Fayetteville FHA Loans

FAYETTEVILLE, NC

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.

Fayetteville's 170 lenders originated 2,431 FHA loans during 2021. The total origination value was $524,195,000, with an average FHA loan value of $215,629.

Fayetteville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fayetteville averaged 5.14% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.17% and one month ago for the week of 2022-04-08, the average rate was 5.04%.

The average rate one year ago was 3.15%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.92%.

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

Fayetteville FHA Loan Lenders by Rates & Fees

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 264 2.76% $5,942
MOVEMENT MORTGAGE, LLC 155 3.25% $6,982
CORNERSTONE HOME LENDING, INC. 100 3.31% $6,663
FREEDOM MORTGAGE CORPORATION 81 2.91% $4,815
CERTAINTY HOME LOANS, LLC 79 3.57% $7,725
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 67 3.30% $6,198
SOUTHERN TRUST MORTGAGE, LLC 67 3.23% $7,023
UNION HOME MORTGAGE CORP. 54 3.18% $7,308
HOMESPIRE MORTGAGE CORPORATION 54 3.13% $6,655
NFM, INC. 53 3.39% $6,802
Mr. Cooper ( Nationstar Mortgage ) 52 3.44% $3,527
CROSSCOUNTRY MORTGAGE, LLC 49 3.05% $6,832
PENNYMAC LOAN SERVICES, LLC 45 3.03% $4,243
OVM FINANCIAL, INC. 44 3.25% $6,586
CMG MORTGAGE, INC. 43 3.32% $7,845
BROKER SOLUTIONS, INC. 39 3.33% $6,934
LAKEVIEW LOAN SERVICING, LLC 37 3.00% $4,095
CALIBER HOME LOANS, INC. 37 2.98% $5,921
GoPrime Mortgage, Inc. 32 3.64% $7,088
PRIMELENDING, A PLAINSCAPITAL COMPANY 31 3.51% $7,641
NVR Mortgage Finance, Inc. 30 3.05% $9,159
Alcova Mortgage LLC 30 3.31% $5,671
DAS Acquisition Company, LLC 30 3.41% $7,269
American Security Mortgage Corp. 29 3.02% $6,601
VILLAGE CAPITAL & INVESTMENT LLC 26 3.06% $2,291
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 3.15% $7,574
UNITED WHOLESALE MORTGAGE, LLC 19 2.81% $7,377
Mortgage Research Center, LLC 19 3.01% $5,006
HOMEBRIDGE FINANCIAL SERVICES, INC. 18 2.97% $6,206
HOMESIDE FINANCIAL, LLC 17 3.15% $7,610
LOANDEPOT.COM, LLC 16 3.53% $7,243
AMERICAN FINANCIAL NETWORK, INC. 14 3.31% $10,771
Nations Lending Corporation 13 3.18% $8,157
Lakeview Community Capital, LLC 13 2.92% $4,192
NEWREZ LLC 12 2.97% $4,832
First Guaranty Mortgage Corporation 11 3.18% $4,801
Hometown Lenders, Inc. 11 3.53% $7,548
Prosperity Home Mortgage, LLC 10 3.53% $8,146
AMERISAVE MORTGAGE CORPORATION 10 3.15% $7,706
ACOPIA, LLC 10 3.11% $7,971
MORTGAGE SOLUTIONS OF COLORADO, LLC 10 3.53% $8,204
INTERCOASTAL MORTGAGE COMPANY 10 3.35% $6,283
EAGLE HOME MORTGAGE, LLC 10 3.01% $6,747
T2 FINANCIAL LLC 9 3.28% $7,046
PRIMARY RESIDENTIAL MORTGAGE, INC. 9 4.00% $7,679
Carrington Mortgage Services, LLC 8 3.63% $7,118
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 8 3.42% $8,046
RESIDENTIAL MORTGAGE SERVICES, INC. 8 3.22% $7,070
Truist Bank 8 2.97% $6,306
First-Citizens Bank & Trust Company 7 2.86% $6,254
The Federal Savings Bank 7 3.05% $8,090
DHI MORTGAGE COMPANY, LTD. 7 2.83% $8,603
Paramount Residential Mortgage Group, Inc. 7 3.71% $8,979
1ST SIGNATURE LENDING, LLC 7 3.09% $8,126
ANGEL OAK HOME LOANS LLC 6 3.31% $6,303
EQUITY RESOURCES, INC. 6 3.06% $7,743
Wells Fargo Bank 6 3.27% $6,407
HOMESTAR FINANCIAL CORPORATION 6 3.48% $7,425
HUNT MORTGAGE CORPORATION 6 3.13% $5,569
Shamrock Home Loans, Inc. 6 3.31% $7,483
LEADERONE FINANCIAL CORPORATION 5 3.18% $4,833
PLANET HOME LENDING, LLC 5 2.90% $4,236
GUARANTEED RATE, INC. 5 3.20% $7,591
Bank of England 5 3.43% $7,923
THE MORTGAGE FIRM, INC. 5 3.15% $8,112
RELIANCE FIRST CAPITAL, LLC 5 2.98% $7,926
FAIR WAY LENDING LLC 5 3.10% $7,305
AmeriHome Mortgage Company, LLC 5 3.03% $4,003
HOME POINT FINANCIAL CORPORATION 5 2.88% $5,304
GUILD MORTGAGE COMPANY 4 3.41% $7,516
PLAZA HOME MORTGAGE, INC. 4 2.91% $6,553
U.S. Bank 4 3.03% $6,143
InterContinental Capital Group, Inc 4 3.03% $6,330
PNC Bank 4 2.78% $4,290
North State Bank 4 2.62% $5,838
Towne Mortgage of the Carolinas, LLC 4 3.00% $6,958
CREDIT UNION MORTGAGE ASSOCIATION, INC. 4 2.72% $5,640
Ameris Bank 4 3.31% $7,874
MUTUAL OF OMAHA MORTGAGE, INC. 4 2.94% $6,838
RAPID MORTGAGE COMPANY 4 3.47% $7,104
JET HOMELOANS, LLC 4 3.06% $6,623
CAPITAL CENTER, L.L.C. 4 2.78% $4,025
MID AMERICA MORTGAGE, INC. 4 3.06% $3,096
Blue Ridge Bank 4 2.78% $7,321
ZILLOW HOME LOANS, LLC 3 3.29% $4,892
AMCAP MORTGAGE, LTD. 3 3.96% $6,150
AMERIFIRST FINANCIAL CORPORATION 3 3.71% $9,233
EMBRACE HOME LOANS, INC. 3 3.21% $5,941
FINANCE OF AMERICA MORTGAGE LLC 3 2.96% $6,206
First Home Bank 3 3.75% $8,029
First Horizon Bank 3 2.92% $7,241
Plains Commerce Bank 3 2.92% $8,597
SUCCESS MORTGAGE PARTNERS, INC. 3 3.54% $7,164
SUN WEST MORTGAGE COMPANY, INC. 3 3.66% $5,379
United Community Bank 3 2.79% $7,461
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.42% $8,512
Manufacturers and Traders Trust Company 2 2.44% $8,592
KBHS HOME LOANS, LLC 2 3.13% $11,834
MORIA DEVELOPMENT, INC. 2 3.94% $8,499
JPMorgan Chase Bank 2 2.63% $6,552
JET DIRECT FUNDING CORP 2 2.88% $12,641
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 3.25% $4,988
GENEVA FINANCIAL, LLC 2 3.44% $6,541
Gateway First Bank 2 3.13% $6,444
First National Bank of Pennsylvania 2 2.75% $5,925
First Heritage Mortgage, LLC 2 2.87% $7,800
POLARIS HOME FUNDING CORP. 2 3.25% $8,311
DIRECT MORTGAGE LOANS, LLC 2 3.56% $7,899
Colten Mortgage, LLC 2 3.25% $9,755
RESOURCE FINANCIAL SERVICES, INC. 2 3.25% $7,318
RUOFF MORTGAGE COMPANY, INC. 2 3.31% $4,270
SECURITYNATIONAL MORTGAGE COMPANY 2 3.94% $12,145
SIGNATURE MORTGAGE CORPORATION 2 3.19% $7,158
Bank of America 2 2.38% $3,859
Austin Capital Bank SSB 2 2.75% $5,627
Atlantic Coast Mortgage, LLC 2 3.38% $8,982
TOP FLITE FINANCIAL, INC. 2 3.19% $10,334
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.69% $4,830
AMERICAN FINANCING CORPORATION 2 2.75% $4,228
Wyndham Capital Mortgage, Inc. 2 3.00% $5,766
UNITED SECURITY FINANCIAL CORP 2 3.50% $6,513
Alpha Mortgage Corporation 2 3.44% $7,596
LAND HOME FINANCIAL SERVICES, INC. 2 3.75% $10,974
ALLIED MORTGAGE GROUP, INC. 1 4.13% $9,350
FAMILY FIRST FUNDING LLC 1 3.63% $8,362
EVERETT FINANCIAL, INC. 1 2.88% $6,741
ENVOY MORTGAGE, LTD 1 2.88% $8,362
US MORTGAGE CORPORATION 1 3.63% $9,906
PREMIER LENDING, INC. 1 3.25% $10,306
Encompass Lending Group, LP 1 2.75% $10,736
TOTAL MORTGAGE SERVICES, LLC 1 3.00% $11,529
COUNTRYPLACE MORTGAGE, LTD. 1 3.13% $15,928
Corporate Investors Mortgage Group, Inc. 1 3.13% $8,564
Assurance Financial Group, L.L.C. 1 2.50% $4,844
BETTER MORTGAGE CORPORATION 1 2.75% $6,484
Bethpage Federal Credit Union 1 3.13% $2,801
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.38% $6,056
LOANPAL, LLC 1 2.38% $5,857
LADERA LENDING, INC. 1 3.25% $5,107
BAYSHORE MORTGAGE FUNDING, LLC 1 2.88% $3,306
United Fidelity Funding Corp. 1 3.13% $8,119
SIRVA MORTGAGE, INC. 1 3.50% $5,624
Barrington Bank & Trust Company, N.A. 1 3.00% $4,777
SOUTHWEST STAGE FUNDING, LLC 1 3.88% $3,313
MATTAMY HOME FUNDING, LLC 1 2.25% $9,985
SOVEREIGN LENDING GROUP INCORPORATED 1 3.00% $7,404
MIDLAND MORTGAGE CORPORATION 1 3.25% $6,225
MILEND, INC. 1 2.38% $10,139
ACADEMY MORTGAGE CORPORATION 1 3.00% $9,650
Sunflower Bank 1 4.75% $7,968
WESTERN EXPRESS LENDING 1 2.75% $10,258
INLAND BANK & TRUST 1 3.25% $8,905
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 4.00% $9,404
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 2.63% $7,313
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $10,178
HAMILTON HOME LOANS, INC. 1 3.50% $9,022
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.75% $7,061
GUARANTEED RATE AFFINITY, LLC 1 3.00% $7,148
LIBERTY HOME MORTGAGE CORPORATION 1 4.25% $7,886
North American Savings Bank, F.S.B. 1 3.13% $5,099
Northpointe Bank 1 3.88% $6,754
The Central Trust Bank 1 3.13% $9,030
NTFN, INC. 1 2.75% $4,085
AMERICAN FINANCIAL RESOURCES, INC. 1 3.88% $7,455
OCMBC, INC. 1 3.25% $6,479
First Savings Bank 1 3.00% $11,576
PANORAMA MORTGAGE GROUP, LLC 1 3.25% $6,906
Keystone Funding, Inc. 1 2.75% $5,832
TJC Mortgage, Inc. 1 2.88% $6,404
PHH Mortgage Corporation 1 3.88% $4,816

The top Fayetteville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 264 FHA loans originated. Their average total fees are $5,942, which is $1,039 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Fayetteville FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,291), Mr. Cooper ( Nationstar Mortgage ) ($3,527), LAKEVIEW LOAN SERVICING, LLC ($4,095), Lakeview Community Capital, LLC ($4,192) and PENNYMAC LOAN SERVICES, LLC ($4,243).

The lowest rate Fayetteville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), UNITED WHOLESALE MORTGAGE, LLC (2.81%), FREEDOM MORTGAGE CORPORATION (2.91%), Lakeview Community Capital, LLC (2.92%) and NEWREZ LLC (2.97%).

Fayetteville FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FAYETTEVILLE, NC CUMBERLAND 2022 $420,680 $538,650 $651,050 $809,150
FAYETTEVILLE, NC HARNETT 2022 $420,680 $538,650 $651,050 $809,150
FAYETTEVILLE, NC HOKE 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Fayetteville (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 $158,000 (9.0%) $180,300 (3.4%) 0.58 2,230
2018-02-01 $159,350 (6.3%) $181,435 (1.5%) 0.57 2,184
2018-03-01 $159,900 (6.6%) $182,576 (1.8%) 0.55 2,201
2018-04-01 $162,500 (6.3%) $183,717 (2.4%) 0.55 2,160
2018-05-01 $161,225 (4.9%) $185,204 (3.0%) 0.54 2,112
2018-06-01 $162,500 (3.7%) $188,053 (3.7%) 0.54 2,126
2018-07-01 $161,500 (1.3%) $186,741 (2.1%) 0.54 2,130
2018-08-01 $162,500 (1.8%) $188,065 (2.8%) 0.54 2,050
2018-09-01 $161,990 (1.9%) $188,503 (3.4%) 0.54 2,045
2018-10-01 $159,995 (0.3%) $187,959 (3.2%) 0.54 1,957
2018-11-01 $159,945 (0.7%) $189,496 (4.6%) 0.54 1,936
2018-12-01 $159,900 (3.2%) $187,808 (4.6%) 0.55 1,889
2019-01-01 $164,250 (4.0%) $191,279 (6.1%) 0.57 1,740
2019-02-01 $169,950 (6.7%) $198,058 (9.2%) 0.57 1,674
2019-03-01 $179,243 (12.1%) $204,770 (12.2%) 0.58 1,559
2019-04-01 $182,193 (12.1%) $209,358 (14.0%) 0.57 1,493
2019-05-01 $176,700 (9.6%) $207,346 (12.0%) 0.54 1,466
2019-06-01 $183,900 (13.2%) $210,428 (11.9%) 0.57 1,504
2019-07-01 $180,000 (11.5%) $208,781 (11.8%) 0.56 1,539
2019-08-01 $179,900 (10.7%) $205,457 (9.3%) 0.57 1,626
2019-09-01 $179,900 (11.1%) $203,963 (8.2%) 0.57 1,587
2019-10-01 $180,700 (12.9%) $205,864 (9.5%) 0.58 1,460
2019-11-01 $185,000 (15.7%) $207,232 (9.4%) 0.60 1,430
2019-12-01 $184,950 (15.7%) $205,979 (9.7%) 0.62 1,341
2020-01-01 $188,450 (14.7%) $209,167 (9.4%) 0.63 1,208
2020-02-01 $188,000 (10.6%) $209,016 (5.5%) 0.61 1,125
2020-03-01 $189,900 (6.0%) $213,765 (4.4%) 0.59 965
2020-04-01 $190,950 (4.8%) $217,265 (3.8%) 0.59 906
2020-05-01 $199,700 (13.0%) $224,513 (8.3%) 0.61 737
2020-06-01 $211,950 (15.3%) $234,203 (11.3%) 0.62 613
2020-07-01 $219,950 (22.2%) $238,882 (14.4%) 0.63 573
2020-08-01 $224,000 (24.5%) $242,629 (18.1%) 0.64 520
2020-09-01 $221,850 (23.3%) $245,475 (20.4%) 0.63 518
2020-10-01 $210,000 (16.2%) $243,853 (18.5%) 0.60 483
2020-11-01 $215,000 (16.2%) $247,688 (19.5%) 0.62 444
2020-12-01 $215,238 (16.4%) $248,121 (20.5%) 0.63 430
2021-01-01 $209,900 (11.4%) $242,947 (16.2%) 0.62 389
2021-02-01 $216,500 (15.2%) $250,824 (20.0%) 0.62 328
2021-03-01 $195,750 (3.1%) $235,905 (10.4%) 0.55 288
2021-04-01 $194,500 (1.9%) $235,847 (8.6%) 0.52 288
2021-05-01 $202,000 (1.2%) $236,376 (5.3%) 0.53 297
2021-06-01 $203,750 (-3.9%) $241,163 (3.0%) 0.53 354
2021-07-01 $200,000 (-9.1%) $247,579 (3.6%) 0.52 421
2021-08-01 $207,500 (-7.4%) $245,859 (1.3%) 0.55 485
2021-09-01 $204,450 (-7.8%) $245,180 (-0.1%) 0.54 482
2021-10-01 $199,950 (-4.8%) $249,110 (2.2%) 0.53 510
2021-11-01 $202,450 (-5.8%) $253,651 (2.4%) 0.53 461
2021-12-01 $217,450 (1.0%) $264,165 (6.5%) 0.58 411
2022-01-01 $224,000 (6.7%) $274,733 (13.1%) 0.60 363
2022-02-01 $229,900 (6.2%) $275,773 (10.0%) 0.59 313
2022-03-01 $222,500 (13.7%) $272,070 (15.3%) 0.55 308
2022-04-01 $245,000 (26.0%) $283,551 (20.2%) 0.58 335
Fayetteville's median listing price for 2022-04-01 was $245,000, a difference of $50,500 (26.0%) versus the prior year and $22,500 versus the prior month.

Fayetteville's median listing price comes in at 58% of the national average.

Fayetteville's average listing price for 2022-04-01 was $283,551, a difference of $47,704 (20.2%) versus the prior year and $11,481 versus the prior month.

For the 2022-04-01 period, Fayetteville had 335 MLS listings, a difference of 27 listings (9%) versus the prior month and 47 listings (16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Fayetteville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 106 days 1,750 sqft
2018-02-01 102 days 1,750 sqft
2018-03-01 87 days 1,826 sqft
2018-04-01 78 days 1,850 sqft
2018-05-01 72 days 1,850 sqft
2018-06-01 73 days 1,850 sqft
2018-07-01 74 days 1,850 sqft
2018-08-01 76 days 1,850 sqft
2018-09-01 81 days 1,850 sqft
2018-10-01 88 days 1,850 sqft
2018-11-01 92 days 1,850 sqft
2018-12-01 96 days 1,850 sqft
2019-01-01 93 days 1,850 sqft
2019-02-01 95 days 1,612 sqft
2019-03-01 87 days 1,667 sqft
2019-04-01 65 days 1,874 sqft
2019-05-01 59 days 1,945 sqft
2019-06-01 60 days 1,950 sqft
2019-07-01 60 days 1,950 sqft
2019-08-01 63 days 1,916 sqft
2019-09-01 67 days 1,890 sqft
2019-10-01 65 days 1,950 sqft
2019-11-01 66 days 1,950 sqft
2019-12-01 74 days 1,949 sqft
2020-01-01 81 days 1,950 sqft
2020-02-01 74 days 1,950 sqft
2020-03-01 60 days 1,950 sqft
2020-04-01 59 days 1,950 sqft
2020-05-01 62 days 1,954 sqft
2020-06-01 57 days 2,100 sqft
2020-07-01 53 days 2,100 sqft
2020-08-01 48 days 2,100 sqft
2020-09-01 45 days 2,100 sqft
2020-10-01 44 days 2,012 sqft
2020-11-01 49 days 2,044 sqft
2020-12-01 48 days 2,021 sqft
2021-01-01 53 days 1,950 sqft
2021-02-01 49 days 1,966 sqft
2021-03-01 38 days 1,850 sqft
2021-04-01 37 days 1,829 sqft
2021-05-01 35 days 1,883 sqft
2021-06-01 33 days 1,870 sqft
2021-07-01 35 days 1,850 sqft
2021-08-01 36 days 1,850 sqft
2021-09-01 39 days 1,849 sqft
2021-10-01 42 days 1,821 sqft
2021-11-01 41 days 1,849 sqft
2021-12-01 46 days 1,850 sqft
2022-01-01 50 days 1,850 sqft
2022-02-01 37 days 1,870 sqft
2022-03-01 38 days 1,799 sqft
2022-04-01 34 days 1,925 sqft
Fayetteville's median listing age (time on market) for 2022-04-01 was 34 days. This is -7% shorter than the same period one year ago.

Fayetteville's median square footage for active listings during the 2022-04-01 period was 1,925 sqft. One year prior, the average listing was 1,829 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).