Eugene FHA Loan Rates, Closing Costs & Stats

EUGENE-SPRINGFIELD, OR

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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.

    Eugene's 93 lenders originated 787 FHA loans during 2024. The total origination value was $279,595,000, with an average FHA loan value of $355,267.

    Eugene FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Eugene averaged 6.48% for the week of 2025-05-09, compared to the national average (all FHA variants) of 6.477% for the same period.

    Eugene's average FHA mortgage closing costs are $10,849.

    The average rate for the prior week (2025-05-02) was 6.73% and one month ago for the week of 2025-04-04, the average rate was 6.46%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2025-05-09, the average rate was 6.53%.

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

    Eugene 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 Eugene level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    SUMMIT FUNDING, INC. 111 6.33% $18,739
    UNITED WHOLESALE MORTGAGE, LLC 72 5.96% $16,706
    CMG MORTGAGE, INC. 56 6.11% $14,695
    GUILD MORTGAGE COMPANY 35 6.43% $15,602
    QUICKEN LOANS, LLC 34 6.29% $14,414
    DHI MORTGAGE COMPANY, LTD. 29 5.12% $11,236
    DIRECTORS MORTGAGE, INC. 26 6.45% $18,743
    FREEDOM MORTGAGE CORPORATION 22 6.39% $12,749
    Century Mortgage Company DBA Century Lending Company 22 6.23% $15,165
    NEWREZ LLC 20 6.31% $14,258
    LOANDEPOT.COM, LLC 18 6.52% $18,876
    CROSSCOUNTRY MORTGAGE, LLC 17 6.31% $16,837
    PENNYMAC LOAN SERVICES, LLC 14 6.01% $12,585
    NOVA FINANCIAL & INVESTMENT CORPORATION 13 6.59% $13,739
    AMERICAN PACIFIC MORTGAGE CORPORATION 13 6.53% $15,988
    V.I.P. MORTGAGE, INC. 11 6.06% $13,446
    EAGLE HOME MORTGAGE, LLC 11 5.52% $14,324
    MORTGAGE EXPRESS, LLC 7 6.05% $15,379
    Banner Bank 6 6.00% $15,126
    AMERICAN FINANCIAL RESOURCES, INC. 6 6.13% $14,897
    BROKER SOLUTIONS, INC. 6 6.71% $17,208
    Carrington Mortgage Services, LLC 5 6.18% $15,595
    SUCCESS MORTGAGE PARTNERS, INC. 5 6.33% $18,894
    Umpqua Bank 4 6.38% $15,461
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.28% $16,959
    Mr. Cooper ( Nationstar Mortgage ) 4 6.69% $15,052
    SUN WEST MORTGAGE COMPANY, INC. 4 5.99% $16,276
    S1L, Inc. 4 6.38% $15,691
    PLAZA HOME MORTGAGE, INC. 4 6.47% $15,388
    Equity Prime Mortgage LLC 4 7.31% $20,820
    Flagstar Bank, FSB 4 5.72% $14,464
    Nations Lending Corporation 3 6.21% $20,313
    AMERICAN FINANCING CORPORATION 3 5.54% $20,383
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.88% $14,518
    BAY EQUITY LLC 3 6.42% $12,344
    EVERETT FINANCIAL, INC. 3 6.21% $16,351
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 6.25% $16,663
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.29% $16,636
    LAKEVIEW LOAN SERVICING, LLC 3 6.42% $8,558
    LPMC, LLC 3 6.46% $12,513
    NATIONS DIRECT MORTGAGE, LLC 3 6.12% $12,730
    PANORAMA MORTGAGE GROUP, LLC 3 6.75% $12,035
    Plains Commerce Bank 3 6.38% $14,579
    Prosperity Home Mortgage, LLC 3 5.42% $17,978
    SUMMIT MORTGAGE CORPORATION 3 5.67% $16,825
    TruHome Solutions, LLC 3 6.46% $12,068
    VILLAGE CAPITAL MORTGAGE 3 6.33% $7,381
    Sierra Pacific Mortgage Company, Inc. 2 6.13% $16,060
    AXIA FINANCIAL, LLC 2 7.00% $14,728
    Mortgage Research Center, LLC 2 6.19% $7,555
    Franklin Loan Corporation 2 6.12% $17,418
    UNION HOME MORTGAGE CORP. 2 7.00% $11,967
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.69% $12,160
    OnPoint Community Credit Union 2 6.38% $11,366
    ZILLOW HOME LOANS, LLC 2 6.00% $13,782
    PACIFIC RESIDENTIAL MORTGAGE, LLC 2 6.00% $16,172
    INTELLILOAN, INC. 2 6.00% $10,936
    ISERVE RESIDENTIAL LENDING, LLC 2 6.00% $16,684
    KeyBank 2 6.13% $9,472
    LADERA LENDING, INC. 2 6.25% $13,535
    AMERICAN FINANCIAL NETWORK, INC. 2 6.38% $12,025
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.25% $8,412
    PHH Mortgage Corporation 2 6.06% $18,762
    Loan Simple, Inc. 2 5.87% $13,364
    ROYAL UNITED MORTGAGE LLC 1 4.88% $13,185
    AmeriHome Mortgage Company, LLC 1 6.63% $11,199
    Armed Forces Bank 1 7.25% $19,201
    AHL FUNDING 1 6.00% $8,429
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $21,399
    The Federal Savings Bank 1 6.50% $33,600
    The Loan Store, Inc. 1 6.13% $15,840
    TOP FLITE FINANCIAL, INC. 1 6.75% $20,027
    Hometown Equity Mortgage, LLC 1 5.25% $13,277
    Willamette Valley Bank 1 5.75% $13,165
    Home Mortgage Alliance Corp 1 6.25% $17,364
    LOANPAL, LLC 1 5.25% $25,746
    CALCON MUTUAL MORTGAGE LLC 1 7.25% $18,406
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.25% $11,365
    MICHIGAN MUTUAL, INC. 1 7.25% $12,789
    MID AMERICA MORTGAGE, INC. 1 6.50% $13,055
    MOUNTAIN AMERICA 1 5.50% $12,417
    GUARANTEED RATE, INC. 1 6.00% $17,803
    1st Security Bank of Washington 1 5.63% $20,750
    ENVOY MORTGAGE, LTD 1 6.13% $11,280
    NEXERA HOLDING LLC 1 5.25% $8,774
    EMM LOANS LLC 1 5.88% $22,123
    CLM MORTGAGE, INC 1 5.49% $27,485
    VERITAS FUNDING, LLC 1 6.13% $20,682
    PLANET HOME LENDING, LLC 1 6.38% $7,961
    Chickasaw Community Bank 1 6.13% $9,937
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.50% $18,775
    CANOPY MORTGAGE, LLC 1 5.63% $29,408
    RESIDENTIAL MORTGAGE, LLC 1 6.63% $10,348

    The top Eugene FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 111 FHA loans originated. Their average total fees are $18,739, which is $2,032 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Eugene FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,236), PENNYMAC LOAN SERVICES, LLC ($12,585), FREEDOM MORTGAGE CORPORATION ($12,749), V.I.P. MORTGAGE, INC. ($13,446) and NOVA FINANCIAL & INVESTMENT CORPORATION ($13,739).

    The lowest rate Eugene FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.12%), EAGLE HOME MORTGAGE, LLC (5.52%), UNITED WHOLESALE MORTGAGE, LLC (5.96%), PENNYMAC LOAN SERVICES, LLC (6.01%) and V.I.P. MORTGAGE, INC. (6.06%).

    Eugene FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    EUGENE-SPRINGFIELD, OR LANE 2022 $420,680 $538,650 $651,050 $809,150
    EUGENE-SPRINGFIELD, OR LANE 2023 $481,850 $616,850 $745,650 $926,650

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Eugene (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 $343,248 (5.6%) $424,259 (1.7%) 1.27 657
    2018-02-01 $372,450 (8.2%) $464,865 (6.4%) 1.35 598
    2018-03-01 $394,950 (13.2%) $476,747 (8.2%) 1.39 599
    2018-04-01 $399,995 (14.3%) $489,077 (9.9%) 1.36 654
    2018-05-01 $407,498 (11.0%) $498,672 (11.1%) 1.36 697
    2018-06-01 $385,000 (7.1%) $472,030 (7.6%) 1.28 872
    2018-07-01 $389,375 (11.3%) $481,076 (11.5%) 1.30 915
    2018-08-01 $371,200 (7.6%) $470,755 (12.2%) 1.24 1,036
    2018-09-01 $369,000 (10.2%) $467,745 (13.8%) 1.24 1,012
    2018-10-01 $368,625 (8.5%) $465,156 (11.7%) 1.25 952
    2018-11-01 $361,450 (3.3%) $461,338 (7.7%) 1.23 908
    2018-12-01 $365,000 (7.4%) $470,922 (10.1%) 1.26 784
    2019-01-01 $366,950 (6.9%) $475,780 (12.1%) 1.27 654
    2019-02-01 $382,350 (2.7%) $478,407 (2.9%) 1.29 625
    2019-03-01 $385,643 (-2.4%) $474,513 (-0.5%) 1.26 603
    2019-04-01 $379,450 (-5.1%) $454,309 (-7.1%) 1.20 623
    2019-05-01 $383,620 (-5.9%) $456,465 (-8.5%) 1.20 704
    2019-06-01 $385,000 (0.0%) $463,953 (-1.7%) 1.20 793
    2019-07-01 $398,950 (2.5%) $473,853 (-1.5%) 1.25 799
    2019-08-01 $395,455 (6.5%) $469,577 (-0.3%) 1.25 796
    2019-09-01 $392,386 (6.3%) $466,944 (-0.2%) 1.26 800
    2019-10-01 $390,248 (5.9%) $463,136 (-0.4%) 1.26 790
    2019-11-01 $397,000 (9.8%) $469,424 (1.8%) 1.30 670
    2019-12-01 $399,000 (9.3%) $469,106 (-0.4%) 1.33 530
    2020-01-01 $399,000 (8.7%) $471,745 (-0.9%) 1.33 493
    2020-02-01 $399,450 (4.5%) $478,021 (-0.1%) 1.31 458
    2020-03-01 $403,725 (4.7%) $480,505 (1.3%) 1.27 510
    2020-04-01 $399,500 (5.3%) $468,482 (3.1%) 1.25 641
    2020-05-01 $419,000 (9.2%) $477,853 (4.7%) 1.27 635
    2020-06-01 $434,350 (12.8%) $493,556 (6.4%) 1.28 581
    2020-07-01 $422,000 (5.8%) $493,513 (4.2%) 1.22 519
    2020-08-01 $425,000 (7.5%) $501,757 (6.9%) 1.22 488
    2020-09-01 $434,350 (10.7%) $510,294 (9.3%) 1.24 480
    2020-10-01 $424,250 (8.7%) $513,229 (10.8%) 1.22 448
    2020-11-01 $410,000 (3.3%) $513,655 (9.4%) 1.20 371
    2020-12-01 $420,000 (5.3%) $537,269 (14.5%) 1.25 321
    2021-01-01 $425,000 (6.5%) $541,681 (14.8%) 1.27 263
    2021-02-01 $414,988 (3.9%) $526,335 (10.1%) 1.21 250
    2021-03-01 $434,719 (7.7%) $547,781 (14.0%) 1.23 244
    2021-04-01 $434,500 (8.8%) $559,384 (19.4%) 1.18 260
    2021-05-01 $449,950 (7.4%) $567,339 (18.7%) 1.20 306
    2021-06-01 $450,000 (3.6%) $589,166 (19.4%) 1.18 344
    2021-07-01 $449,900 (6.6%) $580,074 (17.5%) 1.19 396
    2021-08-01 $461,975 (8.7%) $603,840 (20.4%) 1.23 452
    2021-09-01 $454,673 (4.7%) $604,833 (18.5%) 1.21 423
    2021-10-01 $456,230 (7.5%) $605,193 (17.9%) 1.22 398
    2021-11-01 $467,450 (14.0%) $626,640 (22.0%) 1.25 340
    2021-12-01 $461,250 (9.8%) $616,898 (14.8%) 1.25 263
    2022-01-01 $468,750 (10.3%) $625,983 (15.6%) 1.27 233
    2022-02-01 $469,950 (13.2%) $648,400 (23.2%) 1.22 230
    2022-03-01 $467,450 (7.5%) $611,534 (11.6%) 1.17 245
    2022-04-01 $485,000 (11.6%) $611,522 (9.3%) 1.16 258
    2022-05-01 $492,725 (9.5%) $621,080 (9.5%) 1.13 361
    2022-06-01 $505,000 (12.2%) $610,638 (3.6%) 1.12 436
    2022-07-01 $514,950 (14.5%) $619,614 (6.8%) 1.16 581
    2022-08-01 $508,198 (10.0%) $617,211 (2.2%) 1.17 573
    2022-09-01 $500,965 (10.2%) $631,360 (4.4%) 1.17 524
    2022-10-01 $510,000 (11.8%) $638,794 (5.6%) 1.20 536
    2022-11-01 $499,950 (7.0%) $628,990 (0.4%) 1.20 516
    2022-12-01 $500,000 (8.4%) $626,399 (1.5%) 1.23 439
    2023-01-01 $518,063 (10.5%) $633,234 (1.2%) 1.28 406
    2023-02-01 $511,200 (8.8%) $626,042 (-3.5%) 1.23 367
    2023-03-01 $515,425 (10.3%) $627,285 (2.6%) 1.22 397
    2023-04-01 $524,950 (8.2%) $625,437 (2.3%) 1.22 426
    2023-05-01 $532,000 (8.0%) $633,129 (1.9%) 1.21 467
    2023-06-01 $537,475 (6.4%) $645,417 (5.7%) 1.21 554
    2023-07-01 $535,000 (3.9%) $657,883 (6.2%) 1.22 646
    2023-08-01 $525,000 (3.3%) $650,321 (5.4%) 1.21 721
    2023-09-01 $535,000 (6.8%) $647,388 (2.5%) 1.25 769
    2023-10-01 $529,475 (3.8%) $653,311 (2.3%) 1.25 745
    2023-11-01 $522,447 (4.5%) $649,023 (3.2%) 1.24 696
    2023-12-01 $522,450 (4.5%) $656,759 (4.9%) 1.27 644
    2024-01-01 $527,000 (1.7%) $666,661 (5.3%) 1.29 549
    2024-02-01 $521,236 (2.0%) $663,837 (6.0%) 1.25 498
    2024-03-01 $525,000 (1.9%) $663,301 (5.7%) 1.24 534
    2024-04-01 $534,500 (1.8%) $665,599 (6.4%) 1.24 607
    2024-05-01 $549,000 (3.2%) $682,267 (7.8%) 1.25 675
    2024-06-01 $539,900 (0.5%) $669,678 (3.8%) 1.23 767
    2024-07-01 $547,124 (2.3%) $672,724 (2.3%) 1.25 835
    2024-08-01 $546,798 (4.2%) $665,338 (2.3%) 1.27 896
    2024-09-01 $549,450 (2.7%) $670,206 (3.5%) 1.29 928
    2024-10-01 $540,700 (2.1%) $670,994 (2.7%) 1.27 907
    2024-11-01 $525,000 (0.5%) $650,680 (0.3%) 1.26 858
    2024-12-01 $524,925 (0.5%) $644,925 (-1.8%) 1.30 742
    2025-01-01 $523,675 (-0.6%) $644,891 (-3.3%) 1.31 654
    2025-02-01 $529,725 (1.6%) $665,835 (0.3%) 1.29 646
    2025-03-01 $529,950 (0.9%) $666,722 (0.5%) 1.25 676
    2025-04-01 $539,350 (0.9%) $690,167 (3.7%) 1.25 769
    Eugene's median listing price for 2025-04-01 was $539,350, a difference of $4,850 (0.9%) versus the prior year and $9,400 versus the prior month.

    Eugene's median listing price comes in at 125% of the national average.

    Eugene's average listing price for 2025-04-01 was $690,167, a difference of $24,568 (3.7%) versus the prior year and $23,445 versus the prior month.

    For the 2025-04-01 period, Eugene had 769 MLS listings, a difference of 93 listings (14%) versus the prior month and 162 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Eugene (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 76 days 1,907 sqft
    2018-02-01 59 days 1,965 sqft
    2018-03-01 44 days 2,000 sqft
    2018-04-01 38 days 2,045 sqft
    2018-05-01 36 days 2,058 sqft
    2018-06-01 32 days 1,951 sqft
    2018-07-01 38 days 1,939 sqft
    2018-08-01 39 days 1,929 sqft
    2018-09-01 46 days 1,912 sqft
    2018-10-01 55 days 1,902 sqft
    2018-11-01 55 days 1,858 sqft
    2018-12-01 59 days 1,851 sqft
    2019-01-01 68 days 1,847 sqft
    2019-02-01 62 days 1,886 sqft
    2019-03-01 49 days 1,879 sqft
    2019-04-01 37 days 1,842 sqft
    2019-05-01 28 days 1,877 sqft
    2019-06-01 32 days 1,876 sqft
    2019-07-01 37 days 1,960 sqft
    2019-08-01 40 days 1,944 sqft
    2019-09-01 46 days 1,938 sqft
    2019-10-01 50 days 1,935 sqft
    2019-11-01 64 days 1,957 sqft
    2019-12-01 76 days 1,929 sqft
    2020-01-01 75 days 1,927 sqft
    2020-02-01 51 days 1,949 sqft
    2020-03-01 44 days 1,925 sqft
    2020-04-01 41 days 1,866 sqft
    2020-05-01 59 days 1,916 sqft
    2020-06-01 60 days 1,952 sqft
    2020-07-01 48 days 1,934 sqft
    2020-08-01 46 days 1,935 sqft
    2020-09-01 44 days 1,844 sqft
    2020-10-01 49 days 1,810 sqft
    2020-11-01 69 days 1,707 sqft
    2020-12-01 78 days 1,702 sqft
    2021-01-01 61 days 1,638 sqft
    2021-02-01 48 days 1,564 sqft
    2021-03-01 41 days 1,626 sqft
    2021-04-01 33 days 1,618 sqft
    2021-05-01 26 days 1,689 sqft
    2021-06-01 27 days 1,732 sqft
    2021-07-01 31 days 1,710 sqft
    2021-08-01 35 days 1,707 sqft
    2021-09-01 42 days 1,761 sqft
    2021-10-01 54 days 1,726 sqft
    2021-11-01 55 days 1,739 sqft
    2021-12-01 49 days 1,671 sqft
    2022-01-01 64 days 1,688 sqft
    2022-02-01 31 days 1,707 sqft
    2022-03-01 29 days 1,649 sqft
    2022-04-01 29 days 1,686 sqft
    2022-05-01 23 days 1,709 sqft
    2022-06-01 26 days 1,738 sqft
    2022-07-01 29 days 1,789 sqft
    2022-08-01 35 days 1,815 sqft
    2022-09-01 44 days 1,796 sqft
    2022-10-01 43 days 1,816 sqft
    2022-11-01 46 days 1,840 sqft
    2022-12-01 60 days 1,812 sqft
    2023-01-01 69 days 1,815 sqft
    2023-02-01 56 days 1,759 sqft
    2023-03-01 38 days 1,799 sqft
    2023-04-01 40 days 1,786 sqft
    2023-05-01 40 days 1,817 sqft
    2023-06-01 36 days 1,823 sqft
    2023-07-01 38 days 1,814 sqft
    2023-08-01 40 days 1,844 sqft
    2023-09-01 44 days 1,842 sqft
    2023-10-01 52 days 1,823 sqft
    2023-11-01 56 days 1,801 sqft
    2023-12-01 64 days 1,802 sqft
    2024-01-01 73 days 1,817 sqft
    2024-02-01 73 days 1,794 sqft
    2024-03-01 44 days 1,755 sqft
    2024-04-01 44 days 1,785 sqft
    2024-05-01 42 days 1,829 sqft
    2024-06-01 44 days 1,825 sqft
    2024-07-01 46 days 1,839 sqft
    2024-08-01 47 days 1,846 sqft
    2024-09-01 53 days 1,869 sqft
    2024-10-01 58 days 1,858 sqft
    2024-11-01 66 days 1,795 sqft
    2024-12-01 77 days 1,762 sqft
    2025-01-01 82 days 1,762 sqft
    2025-02-01 72 days 1,773 sqft
    2025-03-01 60 days 1,795 sqft
    2025-04-01 49 days 1,788 sqft
    Eugene's median listing age (time on market) for 2025-04-01 was 49 days. This is 13% longer than the same period one year ago.

    Eugene's median square footage for active listings during the 2025-04-01 period was 1,788 sqft. One year prior, the average listing was 1,785 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).