Shreveport FHA Loan Rates, Closing Costs & Stats

SHREVEPORT-BOSSIER CITY, LA

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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.

    Shreveport's 90 lenders originated 1,148 FHA loans during 2023. The total origination value was $230,180,000, with an average FHA loan value of $200,505.

    Shreveport FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Shreveport averaged 6.29% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Shreveport's average FHA mortgage closing costs are $6,736.

    The average rate for the prior week (2025-02-07) was 6.3% and one month ago for the week of 2025-01-10, the average rate was 6.77%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.04%.

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

    Shreveport 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 Shreveport level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIDELITY BANK 101 6.58% $8,261
    EUSTIS AND AMERICAN MORTGAGE COMPANY 72 6.87% $8,663
    UNITED WHOLESALE MORTGAGE, LLC 71 6.52% $10,394
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 60 6.87% $8,131
    MOVEMENT MORTGAGE, LLC 60 6.69% $8,929
    QUICKEN LOANS, LLC 52 6.20% $8,642
    PLANET HOME LENDING, LLC 42 7.02% $9,581
    NEWREZ LLC 35 6.46% $9,151
    Gateway First Bank 34 6.75% $6,785
    Assurance Financial Group, L.L.C. 30 6.97% $10,484
    DSLD MORTGAGE, LLC 27 6.45% $5,913
    Origin Bank 26 6.62% $7,314
    Red River Bank 25 6.15% $6,208
    BROKER SOLUTIONS, INC. 25 6.84% $11,585
    GUILD MORTGAGE COMPANY 24 6.97% $9,084
    Equity Prime Mortgage LLC 23 6.93% $10,519
    UNION HOME MORTGAGE CORP. 23 6.76% $9,323
    BancorpSouth 21 6.29% $7,567
    DRAPER AND KRAMER MORTGAGE CORP. 19 6.93% $9,201
    PANORAMA MORTGAGE GROUP, LLC 19 6.90% $10,232
    MORTGAGE FINANCIAL SERVICES, LLC 14 6.46% $8,725
    Regions Bank 12 6.05% $8,794
    Home Federal Bank 12 6.53% $6,960
    LOANDEPOT.COM, LLC 11 6.29% $9,253
    CROSSCOUNTRY MORTGAGE, LLC 10 6.98% $13,466
    STOCKTON MORTGAGE CORPORATION 10 6.90% $14,466
    HOMESTAR FINANCIAL CORPORATION 10 6.90% $8,121
    STANDARD MORTGAGE CORPORATION 9 5.97% $8,236
    FirstTrust Home Loans, Inc. 8 6.55% $8,826
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 8 6.44% $8,846
    CARDINAL FINANCIAL 7 6.38% $7,685
    FREEDOM MORTGAGE CORPORATION 7 7.04% $11,751
    PENNYMAC LOAN SERVICES, LLC 7 6.05% $9,894
    Carrington Mortgage Services, LLC 6 6.27% $8,786
    GMFS LLC 6 6.44% $7,309
    BARKSDALE 6 6.83% $7,532
    JPMorgan Chase Bank 6 6.96% $3,862
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 7.06% $8,954
    PIERREMONT MORTGAGE, INC. 5 6.43% $4,112
    Mr. Cooper ( Nationstar Mortgage ) 5 6.00% $9,549
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.80% $10,075
    SUN WEST MORTGAGE COMPANY, INC. 5 6.35% $8,730
    GUARANTEED RATE, INC. 4 6.41% $8,645
    FIRST COMMUNITY MORTGAGE, INC. 4 6.78% $9,370
    ZILLOW HOME LOANS, LLC 3 6.54% $7,854
    AMERICAN FINANCIAL NETWORK, INC. 3 7.33% $12,330
    BAYSHORE MORTGAGE FUNDING, LLC 3 7.17% $11,646
    CALIBER HOME LOANS, INC. 3 5.63% $11,211
    LAND HOME FINANCIAL SERVICES, INC. 3 6.83% $10,855
    Mortgage Research Center, LLC 3 6.58% $7,193
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.83% $7,974
    OCMBC, INC. 3 7.33% $10,409
    Plains Commerce Bank 3 6.50% $10,956
    RELIANCE FIRST CAPITAL, LLC 3 7.00% $9,151
    The Federal Savings Bank 3 6.33% $13,217
    Wells Fargo Bank 2 6.63% $6,221
    Paramount Residential Mortgage Group, Inc. 2 6.69% $9,227
    THRIVE MORTGAGE, LLC 2 6.19% $12,166
    Sabine State Bank and Trust Company 2 6.50% $9,794
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.19% $7,954
    Trustmark National Bank 2 6.75% $7,158
    AMERISAVE MORTGAGE CORPORATION 2 6.44% $9,512
    LAKEVIEW LOAN SERVICING, LLC 2 5.88% $9,737
    PLAZA HOME MORTGAGE, INC. 2 6.44% $8,711
    EMM LOANS LLC 2 6.69% $13,387
    Eagle Bank and Trust Company 2 7.06% $9,491
    CHURCHILL MORTGAGE CORPORATION 2 6.44% $10,574
    Community Bank of Mississippi 1 6.25% $5,512
    Citizens Bank 1 6.25% $6,832
    AHL FUNDING 1 7.49% $12,921
    The Loan Store, Inc. 1 7.13% $14,034
    TIB The Independent Bankersbank 1 6.88% $9,157
    TOP FLITE FINANCIAL, INC. 1 6.75% $11,635
    UNITED SECURITY FINANCIAL CORP 1 7.38% $7,955
    M&T Bank 1 6.75% $6,635
    Northpointe Bank 1 5.63% $9,946
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $10,880
    MEMBER ADVANTAGE MORTGAGE, LLC 1 6.25% $10,477
    MID AMERICA MORTGAGE, INC. 1 7.75% $3,606
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $10,072
    Lakeview Community Capital, LLC 1 5.63% $9,174
    VILLAGE CAPITAL MORTGAGE 1 6.38% $10,021
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.12% $14,747
    PREMIA MORTGAGE, LLC 1 6.25% $9,122
    Prosperity Home Mortgage, LLC 1 7.63% $8,052
    Goldwater Bank, N.A. 1 5.25% $8,371
    Renasant Bank 1 6.00% $7,998
    SENTE MORTGAGE, INC. 1 6.25% $16,928
    SIRVA MORTGAGE, INC. 1 7.50% $11,432
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.75% $8,838

    The top Shreveport FHA lender as defined by loan originations is FIDELITY BANK, with 101 FHA loans originated. Their average total fees are $8,261, which is $403 lower than the next largest lender, EUSTIS AND AMERICAN MORTGAGE COMPANY.

    The lowest fee Shreveport FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($5,913), Red River Bank ($6,208), Gateway First Bank ($6,785), Home Federal Bank ($6,960) and Origin Bank ($7,314).

    The lowest rate Shreveport FHA lenders (with over 10 loans originated) are Regions Bank (6.05%), Red River Bank (6.15%), QUICKEN LOANS, LLC (6.20%), BancorpSouth (6.29%) and LOANDEPOT.COM, LLC (6.29%).

    Shreveport FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SHREVEPORT-BOSSIER CITY, LA BOSSIER 2022 $420,680 $538,650 $651,050 $809,150
    SHREVEPORT-BOSSIER CITY, LA CADDO 2022 $420,680 $538,650 $651,050 $809,150
    SHREVEPORT-BOSSIER CITY, LA DE SOTO 2022 $420,680 $538,650 $651,050 $809,150
    SHREVEPORT-BOSSIER CITY, LA BOSSIER 2023 $472,030 $604,400 $730,525 $907,900
    SHREVEPORT-BOSSIER CITY, LA CADDO 2023 $472,030 $604,400 $730,525 $907,900
    SHREVEPORT-BOSSIER CITY, LA DE SOTO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Shreveport (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 $183,950 (1.9%) $234,762 (3.1%) 0.68 2,000
    2018-02-01 $186,750 (1.0%) $237,362 (2.2%) 0.68 1,991
    2018-03-01 $189,900 (2.4%) $239,566 (1.1%) 0.67 2,009
    2018-04-01 $193,700 (2.4%) $244,094 (1.3%) 0.66 2,107
    2018-05-01 $192,875 (1.6%) $247,710 (2.2%) 0.64 2,102
    2018-06-01 $196,900 (3.8%) $250,320 (2.9%) 0.66 2,107
    2018-07-01 $194,800 (3.1%) $250,200 (4.1%) 0.65 2,169
    2018-08-01 $199,000 (6.7%) $248,492 (3.8%) 0.67 2,174
    2018-09-01 $195,450 (5.7%) $247,384 (4.4%) 0.66 2,122
    2018-10-01 $199,000 (7.6%) $249,598 (6.7%) 0.67 2,062
    2018-11-01 $195,125 (5.5%) $245,870 (5.5%) 0.66 2,049
    2018-12-01 $194,000 (5.2%) $244,477 (4.4%) 0.67 2,008
    2019-01-01 $195,925 (6.5%) $243,564 (3.8%) 0.68 1,949
    2019-02-01 $199,900 (7.0%) $244,576 (3.0%) 0.68 1,985
    2019-03-01 $201,229 (6.0%) $247,579 (3.3%) 0.66 2,016
    2019-04-01 $203,653 (5.1%) $251,679 (3.1%) 0.65 2,040
    2019-05-01 $208,418 (8.1%) $255,239 (3.0%) 0.65 2,011
    2019-06-01 $204,000 (3.6%) $250,874 (0.2%) 0.64 1,963
    2019-07-01 $200,000 (2.7%) $250,986 (0.3%) 0.63 1,964
    2019-08-01 $203,364 (2.2%) $250,558 (0.8%) 0.64 1,950
    2019-09-01 $200,909 (2.8%) $250,152 (1.1%) 0.64 1,912
    2019-10-01 $197,000 (-1.0%) $249,064 (-0.2%) 0.64 1,880
    2019-11-01 $192,900 (-1.1%) $243,826 (-0.8%) 0.63 1,819
    2019-12-01 $192,275 (-0.9%) $241,936 (-1.0%) 0.64 1,785
    2020-01-01 $192,400 (-1.8%) $245,269 (0.7%) 0.64 1,689
    2020-02-01 $190,733 (-4.6%) $245,545 (0.4%) 0.62 1,657
    2020-03-01 $195,563 (-2.8%) $251,873 (1.7%) 0.61 1,669
    2020-04-01 $199,900 (-1.8%) $254,736 (1.2%) 0.63 1,651
    2020-05-01 $208,000 (-0.2%) $256,462 (0.5%) 0.63 1,540
    2020-06-01 $209,950 (2.9%) $271,830 (8.4%) 0.62 1,290
    2020-07-01 $210,000 (5.0%) $281,385 (12.1%) 0.61 1,234
    2020-08-01 $200,000 (-1.7%) $284,022 (13.4%) 0.57 1,152
    2020-09-01 $207,725 (3.4%) $285,030 (13.9%) 0.59 1,112
    2020-10-01 $199,900 (1.5%) $277,948 (11.6%) 0.57 1,076
    2020-11-01 $193,700 (0.4%) $275,470 (13.0%) 0.57 1,044
    2020-12-01 $182,875 (-4.9%) $270,432 (11.8%) 0.54 979
    2021-01-01 $179,900 (-6.5%) $267,527 (9.1%) 0.54 938
    2021-02-01 $179,250 (-6.0%) $270,564 (10.2%) 0.52 793
    2021-03-01 $171,975 (-12.1%) $269,769 (7.1%) 0.49 768
    2021-04-01 $199,950 (0.0%) $283,421 (11.3%) 0.54 385
    2021-05-01 $180,000 (-13.5%) $259,550 (1.2%) 0.48 487
    2021-06-01 $183,500 (-12.6%) $262,154 (-3.6%) 0.48 566
    2021-07-01 $171,000 (-18.6%) $260,663 (-7.4%) 0.45 702
    2021-08-01 $168,500 (-15.8%) $248,208 (-12.6%) 0.45 756
    2021-09-01 $162,950 (-21.6%) $236,860 (-16.9%) 0.43 780
    2021-10-01 $165,000 (-17.5%) $251,286 (-9.6%) 0.44 702
    2021-11-01 $162,475 (-16.1%) $246,107 (-10.7%) 0.43 735
    2021-12-01 $162,875 (-10.9%) $242,638 (-10.3%) 0.44 718
    2022-01-01 $167,500 (-6.9%) $242,146 (-9.5%) 0.45 626
    2022-02-01 $167,075 (-6.8%) $249,169 (-7.9%) 0.43 550
    2022-03-01 $180,813 (5.1%) $278,890 (3.4%) 0.45 477
    2022-04-01 $199,900 (0.0%) $286,714 (1.2%) 0.48 485
    2022-05-01 $205,425 (14.1%) $288,842 (11.3%) 0.47 518
    2022-06-01 $229,900 (25.3%) $314,081 (19.8%) 0.51 603
    2022-07-01 $235,000 (37.4%) $316,226 (21.3%) 0.53 728
    2022-08-01 $225,000 (33.5%) $299,938 (20.8%) 0.52 762
    2022-09-01 $219,000 (34.4%) $290,493 (22.6%) 0.51 814
    2022-10-01 $220,000 (33.3%) $288,998 (15.0%) 0.52 841
    2022-11-01 $229,450 (41.2%) $291,502 (18.5%) 0.55 865
    2022-12-01 $229,000 (40.6%) $281,072 (15.8%) 0.57 854
    2023-01-01 $229,000 (36.7%) $282,286 (16.6%) 0.57 802
    2023-02-01 $229,000 (37.1%) $283,302 (13.7%) 0.55 747
    2023-03-01 $234,725 (29.8%) $289,590 (3.8%) 0.55 764
    2023-04-01 $239,950 (20.0%) $295,412 (3.0%) 0.56 793
    2023-05-01 $237,100 (15.4%) $288,860 (0.0%) 0.54 787
    2023-06-01 $247,500 (7.7%) $286,596 (-8.8%) 0.56 837
    2023-07-01 $253,600 (7.9%) $291,783 (-7.7%) 0.58 868
    2023-08-01 $247,200 (9.9%) $289,880 (-3.4%) 0.57 1,029
    2023-09-01 $245,000 (11.9%) $288,794 (-0.6%) 0.57 1,062
    2023-10-01 $246,500 (12.1%) $287,308 (-0.6%) 0.58 1,105
    2023-11-01 $249,450 (8.7%) $294,409 (1.0%) 0.59 1,152
    2023-12-01 $245,500 (7.2%) $289,758 (3.1%) 0.60 1,126
    2024-01-01 $249,900 (9.1%) $289,657 (2.6%) 0.61 1,059
    2024-02-01 $245,675 (7.3%) $294,333 (3.9%) 0.59 1,051
    2024-03-01 $242,500 (3.3%) $295,438 (2.0%) 0.57 1,057
    2024-04-01 $239,975 (0.0%) $302,326 (2.3%) 0.56 1,065
    2024-05-01 $241,675 (1.9%) $304,480 (5.4%) 0.54 1,126
    2024-06-01 $239,000 (-3.4%) $297,236 (3.7%) 0.53 1,168
    2024-07-01 $239,950 (-5.4%) $294,975 (1.1%) 0.55 1,226
    2024-08-01 $239,900 (-3.0%) $290,998 (0.4%) 0.56 1,265
    2024-09-01 $239,700 (-2.2%) $289,220 (0.2%) 0.56 1,313
    2024-10-01 $241,500 (-2.0%) $295,119 (2.7%) 0.57 1,328
    2024-11-01 $249,480 (0.0%) $304,021 (3.3%) 0.60 1,306
    2024-12-01 $243,125 (-1.0%) $300,138 (3.6%) 0.60 1,300
    2025-01-01 $247,450 (-1.0%) $298,888 (3.2%) 0.00 1,303
    Shreveport's median listing price for 2025-01-01 was $247,450, a difference of $-2,450 (-1.0%) versus the prior year and $4,325 versus the prior month.

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

    Shreveport's average listing price for 2025-01-01 was $298,888, a difference of $9,231 (3.2%) versus the prior year and $-1,250 versus the prior month.

    For the 2025-01-01 period, Shreveport had 1,303 MLS listings, a difference of 3 listings (0%) versus the prior month and 244 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Shreveport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 1,860 sqft
    2018-02-01 89 days 1,872 sqft
    2018-03-01 71 days 1,883 sqft
    2018-04-01 62 days 1,900 sqft
    2018-05-01 64 days 1,913 sqft
    2018-06-01 67 days 1,933 sqft
    2018-07-01 68 days 1,932 sqft
    2018-08-01 71 days 1,939 sqft
    2018-09-01 78 days 1,940 sqft
    2018-10-01 82 days 1,945 sqft
    2018-11-01 84 days 1,922 sqft
    2018-12-01 86 days 1,894 sqft
    2019-01-01 89 days 1,890 sqft
    2019-02-01 80 days 1,901 sqft
    2019-03-01 73 days 1,909 sqft
    2019-04-01 66 days 1,928 sqft
    2019-05-01 66 days 1,934 sqft
    2019-06-01 73 days 1,915 sqft
    2019-07-01 73 days 1,915 sqft
    2019-08-01 72 days 1,906 sqft
    2019-09-01 73 days 1,892 sqft
    2019-10-01 74 days 1,871 sqft
    2019-11-01 74 days 1,850 sqft
    2019-12-01 81 days 1,844 sqft
    2020-01-01 83 days 1,849 sqft
    2020-02-01 74 days 1,840 sqft
    2020-03-01 64 days 1,862 sqft
    2020-04-01 68 days 1,878 sqft
    2020-05-01 75 days 1,889 sqft
    2020-06-01 71 days 1,932 sqft
    2020-07-01 65 days 1,940 sqft
    2020-08-01 59 days 1,946 sqft
    2020-09-01 56 days 1,960 sqft
    2020-10-01 56 days 1,928 sqft
    2020-11-01 63 days 1,899 sqft
    2020-12-01 68 days 1,863 sqft
    2021-01-01 69 days 1,818 sqft
    2021-02-01 58 days 1,789 sqft
    2021-03-01 55 days 1,789 sqft
    2021-04-01 20 days 1,913 sqft
    2021-05-01 31 days 1,787 sqft
    2021-06-01 42 days 1,786 sqft
    2021-07-01 38 days 1,730 sqft
    2021-08-01 47 days 1,710 sqft
    2021-09-01 51 days 1,670 sqft
    2021-10-01 58 days 1,714 sqft
    2021-11-01 53 days 1,713 sqft
    2021-12-01 59 days 1,694 sqft
    2022-01-01 71 days 1,696 sqft
    2022-02-01 72 days 1,692 sqft
    2022-03-01 57 days 1,735 sqft
    2022-04-01 50 days 1,732 sqft
    2022-05-01 42 days 1,800 sqft
    2022-06-01 35 days 1,848 sqft
    2022-07-01 38 days 1,828 sqft
    2022-08-01 46 days 1,823 sqft
    2022-09-01 54 days 1,800 sqft
    2022-10-01 54 days 1,804 sqft
    2022-11-01 59 days 1,832 sqft
    2022-12-01 65 days 1,830 sqft
    2023-01-01 74 days 1,829 sqft
    2023-02-01 63 days 1,834 sqft
    2023-03-01 58 days 1,870 sqft
    2023-04-01 52 days 1,854 sqft
    2023-05-01 55 days 1,793 sqft
    2023-06-01 52 days 1,791 sqft
    2023-07-01 53 days 1,864 sqft
    2023-08-01 53 days 1,838 sqft
    2023-09-01 58 days 1,868 sqft
    2023-10-01 62 days 1,871 sqft
    2023-11-01 63 days 1,900 sqft
    2023-12-01 66 days 1,866 sqft
    2024-01-01 80 days 1,872 sqft
    2024-02-01 70 days 1,849 sqft
    2024-03-01 56 days 1,842 sqft
    2024-04-01 54 days 1,849 sqft
    2024-05-01 51 days 1,860 sqft
    2024-06-01 54 days 1,847 sqft
    2024-07-01 57 days 1,825 sqft
    2024-08-01 61 days 1,806 sqft
    2024-09-01 67 days 1,798 sqft
    2024-10-01 65 days 1,806 sqft
    2024-11-01 67 days 1,846 sqft
    2024-12-01 74 days 1,816 sqft
    2025-01-01 0 days 1,814 sqft
    Shreveport'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.

    Shreveport's median square footage for active listings during the 2025-01-01 period was 1,814 sqft. One year prior, the average listing was 1,872 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).