Homosassa Springs FHA Loan Rates, Closing Costs & Stats

HOMOSASSA SPRINGS, FL

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.

Homosassa Springs's 119 lenders originated 783 FHA loans during 2023. The total origination value was $175,675,000, with an average FHA loan value of $224,361.

Homosassa Springs FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Homosassa Springs averaged 6.73% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Homosassa Springs's average FHA mortgage closing costs are $8,023.

The average rate for the prior week (2024-05-10) was 6.87% and one month ago for the week of 2024-04-12, the average rate was 6.73%.

The average rate one year ago was 6.29%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.98%.

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

Homosassa Springs 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 Homosassa Springs level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 98 6.38% $11,604
QUICKEN LOANS, LLC 68 6.13% $10,589
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.45% $11,586
CROSSCOUNTRY MORTGAGE, LLC 35 6.81% $10,378
EVERETT FINANCIAL, INC. 21 6.89% $11,042
PENNYMAC LOAN SERVICES, LLC 20 6.39% $9,985
CARDINAL FINANCIAL 20 6.67% $11,175
HOMEBRIDGE FINANCIAL SERVICES, INC. 14 5.71% $11,944
LOANDEPOT.COM, LLC 14 6.52% $12,377
NEWREZ LLC 14 6.67% $12,786
BROKER SOLUTIONS, INC. 13 6.51% $11,371
INSPIRE HOME LOANS INC. 13 6.25% $9,437
OPEN MORTGAGE, LLC 11 6.81% $11,160
CMG MORTGAGE, INC. 11 6.56% $12,673
FREEDOM MORTGAGE CORPORATION 10 6.60% $12,847
MOVEMENT MORTGAGE, LLC 10 6.75% $10,984
UNION HOME MORTGAGE CORP. 8 6.73% $11,822
DHI MORTGAGE COMPANY, LTD. 8 5.09% $7,772
Equity Prime Mortgage LLC 8 6.70% $11,953
THE MORTGAGE FIRM, INC. 7 7.02% $9,873
TOWNE MORTGAGE COMPANY 7 6.61% $12,269
Mr. Cooper ( Nationstar Mortgage ) 7 6.09% $11,802
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.98% $6,216
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.79% $10,905
AMERICAN FINANCIAL NETWORK, INC. 6 7.02% $14,371
GSF Mortgage Corporation 6 6.79% $14,582
Century Mortgage Company DBA Century Lending Company 6 6.60% $12,388
FBC MORTGAGE, LLC 6 6.18% $8,051
Paramount Residential Mortgage Group, Inc. 5 6.60% $9,779
GENEVA FINANCIAL, LLC 5 7.00% $12,567
SUN WEST MORTGAGE COMPANY, INC. 5 6.20% $14,269
GUARANTEED RATE, INC. 5 6.58% $14,049
PLANET HOME LENDING, LLC 5 6.15% $8,401
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.93% $12,872
Prosperity Home Mortgage, LLC 5 6.75% $9,080
Flagstar Bank, FSB 5 6.23% $13,035
SUCCESS MORTGAGE PARTNERS, INC. 5 6.18% $13,466
MUTUAL OF OMAHA MORTGAGE, INC. 4 6.59% $8,889
Carrington Mortgage Services, LLC 4 6.75% $11,279
Regions Bank 4 6.53% $8,994
LOANPAL, LLC 4 5.75% $11,905
ZILLOW HOME LOANS, LLC 3 6.17% $9,994
Acre Mortgage and Financial Inc 3 7.13% $16,309
AMERISAVE MORTGAGE CORPORATION 3 6.46% $10,969
CHURCHILL MORTGAGE CORPORATION 3 7.17% $11,947
GARDNER FINANCIAL SERVICES, LTD. 3 7.00% $11,902
GUILD MORTGAGE COMPANY 3 6.88% $9,903
MORTGAGE FINANCIAL GROUP, INC. 3 6.33% $14,468
Mortgage Research Center, LLC 3 7.17% $6,758
Nations Lending Corporation 3 6.75% $11,210
Plains Commerce Bank 3 6.96% $11,352
South State Bank 3 6.17% $9,358
VAN DYK MORTGAGE CORPORATION 3 6.75% $10,189
ABSOLUTE HOME MORTGAGE CORPORATION 3 6.88% $15,481
Wells Fargo Bank 2 6.38% $10,568
Citizens Bank 2 6.50% $10,291
Sierra Pacific Mortgage Company, Inc. 2 5.88% $10,908
Waterstone Mortgage Corporation 2 5.88% $17,103
NATIONS RELIABLE LENDING, LLC 2 6.38% $13,105
MORTGAGE EQUITY PARTNERS LLC 2 7.06% $15,337
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.13% $12,689
POLARIS HOME FUNDING CORP. 2 7.06% $16,252
GERSHMAN INVESTMENT CORP. 2 7.00% $9,443
CALIBER HOME LOANS, INC. 2 5.88% $12,479
MILEND, INC. 2 6.19% $16,009
LIBERTY HOME MORTGAGE CORPORATION 2 7.38% $8,897
NJ LENDERS CORP. 2 6.06% $11,427
AMERICAN BANCSHARES MORTGAGE 2 7.56% $9,616
Truist 2 6.66% $9,086
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.69% $6,363
EMBRACE HOME LOANS, INC. 2 6.94% $10,343
HOMESIDE FINANCIAL, LLC 2 6.75% $14,692
HOMESTAR FINANCIAL CORPORATION 2 6.75% $11,842
MICHIGAN MUTUAL, INC. 2 6.88% $11,145
COMPASS MORTGAGE, INC. 2 6.75% $12,569
LEADERONE FINANCIAL CORPORATION 2 6.31% $7,318
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.13% $11,996
BAY EQUITY LLC 1 6.25% $9,231
Bank of England 1 6.25% $8,036
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $9,016
RELIANCE FIRST CAPITAL, LLC 1 6.13% $24,090
ROSS MORTGAGE CORPORATION 1 8.25% $13,871
RUOFF MORTGAGE COMPANY, INC. 1 6.75% $16,599
SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $14,623
SHELTER HOME MORTGAGE, LLC 1 6.63% $12,558
STOCKTON MORTGAGE CORPORATION 1 6.75% $10,872
AmeriHome Mortgage Company, LLC 1 5.13% $13,339
T2 FINANCIAL LLC 1 6.63% $10,703
The Federal Savings Bank 1 5.75% $18,909
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $10,388
TJC Mortgage, Inc. 1 7.13% $13,368
TOP FLITE FINANCIAL, INC. 1 7.63% $15,093
TOTAL MORTGAGE SERVICES, LLC 1 7.63% $10,589
Hancock Whitney Bank 1 6.63% $6,644
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.13% $11,203
Hometown Equity Mortgage, LLC 1 5.63% $9,692
GVC MORTGAGE, INC. 1 7.13% $10,274
Keystone Funding, Inc. 1 6.75% $17,219
GUARANTEED RATE AFFINITY, LLC 1 6.75% $10,815
LOANFLIGHT LENDING, LLC 1 6.25% $9,146
Goldwater Bank, N.A. 1 6.00% $7,457
Loan Simple, Inc. 1 5.75% $15,218
MJW Financial LLC 1 7.13% $7,368
MLD MORTGAGE INC. 1 7.63% $7,621
ALLIED MORTGAGE GROUP, INC. 1 6.00% $12,021
Mortgage Lenders Investment Trading Corporation 1 7.75% $8,713
Alcova Mortgage LLC 1 6.13% $7,088
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $16,072
FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $13,752
EQUITY RESOURCES, INC. 1 6.99% $9,187
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $12,290
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $10,790
NBKC BANK 1 6.63% $9,422
NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $12,693
EMM LOANS LLC 1 7.50% $16,032
Cornerstone First Mortgage, Inc 1 7.00% $13,704
VILLAGE CAPITAL MORTGAGE 1 6.25% $11,362
PLAZA HOME MORTGAGE, INC. 1 7.13% $11,347
PNC Bank 1 7.50% $5,276

The top Homosassa Springs FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 98 FHA loans originated. Their average total fees are $11,604, which is $1,015 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Homosassa Springs FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. ($9,437), PENNYMAC LOAN SERVICES, LLC ($9,985), CROSSCOUNTRY MORTGAGE, LLC ($10,378), QUICKEN LOANS, LLC ($10,589) and MOVEMENT MORTGAGE, LLC ($10,984).

The lowest rate Homosassa Springs FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (5.71%), QUICKEN LOANS, LLC (6.13%), INSPIRE HOME LOANS INC. (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.38%) and PENNYMAC LOAN SERVICES, LLC (6.39%).

Homosassa Springs FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HOMOSASSA SPRINGS, FL CITRUS 2022 $420,680 $538,650 $651,050 $809,150
HOMOSASSA SPRINGS, FL CITRUS 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Homosassa Springs (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 $224,950 (12.9%) $278,771 (13.1%) 0.83 1,135
2018-02-01 $229,575 (15.4%) $278,371 (12.2%) 0.83 1,177
2018-03-01 $230,000 (15.1%) $276,441 (11.2%) 0.81 1,197
2018-04-01 $229,225 (14.7%) $275,590 (10.4%) 0.78 1,204
2018-05-01 $228,425 (13.1%) $273,889 (6.8%) 0.76 1,157
2018-06-01 $225,000 (9.8%) $275,133 (6.6%) 0.75 1,107
2018-07-01 $224,900 (12.8%) $272,808 (5.8%) 0.75 1,110
2018-08-01 $223,125 (14.2%) $268,676 (5.0%) 0.75 1,138
2018-09-01 $224,900 (15.3%) $274,809 (6.8%) 0.76 1,174
2018-10-01 $224,950 (13.1%) $274,484 (4.8%) 0.76 1,243
2018-11-01 $224,900 (9.7%) $273,758 (2.9%) 0.76 1,300
2018-12-01 $219,900 (0.8%) $263,609 (-4.3%) 0.76 1,389
2019-01-01 $219,900 (-2.2%) $262,622 (-5.8%) 0.76 1,403
2019-02-01 $213,325 (-7.1%) $268,041 (-3.7%) 0.72 1,433
2019-03-01 $216,564 (-5.8%) $273,210 (-1.2%) 0.71 1,388
2019-04-01 $218,175 (-4.8%) $275,116 (-0.2%) 0.69 1,306
2019-05-01 $217,450 (-4.8%) $271,755 (-0.8%) 0.68 1,234
2019-06-01 $219,900 (-2.3%) $273,124 (-0.7%) 0.69 1,136
2019-07-01 $214,950 (-4.4%) $265,140 (-2.8%) 0.67 1,102
2019-08-01 $212,591 (-4.7%) $267,106 (-0.6%) 0.67 1,068
2019-09-01 $216,477 (-3.8%) $271,486 (-1.2%) 0.69 1,063
2019-10-01 $219,068 (-2.6%) $276,606 (0.8%) 0.71 1,059
2019-11-01 $220,000 (-2.2%) $286,819 (4.8%) 0.72 1,062
2019-12-01 $219,500 (-0.2%) $287,306 (9.0%) 0.73 1,068
2020-01-01 $220,000 (0.1%) $288,169 (9.7%) 0.74 1,050
2020-02-01 $219,950 (3.1%) $284,953 (6.3%) 0.72 1,053
2020-03-01 $224,900 (3.9%) $293,805 (7.5%) 0.71 993
2020-04-01 $219,900 (0.8%) $289,291 (5.2%) 0.69 925
2020-05-01 $224,900 (3.4%) $298,424 (9.8%) 0.68 824
2020-06-01 $221,013 (0.5%) $295,795 (8.3%) 0.65 698
2020-07-01 $230,925 (7.4%) $312,487 (17.9%) 0.67 601
2020-08-01 $229,900 (8.1%) $309,860 (16.0%) 0.66 534
2020-09-01 $230,975 (6.7%) $320,811 (18.2%) 0.66 492
2020-10-01 $235,250 (7.4%) $314,721 (13.8%) 0.67 564
2020-11-01 $234,950 (6.8%) $311,424 (8.6%) 0.69 585
2020-12-01 $238,750 (8.8%) $329,546 (14.7%) 0.71 572
2021-01-01 $239,900 (9.1%) $335,770 (16.5%) 0.72 465
2021-02-01 $248,900 (13.2%) $377,274 (32.4%) 0.72 393
2021-03-01 $249,475 (10.9%) $390,486 (32.9%) 0.71 297
2021-04-01 $251,100 (14.2%) $377,127 (30.4%) 0.68 286
2021-05-01 $249,900 (11.1%) $398,408 (33.5%) 0.66 268
2021-06-01 $264,250 (19.6%) $401,526 (35.7%) 0.70 296
2021-07-01 $275,000 (19.1%) $408,716 (30.8%) 0.73 331
2021-08-01 $274,700 (19.5%) $411,121 (32.7%) 0.73 381
2021-09-01 $267,350 (15.8%) $408,761 (27.4%) 0.71 391
2021-10-01 $278,375 (18.3%) $418,069 (32.8%) 0.74 418
2021-11-01 $296,773 (26.3%) $436,646 (40.2%) 0.79 413
2021-12-01 $299,950 (25.6%) $445,120 (35.1%) 0.81 414
2022-01-01 $309,450 (29.0%) $462,183 (37.7%) 0.84 353
2022-02-01 $309,975 (24.5%) $467,543 (23.9%) 0.81 321
2022-03-01 $313,500 (25.7%) $462,616 (18.5%) 0.78 294
2022-04-01 $317,350 (26.4%) $433,865 (15.0%) 0.76 317
2022-05-01 $313,750 (25.6%) $424,159 (6.5%) 0.72 403
2022-06-01 $339,125 (28.3%) $456,400 (13.7%) 0.76 491
2022-07-01 $335,000 (21.8%) $435,160 (6.5%) 0.75 617
2022-08-01 $329,250 (19.9%) $408,647 (-0.6%) 0.76 658
2022-09-01 $319,450 (19.5%) $399,460 (-2.3%) 0.75 687
2022-10-01 $329,950 (18.5%) $409,196 (-2.1%) 0.78 741
2022-11-01 $327,250 (10.3%) $400,127 (-8.4%) 0.79 887
2022-12-01 $319,925 (6.7%) $390,272 (-12.3%) 0.79 938
2023-01-01 $321,313 (3.8%) $389,814 (-15.7%) 0.80 897
2023-02-01 $329,988 (6.5%) $400,165 (-14.4%) 0.80 861
2023-03-01 $332,475 (6.1%) $399,914 (-13.6%) 0.78 864
2023-04-01 $325,000 (2.4%) $395,965 (-8.7%) 0.76 832
2023-05-01 $324,950 (3.6%) $400,316 (-5.6%) 0.74 813
2023-06-01 $327,450 (-3.4%) $414,711 (-9.1%) 0.74 800
2023-07-01 $329,950 (-1.5%) $409,625 (-5.9%) 0.75 800
2023-08-01 $340,731 (3.5%) $414,244 (1.4%) 0.78 823
2023-09-01 $340,000 (6.4%) $414,749 (3.8%) 0.79 829
2023-10-01 $345,425 (4.7%) $415,283 (1.5%) 0.81 900
2023-11-01 $339,900 (3.9%) $409,366 (2.3%) 0.81 1,048
2023-12-01 $339,000 (6.0%) $409,102 (4.8%) 0.83 1,109
2024-01-01 $329,900 (2.7%) $400,867 (2.8%) 0.81 1,111
2024-02-01 $330,075 (0.0%) $403,422 (0.8%) 0.79 1,170
2024-03-01 $329,900 (-0.8%) $419,281 (4.8%) 0.78 1,237
2024-04-01 $332,450 (2.3%) $406,349 (2.6%) 0.77 1,242
Homosassa Springs's median listing price for 2024-04-01 was $332,450, a difference of $7,450 (2.3%) versus the prior year and $2,550 versus the prior month.

Homosassa Springs's median listing price comes in at 77% of the national average.

Homosassa Springs's average listing price for 2024-04-01 was $406,349, a difference of $10,384 (2.6%) versus the prior year and $-12,932 versus the prior month.

For the 2024-04-01 period, Homosassa Springs had 1,242 MLS listings, a difference of 5 listings (0%) versus the prior month and 410 listings (49%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Homosassa Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,869 sqft
2018-02-01 75 days 1,875 sqft
2018-03-01 66 days 1,884 sqft
2018-04-01 66 days 1,857 sqft
2018-05-01 68 days 1,848 sqft
2018-06-01 68 days 1,846 sqft
2018-07-01 72 days 1,831 sqft
2018-08-01 73 days 1,831 sqft
2018-09-01 74 days 1,830 sqft
2018-10-01 70 days 1,838 sqft
2018-11-01 69 days 1,841 sqft
2018-12-01 72 days 1,815 sqft
2019-01-01 79 days 1,822 sqft
2019-02-01 76 days 1,814 sqft
2019-03-01 74 days 1,808 sqft
2019-04-01 74 days 1,802 sqft
2019-05-01 75 days 1,795 sqft
2019-06-01 79 days 1,808 sqft
2019-07-01 79 days 1,789 sqft
2019-08-01 77 days 1,772 sqft
2019-09-01 74 days 1,773 sqft
2019-10-01 72 days 1,773 sqft
2019-11-01 68 days 1,817 sqft
2019-12-01 72 days 1,812 sqft
2020-01-01 75 days 1,816 sqft
2020-02-01 75 days 1,820 sqft
2020-03-01 70 days 1,829 sqft
2020-04-01 77 days 1,820 sqft
2020-05-01 89 days 1,820 sqft
2020-06-01 90 days 1,812 sqft
2020-07-01 66 days 1,823 sqft
2020-08-01 65 days 1,777 sqft
2020-09-01 61 days 1,746 sqft
2020-10-01 49 days 1,762 sqft
2020-11-01 50 days 1,727 sqft
2020-12-01 53 days 1,734 sqft
2021-01-01 61 days 1,726 sqft
2021-02-01 49 days 1,734 sqft
2021-03-01 42 days 1,709 sqft
2021-04-01 46 days 1,690 sqft
2021-05-01 40 days 1,656 sqft
2021-06-01 34 days 1,670 sqft
2021-07-01 37 days 1,706 sqft
2021-08-01 37 days 1,705 sqft
2021-09-01 41 days 1,706 sqft
2021-10-01 50 days 1,673 sqft
2021-11-01 46 days 1,762 sqft
2021-12-01 47 days 1,732 sqft
2022-01-01 47 days 1,725 sqft
2022-02-01 37 days 1,713 sqft
2022-03-01 36 days 1,698 sqft
2022-04-01 32 days 1,681 sqft
2022-05-01 30 days 1,679 sqft
2022-06-01 30 days 1,743 sqft
2022-07-01 35 days 1,739 sqft
2022-08-01 44 days 1,715 sqft
2022-09-01 48 days 1,705 sqft
2022-10-01 52 days 1,726 sqft
2022-11-01 50 days 1,719 sqft
2022-12-01 60 days 1,690 sqft
2023-01-01 72 days 1,700 sqft
2023-02-01 70 days 1,712 sqft
2023-03-01 55 days 1,714 sqft
2023-04-01 54 days 1,690 sqft
2023-05-01 54 days 1,693 sqft
2023-06-01 52 days 1,722 sqft
2023-07-01 56 days 1,720 sqft
2023-08-01 57 days 1,732 sqft
2023-09-01 58 days 1,726 sqft
2023-10-01 58 days 1,740 sqft
2023-11-01 53 days 1,707 sqft
2023-12-01 60 days 1,701 sqft
2024-01-01 70 days 1,699 sqft
2024-02-01 63 days 1,705 sqft
2024-03-01 57 days 1,692 sqft
2024-04-01 64 days 1,692 sqft
Homosassa Springs's median listing age (time on market) for 2024-04-01 was 64 days. This is 18% longer than the same period one year ago.

Homosassa Springs's median square footage for active listings during the 2024-04-01 period was 1,692 sqft. One year prior, the average listing was 1,690 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).