Fort Wayne FHA Loan Rates, Closing Costs & Stats

FORT WAYNE, IN

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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.

    Fort Wayne's 96 lenders originated 1,067 FHA loans during 2023. The total origination value was $209,925,000, with an average FHA loan value of $196,743.

    Fort Wayne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Wayne averaged 6.77% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Fort Wayne's average FHA mortgage closing costs are $5,662.

    The average rate for the prior week (2025-02-07) was 6.48% and one month ago for the week of 2025-01-10, the average rate was 6.64%.

    The average rate one year ago was 6.67%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.86%.

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

    Fort Wayne 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 Fort Wayne level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 153 6.94% $6,970
    QUICKEN LOANS, LLC 104 6.23% $8,719
    HALLMARK HOME MORTGAGE, LLC 55 7.13% $8,683
    DHI MORTGAGE COMPANY, LTD. 53 5.32% $7,089
    LOANDEPOT.COM, LLC 44 6.92% $9,648
    GVC MORTGAGE, INC. 39 7.21% $9,783
    GENEVA FINANCIAL, LLC 31 7.20% $8,730
    FREEDOM MORTGAGE CORPORATION 30 6.85% $9,793
    V.I.P. MORTGAGE, INC. 28 7.09% $11,012
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 21 7.09% $9,151
    STOCKTON MORTGAGE CORPORATION 20 7.26% $8,248
    Flagstar Bank, FSB 18 6.83% $8,519
    First Merchants Bank 18 7.26% $6,131
    TEACHERS CREDIT UNION 17 6.40% $6,915
    POLARIS HOME FUNDING CORP. 17 6.82% $9,671
    ACADEMY MORTGAGE CORPORATION 16 6.58% $8,440
    Fifth Third Bank 15 6.33% $5,979
    Carrington Mortgage Services, LLC 15 6.36% $8,623
    PENNYMAC LOAN SERVICES, LLC 15 5.94% $10,319
    Nations Lending Corporation 13 6.83% $8,263
    UNITED WHOLESALE MORTGAGE, LLC 13 6.57% $10,539
    Mr. Cooper ( Nationstar Mortgage ) 13 6.02% $12,129
    NEWREZ LLC 12 6.40% $9,231
    BROKER SOLUTIONS, INC. 12 6.74% $9,803
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 7.04% $5,710
    THRIVE MORTGAGE, LLC 11 7.02% $8,107
    AMERISAVE MORTGAGE CORPORATION 11 6.65% $10,840
    Union Savings Bank 10 6.55% $5,481
    MOVEMENT MORTGAGE, LLC 9 7.18% $10,076
    AMERICAN FINANCING CORPORATION 9 6.61% $11,000
    PNC Bank 8 6.64% $5,850
    JPMorgan Chase Bank 8 6.84% $4,235
    CARDINAL FINANCIAL 7 7.18% $8,793
    CROSSCOUNTRY MORTGAGE, LLC 6 6.25% $9,492
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.85% $10,664
    VAN DYK MORTGAGE CORPORATION 6 7.15% $7,414
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.75% $9,204
    LAKEVIEW LOAN SERVICING, LLC 6 6.15% $9,400
    UNION HOME MORTGAGE CORP. 5 7.15% $7,590
    PLAZA HOME MORTGAGE, INC. 5 6.45% $6,401
    Mortgage Research Center, LLC 5 6.82% $6,162
    AmRes Corporation 4 6.28% $9,650
    CALIBER HOME LOANS, INC. 4 6.00% $7,535
    Blue Ridge Bank 4 6.09% $7,120
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.53% $8,891
    ZILLOW HOME LOANS, LLC 3 6.75% $8,605
    ENDEAVOR CAPITAL, LLC. 3 6.38% $9,221
    FIRST COMMUNITY MORTGAGE, INC. 3 6.79% $11,038
    GUARANTEED RATE, INC. 3 7.21% $8,746
    LOANPAL, LLC 3 5.88% $9,149
    MJW Financial LLC 3 6.75% $7,275
    EMM LOANS LLC 2 5.75% $12,147
    Regions Bank 2 7.13% $7,985
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.75% $6,791
    Northpointe Bank 2 6.69% $7,047
    PLANET HOME LENDING, LLC 2 5.50% $7,876
    U.S. Bank 2 6.50% $4,942
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.00% $11,079
    VILLAGE CAPITAL MORTGAGE 2 5.00% $6,788
    OCEANSIDE MORTGAGE COMPANY 2 5.81% $7,030
    Wells Fargo Bank 2 6.56% $15,264
    Loan Simple, Inc. 2 7.50% $10,898
    Servion, Inc. 2 6.13% $5,266
    EQUITY RESOURCES, INC. 1 7.63% $8,770
    RELIANCE FIRST CAPITAL, LLC 1 6.00% $11,224
    Residential Mortgage Solutions, Inc. 1 6.13% $9,530
    ROSS MORTGAGE CORPORATION 1 6.50% $13,915
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,600
    Equity Prime Mortgage LLC 1 7.00% $5,850
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $7,183
    SUN WEST MORTGAGE COMPANY, INC. 1 6.24% $9,859
    EMBRACE HOME LOANS, INC. 1 6.75% $13,573
    The Federal Savings Bank 1 5.75% $15,468
    The Huntington National Bank 1 6.25% $5,847
    Three Rivers Federal Credit Union 1 5.75% $2,099
    CMG MORTGAGE, INC. 1 6.13% $15,605
    TOP FLITE FINANCIAL, INC. 1 6.75% $13,014
    TOWNE MORTGAGE COMPANY 1 6.25% $10,676
    Century Mortgage Company DBA Century Lending Company 1 6.75% $4,913
    BMO Harris Bank 1 6.25% $7,359
    AmeriHome Mortgage Company, LLC 1 5.63% $11,890
    AMCAP MORTGAGE, LTD. 1 7.50% $9,490
    Wolfe Financial, Inc 1 7.63% $11,739
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $10,605
    1st Source Bank 1 7.13% $5,318
    Mortgage Assurance Inc. 1 7.25% $11,363
    NATIONS RELIABLE LENDING, LLC 1 7.63% $5,907
    MICHIGAN MUTUAL, INC. 1 7.50% $8,686
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $6,206
    PHH Mortgage Corporation 1 7.13% $6,462
    LENOX FINANCIAL MORTGAGE CORPORATION 1 6.25% $6,947
    LEADERONE FINANCIAL CORPORATION 1 7.38% $18,138
    KeyBank 1 6.00% $7,866
    PREMIA MORTGAGE, LLC 1 5.63% $10,161
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.00% $6,926
    Prosperity Home Mortgage, LLC 1 6.75% $4,980

    The top Fort Wayne FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 153 FHA loans originated. Their average total fees are $6,970, which is $1,749 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Wayne FHA lenders (with over 10 loans originated) are Union Savings Bank ($5,481), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,710), Fifth Third Bank ($5,979), First Merchants Bank ($6,131) and TEACHERS CREDIT UNION ($6,915).

    The lowest rate Fort Wayne FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.32%), PENNYMAC LOAN SERVICES, LLC (5.94%), Mr. Cooper ( Nationstar Mortgage ) (6.02%), QUICKEN LOANS, LLC (6.23%) and Fifth Third Bank (6.33%).

    Fort Wayne FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FORT WAYNE, IN ALLEN 2022 $420,680 $538,650 $651,050 $809,150
    FORT WAYNE, IN WHITLEY 2022 $420,680 $538,650 $651,050 $809,150
    FORT WAYNE, IN ALLEN 2023 $472,030 $604,400 $730,525 $907,900
    FORT WAYNE, IN WHITLEY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Wayne (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 $169,925 (21.5%) $239,831 (6.7%) 0.65 929
    2018-02-01 $179,700 (20.2%) $249,833 (6.0%) 0.66 881
    2018-03-01 $188,945 (7.0%) $267,664 (4.9%) 0.67 787
    2018-04-01 $195,860 (8.9%) $280,885 (7.5%) 0.68 757
    2018-05-01 $191,610 (3.5%) $275,924 (6.0%) 0.65 840
    2018-06-01 $197,780 (9.5%) $277,999 (11.0%) 0.66 868
    2018-07-01 $198,850 (10.5%) $277,885 (10.5%) 0.66 974
    2018-08-01 $191,410 (8.7%) $264,755 (3.0%) 0.65 1,040
    2018-09-01 $189,900 (8.5%) $259,757 (-0.2%) 0.65 1,104
    2018-10-01 $186,200 (8.3%) $257,791 (-1.3%) 0.64 1,104
    2018-11-01 $181,201 (6.9%) $254,146 (-0.9%) 0.63 1,085
    2018-12-01 $179,900 (9.1%) $255,345 (9.2%) 0.64 937
    2019-01-01 $182,425 (7.4%) $258,037 (7.6%) 0.65 840
    2019-02-01 $199,900 (11.2%) $275,111 (10.1%) 0.70 731
    2019-03-01 $217,814 (15.3%) $277,496 (3.7%) 0.72 645
    2019-04-01 $232,764 (18.8%) $276,440 (-1.6%) 0.74 554
    2019-05-01 $232,400 (21.3%) $282,528 (2.4%) 0.74 574
    2019-06-01 $229,900 (16.2%) $281,271 (1.2%) 0.73 663
    2019-07-01 $227,450 (14.4%) $280,234 (0.9%) 0.72 734
    2019-08-01 $218,155 (14.0%) $277,987 (5.0%) 0.70 791
    2019-09-01 $207,886 (9.5%) $269,243 (3.7%) 0.67 882
    2019-10-01 $199,550 (7.2%) $261,113 (1.3%) 0.65 951
    2019-11-01 $194,900 (7.6%) $254,947 (0.3%) 0.65 926
    2019-12-01 $199,604 (11.0%) $256,682 (0.5%) 0.69 825
    2020-01-01 $199,900 (9.6%) $256,126 (-0.7%) 0.70 700
    2020-02-01 $227,950 (14.0%) $286,124 (4.0%) 0.78 575
    2020-03-01 $246,400 (13.1%) $294,602 (6.2%) 0.79 562
    2020-04-01 $237,400 (2.0%) $286,777 (3.7%) 0.76 575
    2020-05-01 $235,000 (1.1%) $283,506 (0.4%) 0.73 573
    2020-06-01 $238,207 (3.6%) $286,970 (2.0%) 0.71 490
    2020-07-01 $234,900 (3.3%) $298,599 (6.6%) 0.69 494
    2020-08-01 $234,900 (7.7%) $298,620 (7.4%) 0.68 486
    2020-09-01 $220,650 (6.1%) $277,972 (3.2%) 0.64 500
    2020-10-01 $216,750 (8.6%) $281,665 (7.9%) 0.63 453
    2020-11-01 $220,000 (12.9%) $283,393 (11.2%) 0.65 425
    2020-12-01 $219,450 (9.9%) $281,197 (9.6%) 0.65 355
    2021-01-01 $216,450 (8.3%) $279,691 (9.2%) 0.66 303
    2021-02-01 $230,900 (1.3%) $291,929 (2.0%) 0.67 264
    2021-03-01 $232,769 (-5.5%) $279,760 (-5.0%) 0.67 244
    2021-04-01 $246,395 (3.8%) $298,949 (4.2%) 0.67 210
    2021-05-01 $249,450 (6.2%) $305,809 (7.9%) 0.66 218
    2021-06-01 $230,450 (-3.3%) $301,382 (5.0%) 0.61 263
    2021-07-01 $245,000 (4.3%) $330,569 (10.7%) 0.66 312
    2021-08-01 $239,675 (2.0%) $306,321 (2.6%) 0.67 387
    2021-09-01 $229,791 (4.1%) $294,959 (6.1%) 0.62 396
    2021-10-01 $222,450 (2.6%) $284,734 (1.1%) 0.60 388
    2021-11-01 $229,916 (4.5%) $291,324 (2.8%) 0.62 385
    2021-12-01 $231,441 (5.5%) $289,296 (2.9%) 0.63 356
    2022-01-01 $249,900 (15.5%) $303,809 (8.6%) 0.68 265
    2022-02-01 $289,573 (25.4%) $327,391 (12.2%) 0.75 244
    2022-03-01 $260,623 (12.0%) $306,946 (9.7%) 0.65 237
    2022-04-01 $273,450 (11.0%) $313,422 (4.8%) 0.66 255
    2022-05-01 $278,225 (11.5%) $313,281 (2.4%) 0.64 334
    2022-06-01 $284,950 (23.7%) $317,595 (5.4%) 0.64 427
    2022-07-01 $289,000 (18.0%) $328,940 (-0.5%) 0.65 489
    2022-08-01 $295,625 (23.3%) $330,735 (8.0%) 0.69 489
    2022-09-01 $299,900 (30.5%) $334,910 (13.5%) 0.70 517
    2022-10-01 $299,900 (34.8%) $336,867 (18.3%) 0.70 600
    2022-11-01 $287,900 (25.2%) $331,893 (13.9%) 0.70 612
    2022-12-01 $284,900 (23.1%) $325,741 (12.6%) 0.72 552
    2023-01-01 $309,949 (24.0%) $347,742 (14.5%) 0.77 454
    2023-02-01 $319,400 (10.3%) $366,645 (12.0%) 0.77 397
    2023-03-01 $344,450 (32.2%) $401,734 (30.9%) 0.80 366
    2023-04-01 $339,900 (24.3%) $391,479 (24.9%) 0.80 430
    2023-05-01 $348,150 (25.1%) $402,499 (28.5%) 0.79 450
    2023-06-01 $349,675 (22.7%) $406,878 (28.1%) 0.79 515
    2023-07-01 $349,900 (21.1%) $405,552 (23.3%) 0.80 552
    2023-08-01 $326,700 (10.5%) $385,415 (16.5%) 0.76 613
    2023-09-01 $309,900 (3.3%) $377,386 (12.7%) 0.73 646
    2023-10-01 $299,900 (0.0%) $365,079 (8.4%) 0.71 735
    2023-11-01 $304,925 (5.9%) $360,475 (8.6%) 0.73 741
    2023-12-01 $299,900 (5.3%) $355,002 (9.0%) 0.73 702
    2024-01-01 $308,650 (-0.4%) $363,522 (4.5%) 0.76 595
    2024-02-01 $314,175 (-1.6%) $369,620 (0.8%) 0.76 514
    2024-03-01 $321,788 (-6.6%) $385,213 (-4.1%) 0.76 505
    2024-04-01 $321,400 (-5.4%) $390,870 (-0.2%) 0.75 511
    2024-05-01 $332,450 (-4.5%) $402,838 (0.1%) 0.77 581
    2024-06-01 $320,250 (-8.4%) $383,651 (-5.7%) 0.75 662
    2024-07-01 $309,950 (-11.4%) $371,022 (-8.5%) 0.72 755
    2024-08-01 $310,000 (-5.1%) $365,915 (-5.1%) 0.73 781
    2024-09-01 $301,225 (-2.8%) $363,390 (-3.7%) 0.72 800
    2024-10-01 $299,450 (-0.2%) $352,090 (-3.6%) 0.71 870
    2024-11-01 $289,900 (-4.9%) $347,252 (-3.7%) 0.71 900
    2024-12-01 $284,975 (-5.0%) $343,860 (-3.1%) 0.72 831
    2025-01-01 $289,950 (-6.1%) $343,169 (-5.6%) 0.00 764
    Fort Wayne's median listing price for 2025-01-01 was $289,950, a difference of $-18,700 (-6.1%) versus the prior year and $4,975 versus the prior month.

    Fort Wayne's median listing price comes in at 0% of the national average.

    Fort Wayne's average listing price for 2025-01-01 was $343,169, a difference of $-20,353 (-5.6%) versus the prior year and $-691 versus the prior month.

    For the 2025-01-01 period, Fort Wayne had 764 MLS listings, a difference of -67 listings (-8%) versus the prior month and 169 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Wayne (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 66 days 1,854 sqft
    2018-02-01 54 days 1,882 sqft
    2018-03-01 46 days 1,956 sqft
    2018-04-01 41 days 1,997 sqft
    2018-05-01 30 days 1,969 sqft
    2018-06-01 30 days 2,060 sqft
    2018-07-01 30 days 2,058 sqft
    2018-08-01 34 days 1,963 sqft
    2018-09-01 38 days 1,956 sqft
    2018-10-01 39 days 1,960 sqft
    2018-11-01 44 days 1,951 sqft
    2018-12-01 57 days 1,931 sqft
    2019-01-01 62 days 1,914 sqft
    2019-02-01 57 days 1,902 sqft
    2019-03-01 49 days 1,904 sqft
    2019-04-01 45 days 1,914 sqft
    2019-05-01 30 days 2,019 sqft
    2019-06-01 30 days 2,024 sqft
    2019-07-01 30 days 1,980 sqft
    2019-08-01 33 days 1,959 sqft
    2019-09-01 37 days 1,931 sqft
    2019-10-01 40 days 1,912 sqft
    2019-11-01 40 days 1,903 sqft
    2019-12-01 49 days 1,905 sqft
    2020-01-01 58 days 1,906 sqft
    2020-02-01 58 days 1,979 sqft
    2020-03-01 34 days 1,991 sqft
    2020-04-01 40 days 1,936 sqft
    2020-05-01 40 days 1,963 sqft
    2020-06-01 38 days 1,960 sqft
    2020-07-01 36 days 1,960 sqft
    2020-08-01 31 days 1,968 sqft
    2020-09-01 30 days 1,902 sqft
    2020-10-01 33 days 1,910 sqft
    2020-11-01 33 days 1,918 sqft
    2020-12-01 39 days 1,863 sqft
    2021-01-01 39 days 1,818 sqft
    2021-02-01 37 days 1,779 sqft
    2021-03-01 28 days 1,788 sqft
    2021-04-01 24 days 1,845 sqft
    2021-05-01 14 days 1,900 sqft
    2021-06-01 9 days 1,871 sqft
    2021-07-01 16 days 1,924 sqft
    2021-08-01 21 days 1,867 sqft
    2021-09-01 24 days 1,830 sqft
    2021-10-01 26 days 1,843 sqft
    2021-11-01 26 days 1,799 sqft
    2021-12-01 34 days 1,739 sqft
    2022-01-01 40 days 1,797 sqft
    2022-02-01 22 days 1,814 sqft
    2022-03-01 25 days 1,775 sqft
    2022-04-01 17 days 1,802 sqft
    2022-05-01 15 days 1,865 sqft
    2022-06-01 19 days 1,935 sqft
    2022-07-01 24 days 1,983 sqft
    2022-08-01 25 days 1,923 sqft
    2022-09-01 24 days 1,960 sqft
    2022-10-01 29 days 1,911 sqft
    2022-11-01 37 days 1,853 sqft
    2022-12-01 56 days 1,832 sqft
    2023-01-01 68 days 1,832 sqft
    2023-02-01 58 days 1,864 sqft
    2023-03-01 41 days 1,942 sqft
    2023-04-01 29 days 1,897 sqft
    2023-05-01 30 days 1,920 sqft
    2023-06-01 31 days 2,003 sqft
    2023-07-01 32 days 2,034 sqft
    2023-08-01 33 days 1,990 sqft
    2023-09-01 37 days 1,954 sqft
    2023-10-01 37 days 1,944 sqft
    2023-11-01 40 days 1,926 sqft
    2023-12-01 50 days 1,885 sqft
    2024-01-01 57 days 1,907 sqft
    2024-02-01 47 days 1,899 sqft
    2024-03-01 38 days 1,938 sqft
    2024-04-01 39 days 1,920 sqft
    2024-05-01 28 days 1,934 sqft
    2024-06-01 33 days 1,890 sqft
    2024-07-01 37 days 1,841 sqft
    2024-08-01 38 days 1,880 sqft
    2024-09-01 39 days 1,884 sqft
    2024-10-01 37 days 1,842 sqft
    2024-11-01 46 days 1,829 sqft
    2024-12-01 51 days 1,806 sqft
    2025-01-01 0 days 1,819 sqft
    Fort Wayne's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Fort Wayne's median square footage for active listings during the 2025-01-01 period was 1,819 sqft. One year prior, the average listing was 1,907 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).