Toledo FHA Loan Rates, Closing Costs & Stats

TOLEDO, OH

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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.

    Toledo's 110 lenders originated 1,207 FHA loans during 2023. The total origination value was $197,105,000, with an average FHA loan value of $163,302.

    Toledo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Toledo averaged 6.97% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Toledo's average FHA mortgage closing costs are $6,373.

    The average rate for the prior week (2024-04-12) was 7.16% and one month ago for the week of 2024-03-15, the average rate was 6.83%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.67%.

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

    Toledo 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 Toledo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 197 6.38% $8,665
    The Huntington National Bank 101 6.93% $7,227
    UNION HOME MORTGAGE CORP. 73 7.03% $8,565
    LOANDEPOT.COM, LLC 48 6.66% $9,180
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 41 6.89% $6,219
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.75% $8,752
    UNITED WHOLESALE MORTGAGE, LLC 40 6.52% $10,403
    EQUITY RESOURCES, INC. 39 6.96% $7,482
    Fifth Third Bank 35 6.54% $5,164
    CROSSCOUNTRY MORTGAGE, LLC 33 6.91% $8,937
    NEWREZ LLC 31 6.62% $7,448
    NFM, INC. 24 7.41% $10,005
    KeyBank 23 6.17% $6,933
    VAN DYK MORTGAGE CORPORATION 20 7.22% $6,803
    FREEDOM MORTGAGE CORPORATION 18 6.79% $12,029
    Flagstar Bank, FSB 17 7.17% $8,710
    Mr. Cooper ( Nationstar Mortgage ) 17 6.12% $9,561
    Citizens Bank 16 6.31% $6,185
    BROKER SOLUTIONS, INC. 15 6.78% $9,388
    GVC MORTGAGE, INC. 15 6.99% $8,642
    MID AMERICA MORTGAGE, INC. 13 6.61% $4,673
    RUOFF MORTGAGE COMPANY, INC. 13 7.18% $6,110
    PENNYMAC LOAN SERVICES, LLC 12 6.64% $7,640
    GUARANTEED RATE, INC. 12 6.78% $9,630
    Carrington Mortgage Services, LLC 9 6.01% $8,975
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.85% $9,706
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 7.25% $8,823
    LAKEVIEW LOAN SERVICING, LLC 7 6.07% $9,775
    ENDEAVOR CAPITAL, LLC. 6 6.56% $8,479
    AMERICAN FINANCIAL NETWORK, INC. 6 7.12% $7,503
    AMERISAVE MORTGAGE CORPORATION 6 6.23% $10,340
    CMG MORTGAGE, INC. 5 7.73% $10,583
    CARDINAL FINANCIAL 5 7.05% $8,845
    POLARIS HOME FUNDING CORP. 5 7.10% $12,210
    First Federal Bank of the Midwest 5 5.93% $7,402
    HOWARD HANNA FINANCIAL SERVICES, INC. 4 6.53% $8,930
    Mortgage Research Center, LLC 4 7.00% $4,939
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.90% $11,178
    Equity Prime Mortgage LLC 4 6.56% $10,965
    The Genoa Banking Company 4 6.59% $7,549
    First Federal Savings and Loan Association of Lakewood 4 6.68% $10,032
    HOMESIDE FINANCIAL, LLC 3 7.25% $7,554
    TOP FLITE FINANCIAL, INC. 3 6.92% $13,496
    LIBERTY HOME MORTGAGE CORPORATION 3 7.21% $10,645
    MOVEMENT MORTGAGE, LLC 3 6.54% $9,006
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.17% $17,010
    RELIANCE FIRST CAPITAL, LLC 3 6.83% $9,786
    EVERETT FINANCIAL, INC. 3 6.42% $10,677
    GENEVA FINANCIAL, LLC 3 7.75% $9,594
    MICHIGAN MUTUAL, INC. 3 7.17% $6,622
    MEMBER FIRST MORTGAGE, LLC 3 6.71% $6,222
    ZILLOW HOME LOANS, LLC 2 7.13% $13,102
    AMERICAN FINANCING CORPORATION 2 7.00% $9,126
    Barrington Bank & Trust Company, N.A. 2 6.50% $5,372
    CALIBER HOME LOANS, INC. 2 6.75% $9,501
    Century Mortgage Company DBA Century Lending Company 2 7.19% $8,760
    DAS Acquisition Company, LLC 2 7.13% $10,329
    JPMorgan Chase Bank 2 7.81% $4,395
    LOANPAL, LLC 2 6.19% $9,824
    Nations Lending Corporation 2 7.19% $4,878
    PLAZA HOME MORTGAGE, INC. 2 7.25% $6,222
    RAPID MORTGAGE COMPANY 2 7.13% $11,790
    ROYAL UNITED MORTGAGE LLC 2 6.50% $6,011
    LAKE MICHIGAN CREDIT UNION 1 6.50% $7,426
    Ixonia Bank 1 5.99% $9,413
    M&T Bank 1 6.63% $9,398
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.38% $4,683
    MYCUMORTGAGE, LLC 1 6.13% $9,349
    NATIONS DIRECT MORTGAGE, LLC 1 7.63% $6,330
    VILLAGE CAPITAL MORTGAGE 1 7.50% $13,698
    NATIONS RELIABLE LENDING, LLC 1 6.75% $11,564
    GSF Mortgage Corporation 1 5.63% $4,974
    First Savings Bank 1 6.75% $7,925
    Northpointe Bank 1 7.25% $8,477
    NORWICH COMMERCIAL GROUP, INC. 1 6.13% $3,050
    Paramount Residential Mortgage Group, Inc. 1 6.75% $7,855
    First Merchants Bank 1 7.25% $10,221
    PHH Mortgage Corporation 1 6.99% $10,258
    Plains Commerce Bank 1 6.63% $7,908
    PLANET HOME LENDING, LLC 1 6.38% $12,154
    Platinum Home Mortgage Corporation 1 6.25% $21,480
    Wells Fargo Bank 1 6.63% $7,663
    PNC Bank 1 6.75% $3,201
    First Federal Bank 1 6.63% $8,697
    FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $11,900
    First-Citizens Bank & Trust Company 1 7.38% $11,892
    YOUR HOME FINANCIAL LLC 1 7.13% $10,649
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.63% $9,890
    ROSS MORTGAGE CORPORATION 1 6.88% $11,611
    1st National Bank 1 6.25% $10,964
    Civista Bank 1 6.62% $8,447
    T2 FINANCIAL LLC 1 7.00% $7,171
    The Federal Savings Bank 1 5.75% $12,653
    CHURCHILL MORTGAGE CORPORATION 1 5.99% $6,892
    AmRes Corporation 1 7.13% $8,202
    The Loan Store, Inc. 1 7.13% $18,358
    The Union Bank Company 1 6.50% $6,986
    THRIVE MORTGAGE, LLC 1 6.25% $8,422
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $9,043
    TOWNE MORTGAGE COMPANY 1 6.25% $8,162
    TruHome Solutions, LLC 1 5.88% $15,232
    UNION CAPITAL MORTGAGE CORPORATION 1 7.00% $7,660
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $7,075
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $18,426
    U.S. Bank 1 5.25% $13,093
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.63% $8,497
    MORTGAGE 1 INCORPORATED 1 7.00% $10,029
    MORTGAGE ACCESS CORP. 1 7.13% $8,940
    Magnolia Bank 1 6.63% $6,236
    Lakeview Community Capital, LLC 1 6.25% $8,446

    The top Toledo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 197 FHA loans originated. Their average total fees are $8,665, which is $1,438 higher than the next largest lender, The Huntington National Bank.

    The lowest fee Toledo FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,673), Fifth Third Bank ($5,164), RUOFF MORTGAGE COMPANY, INC. ($6,110), Citizens Bank ($6,185) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,219).

    The lowest rate Toledo FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (6.12%), KeyBank (6.17%), Citizens Bank (6.31%), QUICKEN LOANS, LLC (6.38%) and UNITED WHOLESALE MORTGAGE, LLC (6.52%).

    Toledo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TOLEDO, OH FULTON 2022 $420,680 $538,650 $651,050 $809,150
    TOLEDO, OH LUCAS 2022 $420,680 $538,650 $651,050 $809,150
    TOLEDO, OH OTTAWA 2022 $420,680 $538,650 $651,050 $809,150
    TOLEDO, OH WOOD 2022 $420,680 $538,650 $651,050 $809,150
    TOLEDO, OH FULTON 2023 $472,030 $604,400 $730,525 $907,900
    TOLEDO, OH LUCAS 2023 $472,030 $604,400 $730,525 $907,900
    TOLEDO, OH OTTAWA 2023 $472,030 $604,400 $730,525 $907,900
    TOLEDO, OH WOOD 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Toledo (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 $129,950 (-1.7%) $199,476 (4.5%) 0.48 1,993
    2018-02-01 $134,900 (0.0%) $203,753 (3.7%) 0.49 1,850
    2018-03-01 $144,900 (3.6%) $213,548 (5.8%) 0.51 1,776
    2018-04-01 $157,450 (11.4%) $228,081 (11.2%) 0.53 1,779
    2018-05-01 $165,000 (10.9%) $233,610 (9.7%) 0.55 1,786
    2018-06-01 $165,000 (13.4%) $229,359 (6.0%) 0.55 1,935
    2018-07-01 $166,388 (14.8%) $226,483 (5.2%) 0.56 2,057
    2018-08-01 $155,037 (10.8%) $219,787 (5.5%) 0.52 2,172
    2018-09-01 $149,900 (4.9%) $214,419 (3.1%) 0.50 2,182
    2018-10-01 $149,900 (6.0%) $211,764 (2.2%) 0.51 2,220
    2018-11-01 $149,200 (6.7%) $210,764 (2.5%) 0.51 2,106
    2018-12-01 $145,000 (6.2%) $210,114 (-2.6%) 0.50 1,968
    2019-01-01 $149,450 (15.0%) $212,975 (6.8%) 0.52 1,754
    2019-02-01 $151,450 (12.3%) $218,235 (7.1%) 0.51 1,653
    2019-03-01 $168,943 (16.6%) $230,994 (8.2%) 0.55 1,603
    2019-04-01 $179,493 (14.0%) $240,921 (5.6%) 0.57 1,592
    2019-05-01 $193,950 (17.6%) $245,229 (5.0%) 0.61 1,610
    2019-06-01 $194,900 (18.1%) $246,539 (7.5%) 0.61 1,652
    2019-07-01 $184,950 (11.2%) $242,582 (7.1%) 0.58 1,781
    2019-08-01 $180,910 (16.7%) $239,493 (9.0%) 0.57 1,814
    2019-09-01 $174,774 (16.6%) $235,702 (9.9%) 0.56 1,833
    2019-10-01 $169,951 (13.4%) $232,202 (9.7%) 0.55 1,846
    2019-11-01 $165,000 (10.6%) $226,584 (7.5%) 0.54 1,835
    2019-12-01 $159,900 (10.3%) $225,502 (7.3%) 0.53 1,720
    2020-01-01 $160,599 (7.5%) $227,963 (7.0%) 0.54 1,585
    2020-02-01 $166,000 (9.6%) $231,041 (5.9%) 0.54 1,505
    2020-03-01 $169,475 (0.3%) $236,922 (2.6%) 0.53 1,472
    2020-04-01 $180,950 (0.8%) $241,258 (0.1%) 0.57 1,440
    2020-05-01 $197,700 (1.9%) $254,112 (3.6%) 0.60 1,344
    2020-06-01 $202,475 (3.9%) $266,529 (8.1%) 0.60 1,210
    2020-07-01 $211,225 (14.2%) $270,004 (11.3%) 0.61 1,173
    2020-08-01 $215,000 (18.8%) $268,774 (12.2%) 0.62 1,107
    2020-09-01 $202,450 (15.8%) $259,184 (10.0%) 0.58 1,073
    2020-10-01 $189,900 (11.7%) $254,888 (9.8%) 0.54 1,117
    2020-11-01 $179,950 (9.1%) $249,744 (10.2%) 0.53 1,026
    2020-12-01 $179,675 (12.4%) $247,111 (9.6%) 0.53 894
    2021-01-01 $180,000 (12.1%) $246,732 (8.2%) 0.54 785
    2021-02-01 $197,000 (18.7%) $260,241 (12.6%) 0.57 635
    2021-03-01 $191,750 (13.1%) $257,647 (8.8%) 0.54 641
    2021-04-01 $183,000 (1.1%) $254,981 (5.7%) 0.50 679
    2021-05-01 $187,250 (-5.3%) $253,797 (-0.1%) 0.50 727
    2021-06-01 $184,250 (-9.0%) $258,618 (-3.0%) 0.49 794
    2021-07-01 $185,000 (-12.4%) $253,724 (-6.0%) 0.49 921
    2021-08-01 $179,400 (-16.6%) $258,851 (-3.7%) 0.48 1,034
    2021-09-01 $169,900 (-16.1%) $252,231 (-2.7%) 0.45 1,097
    2021-10-01 $165,000 (-13.1%) $246,723 (-3.2%) 0.44 1,050
    2021-11-01 $159,900 (-11.1%) $243,667 (-2.4%) 0.43 944
    2021-12-01 $152,475 (-15.1%) $243,785 (-1.4%) 0.41 786
    2022-01-01 $149,900 (-16.7%) $251,318 (1.9%) 0.41 665
    2022-02-01 $152,500 (-22.6%) $251,286 (-3.4%) 0.40 541
    2022-03-01 $166,500 (-13.2%) $272,557 (5.8%) 0.42 525
    2022-04-01 $179,900 (-1.7%) $274,927 (7.8%) 0.43 610
    2022-05-01 $184,450 (-1.5%) $269,706 (6.3%) 0.42 749
    2022-06-01 $189,000 (2.6%) $270,668 (4.7%) 0.42 896
    2022-07-01 $184,900 (-0.1%) $269,875 (6.4%) 0.42 993
    2022-08-01 $181,200 (1.0%) $268,572 (3.8%) 0.42 1,030
    2022-09-01 $179,950 (5.9%) $256,955 (1.9%) 0.42 1,020
    2022-10-01 $169,900 (3.0%) $243,741 (-1.2%) 0.40 1,063
    2022-11-01 $161,319 (0.9%) $238,106 (-2.3%) 0.39 1,024
    2022-12-01 $167,000 (9.5%) $246,743 (1.2%) 0.41 888
    2023-01-01 $174,600 (16.5%) $264,260 (5.2%) 0.43 758
    2023-02-01 $190,825 (25.1%) $282,413 (12.4%) 0.46 686
    2023-03-01 $208,800 (25.4%) $298,616 (9.6%) 0.49 689
    2023-04-01 $215,000 (19.5%) $303,613 (10.4%) 0.50 718
    2023-05-01 $229,950 (24.7%) $305,498 (13.3%) 0.52 795
    2023-06-01 $239,900 (26.9%) $305,806 (13.0%) 0.54 849
    2023-07-01 $239,900 (29.8%) $308,542 (14.3%) 0.55 811
    2023-08-01 $237,200 (30.9%) $303,766 (13.1%) 0.54 868
    2023-09-01 $219,900 (22.2%) $284,806 (10.8%) 0.51 927
    2023-10-01 $205,725 (21.1%) $277,582 (13.9%) 0.48 991
    2023-11-01 $199,900 (23.9%) $279,117 (17.2%) 0.48 942
    2023-12-01 $199,800 (19.6%) $270,402 (9.6%) 0.49 882
    2024-01-01 $189,950 (8.8%) $285,518 (8.0%) 0.46 831
    2024-02-01 $212,750 (11.5%) $308,287 (9.2%) 0.51 735
    2024-03-01 $230,000 (10.2%) $328,574 (10.0%) 0.54 742
    Toledo's median listing price for 2024-03-01 was $230,000, a difference of $21,200 (10.2%) versus the prior year and $17,250 versus the prior month.

    Toledo's median listing price comes in at 54% of the national average.

    Toledo's average listing price for 2024-03-01 was $328,574, a difference of $29,958 (10.0%) versus the prior year and $20,287 versus the prior month.

    For the 2024-03-01 period, Toledo had 742 MLS listings, a difference of 7 listings (1%) versus the prior month and 53 listings (8%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Toledo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 85 days 1,508 sqft
    2018-02-01 82 days 1,509 sqft
    2018-03-01 62 days 1,554 sqft
    2018-04-01 52 days 1,589 sqft
    2018-05-01 52 days 1,619 sqft
    2018-06-01 48 days 1,640 sqft
    2018-07-01 48 days 1,655 sqft
    2018-08-01 49 days 1,622 sqft
    2018-09-01 54 days 1,611 sqft
    2018-10-01 60 days 1,618 sqft
    2018-11-01 63 days 1,586 sqft
    2018-12-01 72 days 1,568 sqft
    2019-01-01 81 days 1,575 sqft
    2019-02-01 79 days 1,570 sqft
    2019-03-01 68 days 1,614 sqft
    2019-04-01 52 days 1,664 sqft
    2019-05-01 48 days 1,704 sqft
    2019-06-01 50 days 1,715 sqft
    2019-07-01 50 days 1,717 sqft
    2019-08-01 53 days 1,711 sqft
    2019-09-01 55 days 1,702 sqft
    2019-10-01 57 days 1,695 sqft
    2019-11-01 58 days 1,688 sqft
    2019-12-01 66 days 1,648 sqft
    2020-01-01 76 days 1,641 sqft
    2020-02-01 72 days 1,629 sqft
    2020-03-01 58 days 1,641 sqft
    2020-04-01 62 days 1,670 sqft
    2020-05-01 64 days 1,698 sqft
    2020-06-01 46 days 1,724 sqft
    2020-07-01 40 days 1,765 sqft
    2020-08-01 45 days 1,738 sqft
    2020-09-01 40 days 1,718 sqft
    2020-10-01 40 days 1,694 sqft
    2020-11-01 45 days 1,621 sqft
    2020-12-01 56 days 1,631 sqft
    2021-01-01 63 days 1,633 sqft
    2021-02-01 47 days 1,651 sqft
    2021-03-01 35 days 1,646 sqft
    2021-04-01 28 days 1,620 sqft
    2021-05-01 27 days 1,608 sqft
    2021-06-01 28 days 1,604 sqft
    2021-07-01 30 days 1,598 sqft
    2021-08-01 30 days 1,594 sqft
    2021-09-01 35 days 1,584 sqft
    2021-10-01 42 days 1,568 sqft
    2021-11-01 45 days 1,532 sqft
    2021-12-01 53 days 1,529 sqft
    2022-01-01 58 days 1,502 sqft
    2022-02-01 42 days 1,488 sqft
    2022-03-01 31 days 1,526 sqft
    2022-04-01 24 days 1,531 sqft
    2022-05-01 24 days 1,517 sqft
    2022-06-01 25 days 1,542 sqft
    2022-07-01 34 days 1,560 sqft
    2022-08-01 35 days 1,562 sqft
    2022-09-01 41 days 1,536 sqft
    2022-10-01 40 days 1,512 sqft
    2022-11-01 44 days 1,504 sqft
    2022-12-01 54 days 1,500 sqft
    2023-01-01 62 days 1,522 sqft
    2023-02-01 47 days 1,539 sqft
    2023-03-01 36 days 1,533 sqft
    2023-04-01 37 days 1,544 sqft
    2023-05-01 31 days 1,552 sqft
    2023-06-01 35 days 1,576 sqft
    2023-07-01 38 days 1,586 sqft
    2023-08-01 37 days 1,615 sqft
    2023-09-01 37 days 1,590 sqft
    2023-10-01 39 days 1,552 sqft
    2023-11-01 43 days 1,528 sqft
    2023-12-01 53 days 1,530 sqft
    2024-01-01 53 days 1,521 sqft
    2024-02-01 42 days 1,545 sqft
    2024-03-01 37 days 1,556 sqft
    Toledo's median listing age (time on market) for 2024-03-01 was 37 days. This is 3% longer than the same period one year ago.

    Toledo's median square footage for active listings during the 2024-03-01 period was 1,556 sqft. One year prior, the average listing was 1,533 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).