Mcallen FHA Loan Rates, Closing Costs & Stats

MCALLEN-EDINBURG-MISSION, TX

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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.

    Mcallen's 91 lenders originated 2,255 FHA loans during 2023. The total origination value was $560,055,000, with an average FHA loan value of $248,361.

    Mcallen FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mcallen averaged 6.51% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Mcallen's average FHA mortgage closing costs are $9,382.

    The average rate for the prior week (2025-02-07) was 6.42% and one month ago for the week of 2025-01-10, the average rate was 6.58%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.3%.

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

    Mcallen 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 Mcallen level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 240 6.52% $14,250
    WILLOW BEND MORTGAGE COMPANY, LLC 212 6.55% $17,210
    AMCAP MORTGAGE, LTD. 151 6.83% $12,407
    UNITED WHOLESALE MORTGAGE, LLC 131 6.13% $13,215
    ASCENT HOME LENDING, LLC 121 6.35% $14,929
    MOVEMENT MORTGAGE, LLC 120 6.39% $13,485
    CMG MORTGAGE, INC. 101 6.93% $14,051
    Nations Lending Corporation 74 6.79% $10,079
    NATIONS RELIABLE LENDING, LLC 72 6.09% $16,093
    Paramount Residential Mortgage Group, Inc. 69 6.24% $13,163
    QUICKEN LOANS, LLC 63 6.23% $12,071
    DIRECTIONS EQUITY, LLC 61 6.60% $10,930
    HOMESIDE FINANCIAL, LLC 56 6.46% $12,585
    EUSTIS AND AMERICAN MORTGAGE COMPANY 55 6.56% $11,819
    ACADEMY MORTGAGE CORPORATION 42 6.23% $12,126
    PLAZA HOME MORTGAGE, INC. 34 6.30% $11,983
    S1L, Inc. 24 6.65% $11,849
    DAS Acquisition Company, LLC 24 6.60% $11,136
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 6.83% $12,899
    FREEDOM MORTGAGE CORPORATION 21 6.03% $13,674
    AMERICAN PACIFIC MORTGAGE CORPORATION 18 6.73% $10,138
    SUN WEST MORTGAGE COMPANY, INC. 17 6.24% $12,427
    Town Square Mortgage & Investments, Inc. 14 6.97% $12,785
    PENNYMAC LOAN SERVICES, LLC 13 6.11% $13,665
    PRIMARY RESIDENTIAL MORTGAGE, INC. 13 6.54% $13,034
    Flagstar Bank, FSB 10 6.40% $12,397
    CARDINAL FINANCIAL 10 6.21% $12,227
    THRIVE MORTGAGE, LLC 10 6.73% $12,321
    EVERETT FINANCIAL, INC. 8 6.47% $10,230
    BROKER SOLUTIONS, INC. 7 6.86% $13,427
    Lone Star National Bank 7 6.71% $13,116
    Equity Prime Mortgage LLC 7 7.25% $13,459
    Gateway First Bank 6 6.67% $11,726
    AMERICAN FINANCIAL NETWORK, INC. 5 7.43% $15,992
    LOANDEPOT.COM, LLC 5 6.85% $14,217
    LAND HOME FINANCIAL SERVICES, INC. 5 6.63% $11,392
    NEWREZ LLC 5 6.60% $15,306
    LEADERONE FINANCIAL CORPORATION 4 7.09% $12,405
    Plains Commerce Bank 4 7.09% $10,371
    U.S. Bank 4 6.65% $11,208
    HALLMARK HOME MORTGAGE, LLC 4 6.81% $17,305
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.25% $11,398
    INTERLINC MORTGAGE SERVICES, LLC 4 7.34% $17,112
    PLANET HOME LENDING, LLC 4 5.90% $9,082
    Loan Simple, Inc. 3 6.33% $11,175
    CALCON MUTUAL MORTGAGE LLC 3 7.25% $13,243
    Carrington Mortgage Services, LLC 3 6.50% $14,912
    CHURCHILL MORTGAGE CORPORATION 3 6.83% $12,342
    GUARANTEED RATE, INC. 3 6.42% $10,910
    MORTGAGE FINANCIAL SERVICES, LLC 3 6.67% $15,861
    PNC Bank 3 6.42% $7,818
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.79% $12,389
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.71% $9,288
    UNION HOME MORTGAGE CORP. 3 7.13% $16,934
    TIB The Independent Bankersbank 2 6.56% $7,131
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $6,898
    First National Bank Texas 2 6.88% $11,113
    Bank of England 2 7.25% $10,822
    DRAPER AND KRAMER MORTGAGE CORP. 2 5.94% $10,349
    MANN FINANCIAL INC. 2 6.00% $11,629
    Mortgage Research Center, LLC 2 7.19% $7,557
    The Loan Store, Inc. 2 7.00% $12,890
    CORNERSTONE HOME LENDING, INC. 2 6.50% $9,345
    GUILD MORTGAGE COMPANY 1 6.38% $8,006
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $12,496
    First United Bank and Trust Company 1 6.38% $19,542
    VILLAGE CAPITAL MORTGAGE 1 7.25% $3,716
    Wells Fargo Bank 1 6.63% $7,714
    CANOPY MORTGAGE, LLC 1 8.00% $21,296
    RESIDENTIAL BANCORP 1 6.75% $9,406
    BECKAM FUNDING CORP. 1 6.25% $14,001
    Sunflower Bank 1 6.49% $14,969
    T2 FINANCIAL LLC 1 8.25% $5,725
    The Federal Savings Bank 1 6.13% $8,820
    Bank of America 1 5.75% $13,169
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,981
    ZILLOW HOME LOANS, LLC 1 7.00% $8,027
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $19,463
    MID AMERICA MORTGAGE, INC. 1 5.50% $6,500
    AMERICAN FINANCING CORPORATION 1 6.75% $10,982
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.63% $12,547
    NATIONS DIRECT MORTGAGE, LLC 1 5.75% $11,104
    MICHIGAN MUTUAL, INC. 1 7.13% $11,719
    HOMEXPRESS MORTGAGE CORP. 1 6.50% $18,781
    Neighborhood Loans, Inc. 1 6.99% $8,754
    Network Funding, L.P. 1 6.75% $10,585
    Hometown Equity Mortgage, LLC 1 7.25% $22,063
    NJ LENDERS CORP. 1 5.50% $12,117
    OCMBC, INC. 1 6.88% $18,478
    Origin Bank 1 5.75% $9,529
    HOME FUNDING CORPORATION 1 6.50% $25,552

    The top Mcallen FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 240 FHA loans originated. Their average total fees are $14,250, which is $2,959 lower than the next largest lender, WILLOW BEND MORTGAGE COMPANY, LLC.

    The lowest fee Mcallen FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($10,079), AMERICAN PACIFIC MORTGAGE CORPORATION ($10,138), DIRECTIONS EQUITY, LLC ($10,930), DAS Acquisition Company, LLC ($11,136) and EUSTIS AND AMERICAN MORTGAGE COMPANY ($11,819).

    The lowest rate Mcallen FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (6.03%), NATIONS RELIABLE LENDING, LLC (6.09%), PENNYMAC LOAN SERVICES, LLC (6.11%), UNITED WHOLESALE MORTGAGE, LLC (6.13%) and CARDINAL FINANCIAL (6.21%).

    Mcallen FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MCALLEN-EDINBURG-MISSION, TX HIDALGO 2022 $420,680 $538,650 $651,050 $809,150
    MCALLEN-EDINBURG-MISSION, TX HIDALGO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mcallen (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 $189,000 (2.2%) $243,293 (-1.0%) 0.70 2,103
    2018-02-01 $189,900 (2.7%) $243,498 (-0.9%) 0.69 2,106
    2018-03-01 $189,900 (0.5%) $247,255 (0.6%) 0.67 2,105
    2018-04-01 $195,000 (4.3%) $251,653 (3.2%) 0.66 2,047
    2018-05-01 $195,250 (3.1%) $252,491 (2.8%) 0.65 2,051
    2018-06-01 $198,000 (4.2%) $251,226 (2.1%) 0.66 2,081
    2018-07-01 $195,000 (2.6%) $249,817 (0.1%) 0.65 2,060
    2018-08-01 $195,375 (3.4%) $249,455 (0.9%) 0.65 2,011
    2018-09-01 $196,450 (3.5%) $250,037 (0.2%) 0.66 1,990
    2018-10-01 $192,000 (-0.1%) $243,792 (-2.0%) 0.65 2,022
    2018-11-01 $189,935 (-2.3%) $243,436 (-2.5%) 0.64 2,084
    2018-12-01 $189,900 (0.0%) $241,472 (-1.6%) 0.66 2,050
    2019-01-01 $189,700 (0.4%) $241,879 (-0.6%) 0.66 2,014
    2019-02-01 $189,950 (0.0%) $241,573 (-0.8%) 0.64 2,078
    2019-03-01 $191,857 (1.0%) $242,273 (-2.0%) 0.63 2,109
    2019-04-01 $195,000 (0.0%) $247,171 (-1.8%) 0.62 2,042
    2019-05-01 $197,250 (1.0%) $249,232 (-1.3%) 0.62 1,994
    2019-06-01 $198,970 (0.5%) $252,527 (0.5%) 0.62 2,010
    2019-07-01 $198,250 (1.7%) $256,158 (2.5%) 0.62 2,029
    2019-08-01 $197,182 (0.9%) $256,777 (2.9%) 0.62 2,026
    2019-09-01 $195,955 (-0.3%) $257,539 (3.0%) 0.63 2,014
    2019-10-01 $195,000 (1.6%) $258,477 (6.0%) 0.63 2,005
    2019-11-01 $195,000 (2.7%) $258,292 (6.1%) 0.64 1,960
    2019-12-01 $197,500 (4.0%) $259,832 (7.6%) 0.66 1,913
    2020-01-01 $195,125 (2.9%) $258,965 (7.1%) 0.65 1,849
    2020-02-01 $195,000 (2.7%) $258,596 (7.1%) 0.64 1,882
    2020-03-01 $199,000 (3.7%) $262,597 (8.4%) 0.62 1,850
    2020-04-01 $198,725 (1.9%) $263,046 (6.4%) 0.62 1,861
    2020-05-01 $199,400 (1.1%) $264,869 (6.3%) 0.61 1,708
    2020-06-01 $209,625 (5.4%) $274,497 (8.7%) 0.62 1,450
    2020-07-01 $213,599 (7.7%) $278,648 (8.8%) 0.62 1,279
    2020-08-01 $215,000 (9.0%) $279,508 (8.9%) 0.62 1,169
    2020-09-01 $221,500 (13.0%) $286,987 (11.4%) 0.63 1,061
    2020-10-01 $228,200 (17.0%) $289,883 (12.2%) 0.65 1,093
    2020-11-01 $228,550 (17.2%) $289,765 (12.2%) 0.67 1,154
    2020-12-01 $228,000 (15.4%) $294,272 (13.3%) 0.68 1,159
    2021-01-01 $220,000 (12.8%) $294,057 (13.6%) 0.66 1,115
    2021-02-01 $225,000 (15.4%) $303,598 (17.4%) 0.66 1,043
    2021-03-01 $234,750 (18.0%) $313,695 (19.5%) 0.67 957
    2021-04-01 $239,950 (20.7%) $320,371 (21.8%) 0.65 890
    2021-05-01 $249,900 (25.3%) $336,660 (27.1%) 0.66 814
    2021-06-01 $255,250 (21.8%) $350,470 (27.7%) 0.67 796
    2021-07-01 $260,000 (21.7%) $353,322 (26.8%) 0.69 808
    2021-08-01 $262,125 (21.9%) $354,293 (26.8%) 0.70 822
    2021-09-01 $264,700 (19.5%) $352,923 (23.0%) 0.71 987
    2021-10-01 $265,000 (16.1%) $348,299 (20.2%) 0.71 997
    2021-11-01 $261,000 (14.2%) $343,329 (18.5%) 0.70 1,015
    2021-12-01 $256,975 (12.7%) $339,851 (15.5%) 0.70 1,032
    2022-01-01 $259,000 (17.7%) $340,299 (15.7%) 0.70 943
    2022-02-01 $258,950 (15.1%) $343,963 (13.3%) 0.67 929
    2022-03-01 $258,901 (10.3%) $347,182 (10.7%) 0.65 900
    2022-04-01 $258,495 (7.7%) $352,418 (10.0%) 0.62 886
    2022-05-01 $275,000 (10.0%) $359,535 (6.8%) 0.63 957
    2022-06-01 $272,500 (6.8%) $362,516 (3.4%) 0.61 1,037
    2022-07-01 $270,000 (3.9%) $359,391 (1.7%) 0.61 1,186
    2022-08-01 $275,000 (4.9%) $352,458 (-0.5%) 0.64 1,311
    2022-09-01 $269,000 (1.6%) $342,482 (-3.0%) 0.63 1,422
    2022-10-01 $275,000 (3.8%) $349,368 (0.3%) 0.65 1,456
    2022-11-01 $278,850 (6.8%) $351,377 (2.3%) 0.67 1,535
    2022-12-01 $279,900 (8.9%) $351,991 (3.6%) 0.69 1,533
    2023-01-01 $280,200 (8.2%) $353,755 (4.0%) 0.69 1,561
    2023-02-01 $283,000 (9.3%) $357,159 (3.8%) 0.68 1,562
    2023-03-01 $285,000 (10.1%) $360,221 (3.8%) 0.67 1,541
    2023-04-01 $285,510 (10.5%) $359,392 (2.0%) 0.67 1,531
    2023-05-01 $287,125 (4.4%) $355,430 (-1.1%) 0.65 1,526
    2023-06-01 $289,000 (6.1%) $355,341 (-2.0%) 0.65 1,556
    2023-07-01 $288,000 (6.7%) $349,817 (-2.7%) 0.66 1,655
    2023-08-01 $286,500 (4.2%) $347,329 (-1.5%) 0.66 1,735
    2023-09-01 $285,000 (6.0%) $342,232 (-0.1%) 0.66 1,834
    2023-10-01 $280,000 (1.8%) $337,922 (-3.3%) 0.66 1,937
    2023-11-01 $279,925 (0.4%) $336,711 (-4.2%) 0.67 2,007
    2023-12-01 $279,000 (-0.3%) $331,910 (-5.7%) 0.68 2,041
    2024-01-01 $275,000 (-1.9%) $329,659 (-6.8%) 0.67 2,129
    2024-02-01 $275,000 (-2.8%) $327,181 (-8.4%) 0.66 2,212
    2024-03-01 $278,000 (-2.5%) $329,160 (-8.6%) 0.65 2,288
    2024-04-01 $277,500 (-2.8%) $333,372 (-7.2%) 0.65 2,272
    2024-05-01 $279,000 (-2.8%) $330,387 (-7.1%) 0.63 2,331
    2024-06-01 $272,000 (-5.9%) $328,307 (-7.6%) 0.62 2,379
    2024-07-01 $272,375 (-5.4%) $324,969 (-7.1%) 0.62 2,440
    2024-08-01 $278,250 (-2.9%) $327,440 (-5.7%) 0.65 2,469
    2024-09-01 $275,000 (-3.5%) $327,628 (-4.3%) 0.65 2,592
    2024-10-01 $273,625 (-2.3%) $327,110 (-3.2%) 0.64 2,658
    2024-11-01 $270,000 (-3.6%) $324,252 (-3.7%) 0.65 2,801
    2024-12-01 $270,000 (-3.2%) $323,586 (-2.5%) 0.67 2,793
    2025-01-01 $270,000 (-1.8%) $324,078 (-1.7%) 0.00 2,723
    Mcallen's median listing price for 2025-01-01 was $270,000, a difference of $-5,000 (-1.8%) versus the prior year and $0 versus the prior month.

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

    Mcallen's average listing price for 2025-01-01 was $324,078, a difference of $-5,581 (-1.7%) versus the prior year and $492 versus the prior month.

    For the 2025-01-01 period, Mcallen had 2,723 MLS listings, a difference of -70 listings (-3%) versus the prior month and 594 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mcallen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 102 days 2,121 sqft
    2018-02-01 96 days 2,112 sqft
    2018-03-01 87 days 2,119 sqft
    2018-04-01 81 days 2,155 sqft
    2018-05-01 80 days 2,171 sqft
    2018-06-01 87 days 2,177 sqft
    2018-07-01 91 days 2,166 sqft
    2018-08-01 86 days 2,125 sqft
    2018-09-01 87 days 2,131 sqft
    2018-10-01 78 days 2,071 sqft
    2018-11-01 79 days 2,062 sqft
    2018-12-01 85 days 2,051 sqft
    2019-01-01 91 days 2,033 sqft
    2019-02-01 91 days 2,022 sqft
    2019-03-01 74 days 2,006 sqft
    2019-04-01 69 days 2,015 sqft
    2019-05-01 78 days 2,024 sqft
    2019-06-01 79 days 2,058 sqft
    2019-07-01 83 days 2,045 sqft
    2019-08-01 86 days 2,041 sqft
    2019-09-01 87 days 2,027 sqft
    2019-10-01 88 days 2,018 sqft
    2019-11-01 78 days 2,016 sqft
    2019-12-01 80 days 2,047 sqft
    2020-01-01 81 days 2,012 sqft
    2020-02-01 82 days 2,000 sqft
    2020-03-01 62 days 2,034 sqft
    2020-04-01 74 days 2,007 sqft
    2020-05-01 86 days 1,994 sqft
    2020-06-01 97 days 2,021 sqft
    2020-07-01 84 days 2,066 sqft
    2020-08-01 72 days 2,022 sqft
    2020-09-01 65 days 2,100 sqft
    2020-10-01 52 days 2,112 sqft
    2020-11-01 50 days 2,100 sqft
    2020-12-01 60 days 2,028 sqft
    2021-01-01 67 days 1,979 sqft
    2021-02-01 63 days 2,001 sqft
    2021-03-01 56 days 2,027 sqft
    2021-04-01 52 days 2,054 sqft
    2021-05-01 49 days 2,100 sqft
    2021-06-01 44 days 2,080 sqft
    2021-07-01 45 days 2,076 sqft
    2021-08-01 46 days 2,065 sqft
    2021-09-01 47 days 2,075 sqft
    2021-10-01 48 days 2,043 sqft
    2021-11-01 49 days 2,023 sqft
    2021-12-01 52 days 1,993 sqft
    2022-01-01 61 days 1,972 sqft
    2022-02-01 53 days 1,945 sqft
    2022-03-01 40 days 1,892 sqft
    2022-04-01 38 days 1,892 sqft
    2022-05-01 39 days 1,966 sqft
    2022-06-01 40 days 1,984 sqft
    2022-07-01 43 days 1,927 sqft
    2022-08-01 46 days 1,898 sqft
    2022-09-01 49 days 1,852 sqft
    2022-10-01 55 days 1,858 sqft
    2022-11-01 59 days 1,880 sqft
    2022-12-01 67 days 1,896 sqft
    2023-01-01 72 days 1,899 sqft
    2023-02-01 66 days 1,902 sqft
    2023-03-01 58 days 1,901 sqft
    2023-04-01 57 days 1,894 sqft
    2023-05-01 58 days 1,871 sqft
    2023-06-01 57 days 1,882 sqft
    2023-07-01 56 days 1,875 sqft
    2023-08-01 55 days 1,868 sqft
    2023-09-01 56 days 1,847 sqft
    2023-10-01 59 days 1,835 sqft
    2023-11-01 66 days 1,810 sqft
    2023-12-01 71 days 1,800 sqft
    2024-01-01 73 days 1,774 sqft
    2024-02-01 63 days 1,758 sqft
    2024-03-01 59 days 1,769 sqft
    2024-04-01 64 days 1,781 sqft
    2024-05-01 64 days 1,784 sqft
    2024-06-01 63 days 1,755 sqft
    2024-07-01 66 days 1,736 sqft
    2024-08-01 66 days 1,762 sqft
    2024-09-01 68 days 1,750 sqft
    2024-10-01 71 days 1,736 sqft
    2024-11-01 72 days 1,726 sqft
    2024-12-01 78 days 1,716 sqft
    2025-01-01 0 days 1,717 sqft
    Mcallen'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.

    Mcallen's median square footage for active listings during the 2025-01-01 period was 1,717 sqft. One year prior, the average listing was 1,774 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).