Fayetteville FHA Loan Rates, Closing Costs & Stats

FAYETTEVILLE-SPRINGDALE-ROGERS, AR

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 131 lenders originated 1,611 FHA loans during 2022. The total origination value was $393,135,000, with an average FHA loan value of $244,032.

Fayetteville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fayetteville averaged 6.03% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Fayetteville's average FHA mortgage closing costs are $6,468.

The average rate for the prior week (2024-02-09) was 6.14% and one month ago for the week of 2024-01-12, the average rate was 5.98%.

The average rate one year ago was 5.73%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.25%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Fayetteville level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 173 4.57% $10,218
FLAT BRANCH MORTGAGE, INC. 156 4.95% $8,661
Priority Bank 126 4.64% $8,296
Arvest Bank 110 4.74% $7,957
Gateway First Bank 52 4.96% $7,544
Centennial Bank 43 5.03% $8,994
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 43 5.25% $8,896
OPEN MORTGAGE, LLC 37 5.15% $12,469
GENEVA FINANCIAL, LLC 32 5.39% $10,000
FREEDOM MORTGAGE CORPORATION 29 4.96% $10,590
AMERISAVE MORTGAGE CORPORATION 29 4.45% $11,495
LOANDEPOT.COM, LLC 29 4.51% $10,385
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 4.76% $9,634
PENNYMAC LOAN SERVICES, LLC 26 4.59% $11,372
EVERETT FINANCIAL, INC. 26 5.42% $5,980
Regions Bank 24 5.29% $8,372
Eagle Bank and Trust Company 23 4.65% $8,208
FirstTrust Home Loans, Inc. 23 4.58% $9,363
Mr. Cooper ( Nationstar Mortgage ) 22 4.36% $12,149
UNITED WHOLESALE MORTGAGE, LLC 21 5.07% $10,092
BANK OF LITTLE ROCK MORTGAGE CORPORATION 17 4.94% $8,730
BROKER SOLUTIONS, INC. 16 4.39% $10,146
CALIBER HOME LOANS, INC. 15 4.20% $10,233
Plains Commerce Bank 15 5.04% $10,237
ASSOCIATED MORTGAGE CORPORATION 15 5.39% $8,543
DAS Acquisition Company, LLC 15 4.80% $9,324
United Fidelity Funding Corp. 12 4.93% $9,618
CORNERSTONE HOME LENDING, INC. 12 5.32% $10,055
S1L, Inc. 12 5.03% $9,421
GERSHMAN INVESTMENT CORP. 12 5.72% $7,393
United Bank 11 4.03% $7,096
Carrington Mortgage Services, LLC 11 4.67% $9,801
CARDINAL FINANCIAL 10 4.51% $10,838
ZILLOW HOME LOANS, LLC 10 4.90% $10,203
BOKF 10 5.20% $8,017
LAKEVIEW LOAN SERVICING, LLC 9 4.46% $8,128
ENCORE BANK 9 4.42% $7,350
First Horizon Bank 9 5.01% $8,677
FIRST COLONY MORTGAGE CORPORATION 9 5.17% $9,516
Citizens Bank 8 4.56% $10,213
GMFS LLC 8 5.05% $8,149
Chambers Bank 8 4.00% $7,218
Flagstar Bank, FSB 8 3.89% $7,819
The Central Trust Bank 7 5.75% $7,628
The Federal Savings Bank 7 4.70% $12,264
MASON MCDUFFIE MORTGAGE CORPORATION 6 4.81% $8,201
AMERICAN FINANCING CORPORATION 6 4.77% $11,866
HOME POINT FINANCIAL CORPORATION 6 4.62% $10,607
LOANPAL, LLC 6 4.21% $12,397
NEWREZ LLC 6 4.83% $8,794
VANDERBILT MORTGAGE AND FINANCE, INC. 5 4.73% $12,704
THRIVE MORTGAGE, LLC 5 4.73% $8,767
BancorpSouth 5 5.30% $8,896
Nations Lending Corporation 5 5.55% $10,509
Mortgage Research Center, LLC 5 5.70% $7,640
FIRST WESTERN MORTGAGE, INC. 4 5.09% $5,558
Firstar Bank 4 4.03% $7,584
MID AMERICA MORTGAGE, INC. 4 5.56% $7,714
PLANET HOME LENDING, LLC 4 4.09% $8,595
LEADERONE FINANCIAL CORPORATION 4 4.72% $8,490
UNITED 4 3.78% $7,431
VILLAGE CAPITAL MORTGAGE 3 4.17% $2,491
Colonial Savings, F.A. 3 6.25% $13,514
Simmons Bank 3 3.58% $7,147
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.08% $12,455
PHH Mortgage Corporation 3 5.79% $11,460
U.S. Bank 3 4.92% $8,633
AMERICAN PACIFIC MORTGAGE CORPORATION 3 4.04% $10,940
CROSSCOUNTRY MORTGAGE, LLC 3 5.35% $9,803
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.63% $15,991
RELIANCE FIRST CAPITAL, LLC 3 4.96% $12,846
Bank of England 3 4.46% $9,658
ARC HOME LLC 3 3.17% $7,551
PLAZA HOME MORTGAGE, INC. 3 4.04% $15,130
M&T Bank 2 4.19% $7,703
Bank of America 2 4.13% $5,298
Chickasaw Community Bank 2 4.94% $5,871
EMBRACE HOME LOANS, INC. 2 6.25% $10,489
First Community Bank 2 5.75% $11,468
GUARANTEED RATE, INC. 2 4.55% $11,307
MOVEMENT MORTGAGE, LLC 2 4.50% $11,776
ACADEMY MORTGAGE CORPORATION 2 4.94% $9,844
Network Funding, L.P. 2 5.44% $11,193
Paramount Residential Mortgage Group, Inc. 2 4.56% $9,445
RESIDENTIAL BANCORP 2 4.56% $7,173
SENTE MORTGAGE, INC. 2 3.56% $9,012
Stride Bank 2 5.44% $7,234
The Home Loan Expert LLC 2 4.75% $9,560
Northpointe Bank 1 5.25% $16,729
LIBERTY HOME MORTGAGE CORPORATION 1 5.75% $9,039
VERITAS FUNDING, LLC 1 5.25% $15,551
Lakeview Community Capital, LLC 1 5.13% $7,360
Peoples Bank 1 3.75% $7,400
KELLER MORTGAGE, LLC 1 5.75% $4,978
Hometown Lenders, Inc. 1 5.50% $15,743
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $5,661
GUILD MORTGAGE COMPANY 1 4.88% $7,902
POLARIS HOME FUNDING CORP. 1 7.13% $21,754
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $9,772
GSF Mortgage Corporation 1 5.25% $10,643
Goldwater Bank, N.A. 1 3.75% $9,697
First Security Bank 1 4.75% $3,775
First Guaranty Mortgage Corporation 1 3.50% $6,940
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $14,290
First Financial Bank 1 5.63% $8,488
SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $7,553
Wells Fargo Bank 1 5.63% $6,980
Equity Prime Mortgage LLC 1 7.75% $19,753
SOUTHWEST FUNDING, LP 1 4.75% $13,763
Willamette Valley Bank 1 3.88% $8,572
Strong Home Mortgage, LLC 1 4.25% $6,946
SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $14,716
Texana Bank 1 4.25% $9,271
ENDEAVOR CAPITAL, LLC. 1 6.13% $5,459
EMM LOANS LLC 1 3.13% $15,024
The First National Bank of Fort Smith 1 6.25% $6,839
The First National Bank of Middle Tennessee 1 4.63% $5,093
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $11,825
DIRECT MORTGAGE, CORP. 1 5.63% $8,438
TOWNE MORTGAGE COMPANY 1 3.50% $7,964
DHI MORTGAGE COMPANY, LTD. 1 3.99% $7,174
Cornerstone First Mortgage, Inc 1 3.13% $9,848
COMMUNITY MORTGAGE CORPORATION 1 3.99% $7,431
CMG MORTGAGE, INC. 1 2.99% $21,632
BETTER MORTGAGE CORPORATION 1 3.63% $4,046
MORTGAGE FINANCIAL SERVICES, LLC 1 4.25% $8,204
Mortgage Assurance Inc. 1 5.00% $6,931
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.63% $24,492
Armstrong Bank 1 3.75% $7,664
Magnolia Bank 1 3.63% $6,531
NFM, INC. 1 7.25% $8,964

The top Fayetteville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 173 FHA loans originated. Their average total fees are $10,218, which is $1,557 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Fayetteville FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($5,980), United Bank ($7,096), GERSHMAN INVESTMENT CORP. ($7,393), Gateway First Bank ($7,544) and Arvest Bank ($7,957).

The lowest rate Fayetteville FHA lenders (with over 10 loans originated) are United Bank (4.03%), CALIBER HOME LOANS, INC. (4.20%), Mr. Cooper ( Nationstar Mortgage ) (4.36%), BROKER SOLUTIONS, INC. (4.39%) and AMERISAVE MORTGAGE CORPORATION (4.45%).

Fayetteville FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FAYETTEVILLE-SPRINGDALE-ROGERS, AR BENTON 2022 $420,680 $538,650 $651,050 $809,150
FAYETTEVILLE-SPRINGDALE-ROGERS, AR MADISON 2022 $420,680 $538,650 $651,050 $809,150
FAYETTEVILLE-SPRINGDALE-ROGERS, AR WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
FAYETTEVILLE-SPRINGDALE-ROGERS, AR BENTON 2023 $472,030 $604,400 $730,525 $907,900
FAYETTEVILLE-SPRINGDALE-ROGERS, AR MADISON 2023 $472,030 $604,400 $730,525 $907,900
FAYETTEVILLE-SPRINGDALE-ROGERS, AR WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900

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 $267,600 (7.0%) $350,732 (5.3%) 0.99 2,383
2018-02-01 $278,550 (7.6%) $362,025 (7.9%) 1.01 2,270
2018-03-01 $283,900 (5.5%) $369,023 (7.6%) 1.00 2,316
2018-04-01 $289,950 (3.9%) $376,036 (7.7%) 0.98 2,307
2018-05-01 $296,444 (4.8%) $379,752 (5.8%) 0.99 2,338
2018-06-01 $295,000 (4.6%) $378,603 (5.5%) 0.98 2,439
2018-07-01 $299,450 (7.3%) $389,967 (10.5%) 1.00 2,629
2018-08-01 $295,000 (5.9%) $382,739 (9.4%) 0.99 2,716
2018-09-01 $285,000 (3.6%) $371,275 (8.7%) 0.96 2,750
2018-10-01 $279,950 (1.9%) $370,807 (7.2%) 0.95 2,795
2018-11-01 $277,000 (2.6%) $366,236 (6.1%) 0.94 2,792
2018-12-01 $276,675 (4.4%) $362,875 (5.3%) 0.95 2,665
2019-01-01 $276,000 (3.1%) $360,833 (2.9%) 0.95 2,494
2019-02-01 $277,950 (-0.2%) $366,605 (1.3%) 0.94 2,503
2019-03-01 $286,929 (1.1%) $376,658 (2.1%) 0.94 2,450
2019-04-01 $291,304 (0.5%) $382,483 (1.7%) 0.92 2,405
2019-05-01 $297,300 (0.3%) $391,374 (3.1%) 0.93 2,408
2019-06-01 $299,000 (1.4%) $396,433 (4.7%) 0.93 2,435
2019-07-01 $299,900 (0.2%) $397,506 (1.9%) 0.94 2,419
2019-08-01 $295,545 (0.2%) $389,400 (1.7%) 0.94 2,427
2019-09-01 $291,864 (2.4%) $383,919 (3.4%) 0.93 2,414
2019-10-01 $289,859 (3.5%) $383,598 (3.5%) 0.94 2,364
2019-11-01 $285,000 (2.9%) $382,073 (4.3%) 0.93 2,213
2019-12-01 $283,400 (2.4%) $382,725 (5.5%) 0.95 2,002
2020-01-01 $284,500 (3.1%) $384,916 (6.7%) 0.95 1,840
2020-02-01 $294,500 (6.0%) $401,831 (9.6%) 0.96 1,665
2020-03-01 $299,950 (4.5%) $410,871 (9.1%) 0.94 1,580
2020-04-01 $295,000 (1.3%) $403,379 (5.5%) 0.92 1,701
2020-05-01 $299,900 (0.9%) $418,025 (6.8%) 0.91 1,564
2020-06-01 $312,500 (4.5%) $435,840 (9.9%) 0.92 1,354
2020-07-01 $309,250 (3.1%) $435,530 (9.6%) 0.90 1,258
2020-08-01 $315,000 (6.6%) $443,059 (13.8%) 0.90 1,099
2020-09-01 $312,508 (7.1%) $441,675 (15.0%) 0.90 1,064
2020-10-01 $299,900 (3.5%) $425,941 (11.0%) 0.86 1,053
2020-11-01 $294,790 (3.4%) $427,831 (12.0%) 0.86 956
2020-12-01 $287,450 (1.4%) $425,526 (11.2%) 0.85 869
2021-01-01 $289,900 (1.9%) $433,667 (12.7%) 0.87 727
2021-02-01 $297,870 (1.1%) $449,224 (11.8%) 0.87 587
2021-03-01 $299,231 (-0.2%) $484,332 (17.9%) 0.85 562
2021-04-01 $312,225 (5.8%) $489,503 (21.4%) 0.85 587
2021-05-01 $329,900 (10.0%) $506,396 (21.1%) 0.88 578
2021-06-01 $333,250 (6.6%) $506,679 (16.3%) 0.88 681
2021-07-01 $339,999 (9.9%) $498,293 (14.4%) 0.90 809
2021-08-01 $349,947 (11.1%) $505,851 (14.2%) 0.93 904
2021-09-01 $350,032 (12.0%) $519,440 (17.6%) 0.93 894
2021-10-01 $350,000 (16.7%) $528,404 (24.1%) 0.93 916
2021-11-01 $363,737 (23.4%) $551,515 (28.9%) 0.97 835
2021-12-01 $369,416 (28.5%) $569,483 (33.8%) 1.00 726
2022-01-01 $385,000 (32.8%) $616,318 (42.1%) 1.04 541
2022-02-01 $400,000 (34.3%) $639,990 (42.5%) 1.04 471
2022-03-01 $410,950 (37.3%) $649,346 (34.1%) 1.03 479
2022-04-01 $429,900 (37.7%) $656,448 (34.1%) 1.02 510
2022-05-01 $424,125 (28.6%) $618,518 (22.1%) 0.97 701
2022-06-01 $435,000 (30.5%) $600,955 (18.6%) 0.97 919
2022-07-01 $425,000 (25.0%) $579,193 (16.2%) 0.96 1,309
2022-08-01 $415,105 (18.6%) $577,589 (14.2%) 0.96 1,411
2022-09-01 $407,500 (16.4%) $579,203 (11.5%) 0.95 1,436
2022-10-01 $415,000 (18.6%) $580,573 (9.9%) 0.98 1,583
2022-11-01 $403,475 (10.9%) $580,480 (5.3%) 0.97 1,773
2022-12-01 $396,282 (7.3%) $564,660 (-0.9%) 0.98 1,724
2023-01-01 $399,450 (3.8%) $557,892 (-9.5%) 0.99 1,671
2023-02-01 $402,488 (0.6%) $567,041 (-11.4%) 0.97 1,580
2023-03-01 $407,250 (-0.9%) $571,536 (-12.0%) 0.96 1,529
2023-04-01 $412,000 (-4.2%) $579,990 (-11.7%) 0.96 1,513
2023-05-01 $420,100 (-1.0%) $591,657 (-4.3%) 0.95 1,547
2023-06-01 $423,150 (-2.7%) $584,233 (-2.8%) 0.95 1,613
2023-07-01 $426,289 (0.3%) $580,677 (0.3%) 0.97 1,678
2023-08-01 $433,500 (4.4%) $582,112 (0.8%) 1.00 1,770
2023-09-01 $425,000 (4.3%) $577,840 (-0.2%) 0.99 1,802
2023-10-01 $421,475 (1.6%) $566,011 (-2.5%) 0.99 1,902
2023-11-01 $417,888 (3.6%) $551,830 (-4.9%) 1.00 2,039
2023-12-01 $418,848 (5.7%) $551,097 (-2.4%) 1.02 2,032
Fayetteville's median listing price for 2023-12-01 was $418,848, a difference of $22,566 (5.7%) versus the prior year and $960 versus the prior month.

Fayetteville's median listing price comes in at 102% of the national average.

Fayetteville's average listing price for 2023-12-01 was $551,097, a difference of $-13,563 (-2.4%) versus the prior year and $-733 versus the prior month.

For the 2023-12-01 period, Fayetteville had 2,032 MLS listings, a difference of -7 listings (0%) versus the prior month and 308 listings (18%) 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 85 days 2,254 sqft
2018-02-01 82 days 2,306 sqft
2018-03-01 62 days 2,291 sqft
2018-04-01 58 days 2,326 sqft
2018-05-01 60 days 2,381 sqft
2018-06-01 60 days 2,388 sqft
2018-07-01 53 days 2,401 sqft
2018-08-01 58 days 2,369 sqft
2018-09-01 65 days 2,320 sqft
2018-10-01 68 days 2,280 sqft
2018-11-01 71 days 2,245 sqft
2018-12-01 80 days 2,231 sqft
2019-01-01 85 days 2,221 sqft
2019-02-01 78 days 2,233 sqft
2019-03-01 68 days 2,279 sqft
2019-04-01 60 days 2,315 sqft
2019-05-01 56 days 2,346 sqft
2019-06-01 59 days 2,355 sqft
2019-07-01 64 days 2,361 sqft
2019-08-01 65 days 2,314 sqft
2019-09-01 65 days 2,282 sqft
2019-10-01 66 days 2,261 sqft
2019-11-01 70 days 2,231 sqft
2019-12-01 87 days 2,210 sqft
2020-01-01 90 days 2,225 sqft
2020-02-01 80 days 2,275 sqft
2020-03-01 60 days 2,292 sqft
2020-04-01 54 days 2,232 sqft
2020-05-01 60 days 2,270 sqft
2020-06-01 57 days 2,298 sqft
2020-07-01 51 days 2,225 sqft
2020-08-01 52 days 2,232 sqft
2020-09-01 60 days 2,198 sqft
2020-10-01 64 days 2,130 sqft
2020-11-01 66 days 2,067 sqft
2020-12-01 68 days 2,027 sqft
2021-01-01 61 days 2,009 sqft
2021-02-01 53 days 1,977 sqft
2021-03-01 44 days 1,968 sqft
2021-04-01 34 days 1,976 sqft
2021-05-01 37 days 2,013 sqft
2021-06-01 35 days 2,073 sqft
2021-07-01 35 days 2,074 sqft
2021-08-01 34 days 2,024 sqft
2021-09-01 39 days 2,048 sqft
2021-10-01 40 days 2,037 sqft
2021-11-01 45 days 2,142 sqft
2021-12-01 51 days 2,133 sqft
2022-01-01 59 days 2,142 sqft
2022-02-01 48 days 2,200 sqft
2022-03-01 38 days 2,159 sqft
2022-04-01 34 days 2,112 sqft
2022-05-01 31 days 2,102 sqft
2022-06-01 31 days 2,171 sqft
2022-07-01 33 days 2,141 sqft
2022-08-01 42 days 2,093 sqft
2022-09-01 49 days 2,084 sqft
2022-10-01 51 days 2,100 sqft
2022-11-01 47 days 2,073 sqft
2022-12-01 60 days 2,052 sqft
2023-01-01 77 days 2,052 sqft
2023-02-01 72 days 2,065 sqft
2023-03-01 60 days 2,070 sqft
2023-04-01 54 days 2,075 sqft
2023-05-01 50 days 2,080 sqft
2023-06-01 49 days 2,081 sqft
2023-07-01 52 days 2,089 sqft
2023-08-01 52 days 2,093 sqft
2023-09-01 54 days 2,066 sqft
2023-10-01 60 days 2,055 sqft
2023-11-01 58 days 2,036 sqft
2023-12-01 64 days 2,015 sqft
Fayetteville's median listing age (time on market) for 2023-12-01 was 64 days. This is 7% longer than the same period one year ago.

Fayetteville's median square footage for active listings during the 2023-12-01 period was 2,015 sqft. One year prior, the average listing was 2,052 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).