900 versus the prior month.

    East Stroudsburg's median listing price comes in at 82% of the national average.

    East Stroudsburg's average listing price for 2024-03-01 was $399,814, a difference of $-4,633 (-1.2%) versus the prior year and $-8,251 versus the prior month.

    For the 2024-03-01 period, East Stroudsburg had 662 MLS listings, a difference of -31 listings (-4%) versus the prior month and 105 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - East Stroudsburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 106 days 1,801 sqft
    2018-02-01 109 days 1,792 sqft
    2018-03-01 100 days 1,789 sqft
    2018-04-01 76 days 1,820 sqft
    2018-05-01 62 days 1,828 sqft
    2018-06-01 66 days 1,820 sqft
    2018-07-01 67 days 1,825 sqft
    2018-08-01 72 days 1,820 sqft
    2018-09-01 83 days 1,836 sqft
    2018-10-01 92 days 1,848 sqft
    2018-11-01 95 days 1,860 sqft
    2018-12-01 105 days 1,838 sqft
    2019-01-01 106 days 1,809 sqft
    2019-02-01 109 days 1,831 sqft
    2019-03-01 94 days 1,835 sqft
    2019-04-01 72 days 1,845 sqft
    2019-05-01 64 days 1,880 sqft
    2019-06-01 61 days 1,875 sqft
    2019-07-01 68 days 1,883 sqft
    2019-08-01 75 days 1,893 sqft
    2019-09-01 82 days 1,897 sqft
    2019-10-01 88 days 1,900 sqft
    2019-11-01 92 days 1,896 sqft
    2019-12-01 100 days 1,874 sqft
    2020-01-01 107 days 1,879 sqft
    2020-02-01 110 days 1,887 sqft
    2020-03-01 91 days 1,889 sqft
    2020-04-01 100 days 1,900 sqft
    2020-05-01 109 days 1,900 sqft
    2020-06-01 101 days 1,940 sqft
    2020-07-01 66 days 1,944 sqft
    2020-08-01 64 days 1,973 sqft
    2020-09-01 54 days 2,019 sqft
    2020-10-01 51 days 1,928 sqft
    2020-11-01 53 days 1,903 sqft
    2020-12-01 68 days 1,950 sqft
    2021-01-01 82 days 2,002 sqft
    2021-02-01 79 days 2,040 sqft
    2021-03-01 65 days 2,019 sqft
    2021-04-01 40 days 1,966 sqft
    2021-05-01 33 days 1,933 sqft
    2021-06-01 38 days 1,918 sqft
    2021-07-01 37 days 1,910 sqft
    2021-08-01 45 days 1,988 sqft
    2021-09-01 52 days 1,979 sqft
    2021-10-01 64 days 1,927 sqft
    2021-11-01 73 days 1,948 sqft
    2021-12-01 89 days 1,924 sqft
    2022-01-01 85 days 1,996 sqft
    2022-02-01 73 days 1,968 sqft
    2022-03-01 39 days 1,952 sqft
    2022-04-01 33 days 1,920 sqft
    2022-05-01 32 days 1,910 sqft
    2022-06-01 35 days 1,967 sqft
    2022-07-01 39 days 1,962 sqft
    2022-08-01 49 days 1,960 sqft
    2022-09-01 58 days 1,959 sqft
    2022-10-01 64 days 1,972 sqft
    2022-11-01 70 days 1,974 sqft
    2022-12-01 80 days 1,972 sqft
    2023-01-01 79 days 1,926 sqft
    2023-02-01 72 days 1,871 sqft
    2023-03-01 63 days 1,881 sqft
    2023-04-01 55 days 1,905 sqft
    2023-05-01 48 days 1,865 sqft
    2023-06-01 49 days 1,872 sqft
    2023-07-01 50 days 1,901 sqft
    2023-08-01 54 days 1,934 sqft
    2023-09-01 57 days 1,950 sqft
    2023-10-01 58 days 1,930 sqft
    2023-11-01 62 days 1,924 sqft
    2023-12-01 74 days 1,920 sqft
    2024-01-01 79 days 1,908 sqft
    2024-02-01 74 days 1,902 sqft
    2024-03-01 64 days 1,873 sqft
    East Stroudsburg's median listing age (time on market) for 2024-03-01 was 64 days. This is 2% longer than the same period one year ago.

    East Stroudsburg's median square footage for active listings during the 2024-03-01 period was 1,873 sqft. One year prior, the average listing was 1,881 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).