Tulsa FHA Loan Rates, Closing Costs & Stats

TULSA, OK

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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.

    Tulsa's 148 lenders originated 5,109 FHA loans during 2021. The total origination value was $939,595,000, with an average FHA loan value of $183,910.

    Tulsa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Tulsa averaged 6.33% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Tulsa's average FHA mortgage closing costs are $6,662.

    The average rate for the prior week (2022-11-25) was 6.55% and one month ago for the week of 2022-10-28, the average rate was 6.99%.

    The average rate one year ago was 3.42%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.22%.

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

    Tulsa 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 Tulsa level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 407 2.78% $6,359
    ASSOCIATED MORTGAGE CORPORATION 341 3.10% $7,498
    FLAT BRANCH MORTGAGE, INC. 310 3.31% $7,084
    First United Bank and Trust Company 300 3.03% $8,116
    Arvest Bank 211 2.90% $6,984
    United Fidelity Funding Corp. 174 3.15% $8,816
    US MORTGAGE CORPORATION 161 3.18% $7,024
    BOKF 146 3.11% $6,995
    Waterstone Mortgage Corporation 141 3.36% $8,042
    Gateway First Bank 132 3.37% $6,459
    CORNERSTONE HOME LENDING, INC. 116 3.27% $8,653
    FREEDOM MORTGAGE CORPORATION 109 3.01% $4,743
    CALIBER HOME LOANS, INC. 109 2.77% $6,557
    LAKEVIEW LOAN SERVICING, LLC 105 3.20% $5,080
    EVERETT FINANCIAL, INC. 96 3.81% $6,784
    Mr. Cooper ( Nationstar Mortgage ) 87 3.49% $3,136
    Chickasaw Community Bank 86 2.97% $7,086
    American Bank of Oklahoma 82 2.78% $7,669
    CROSSCOUNTRY MORTGAGE, LLC 70 3.36% $9,031
    GUILD MORTGAGE COMPANY 69 2.96% $9,064
    LOANDEPOT.COM, LLC 58 3.25% $8,085
    PENNYMAC LOAN SERVICES, LLC 58 3.27% $6,032
    OPEN MORTGAGE, LLC 58 3.11% $7,640
    FBC MORTGAGE, LLC 57 3.22% $7,750
    BancFirst 45 3.07% $6,753
    GUARANTEED RATE, INC. 43 3.07% $8,907
    Stride Bank 40 3.31% $7,247
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 3.29% $7,196
    Regent Financial Group, Inc. 40 3.11% $8,119
    HOMEBRIDGE FINANCIAL SERVICES, INC. 38 2.58% $5,687
    BROKER SOLUTIONS, INC. 38 3.26% $8,356
    VILLAGE CAPITAL MORTGAGE 35 2.99% $2,120
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 35 3.42% $9,086
    MID AMERICA MORTGAGE, INC. 33 3.21% $5,295
    Firstar Bank 27 2.91% $7,043
    UNION HOME MORTGAGE CORP. 23 3.46% $6,966
    RCB Bank 21 3.23% $7,210
    First Guaranty Mortgage Corporation 20 3.23% $6,876
    AMERISAVE MORTGAGE CORPORATION 18 3.27% $8,036
    Carrington Mortgage Services, LLC 17 3.30% $7,772
    AMCAP MORTGAGE, LTD. 16 3.84% $7,567
    NEWREZ LLC 16 2.99% $5,292
    INTERLINC MORTGAGE SERVICES, LLC 15 3.50% $7,660
    SpiritBank 15 3.12% $7,979
    CMG MORTGAGE, INC. 15 3.23% $7,417
    MORTGAGE SOLUTIONS OF COLORADO, LLC 14 3.39% $8,649
    Paramount Residential Mortgage Group, Inc. 14 3.37% $9,395
    Servion, Inc. 13 3.22% $6,561
    SOUTHWEST FUNDING, LP 13 3.65% $60,610
    Great Plains National Bank 13 2.80% $8,271
    UNITED WHOLESALE MORTGAGE, LLC 12 2.71% $8,919
    First Oklahoma Mortgage, LLC 12 2.66% $7,012
    AMERICAN FINANCIAL NETWORK, INC. 11 3.24% $10,874
    PLANET HOME LENDING, LLC 11 2.94% $5,171
    MOVEMENT MORTGAGE, LLC 11 3.48% $5,958
    AMERICAN FINANCING CORPORATION 10 2.89% $7,052
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.08% $7,871
    Mortgage Research Center, LLC 9 3.19% $5,946
    HOME POINT FINANCIAL CORPORATION 8 2.75% $5,463
    Bank of America 8 2.91% $5,502
    Citizens Bank 7 2.88% $6,472
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 3.50% $9,099
    HOMESIDE FINANCIAL, LLC 6 3.17% $8,377
    PLAZA HOME MORTGAGE, INC. 6 2.96% $6,361
    International Bank of Commerce 6 3.33% $7,977
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.13% $7,027
    MidFirst Bank 5 2.73% $6,007
    Armstrong Bank 5 2.80% $6,571
    AMERICAN FINANCIAL RESOURCES, INC. 5 2.83% $8,241
    GUARANTY HOME MORTGAGE CORPORATION 5 3.13% $6,688
    AMERICAN HOMESTAR MORTGAGE, L.L.C. 5 3.40% $10,828
    Mortgage Investment Services Corporation 5 3.25% $5,945
    MORIA DEVELOPMENT, INC. 5 3.75% $8,075
    OCEANSIDE MORTGAGE COMPANY 5 2.92% $2,302
    ACADEMY MORTGAGE CORPORATION 4 3.00% $6,238
    AmeriHome Mortgage Company, LLC 4 3.37% $7,298
    InterContinental Capital Group, Inc 4 2.94% $8,384
    JPMorgan Chase Bank 4 2.88% $5,765
    Sierra Pacific Mortgage Company, Inc. 4 3.06% $8,920
    TruHome Solutions, LLC 4 3.09% $5,778
    TTCU Federal Credit Union 4 2.75% $6,659
    SOUTHWEST STAGE FUNDING, LLC 3 2.75% $4,054
    SOVEREIGN LENDING GROUP INCORPORATED 3 3.13% $7,712
    RUOFF MORTGAGE COMPANY, INC. 3 2.96% $7,349
    Goldwater Bank, N.A. 3 3.13% $11,889
    Equity Prime Mortgage LLC 3 3.29% $9,300
    SIRVA MORTGAGE, INC. 3 3.46% $8,166
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.83% $9,659
    M&T Bank 3 3.00% $8,193
    Hometown Lenders, Inc. 3 3.32% $6,607
    LOANPAL, LLC 3 2.58% $7,211
    DHI MORTGAGE COMPANY, LTD. 3 2.67% $7,448
    NATIONS DIRECT MORTGAGE, LLC 3 3.46% $12,556
    Nations Lending Corporation 3 3.58% $11,478
    JLB CORPORATION 3 3.17% $8,111
    GSF Mortgage Corporation 3 3.83% $9,689
    CIS Financial Services, Inc. 2 2.75% $14,690
    LIBERTY HOME MORTGAGE CORPORATION 2 2.88% $8,903
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 3.13% $7,053
    UNITED 2 2.69% $7,334
    PHH Mortgage Corporation 2 3.13% $3,863
    FINANCE OF AMERICA MORTGAGE LLC 2 2.69% $7,293
    MASON MCDUFFIE MORTGAGE CORPORATION 2 3.56% $6,339
    ZILLOW HOME LOANS, LLC 2 3.63% $7,172
    Commerce Bank 1 2.63% $5,234
    CLEARPATH LENDING 1 2.75% $7,142
    SFMC, LP 1 2.75% $9,810
    Affiliated Bank 1 3.25% $6,668
    Simmons Bank 1 4.00% $6,953
    City Bank 1 3.00% $8,241
    Southwest Missouri Bank 1 2.25% $5,985
    STEARNS LENDING, LLC 1 3.63% $7,774
    BNC National Bank 1 2.50% $7,362
    SUMMIT FUNDING, INC. 1 3.25% $8,608
    The Central Trust Bank 1 2.63% $9,099
    The Federal Savings Bank 1 2.88% $7,368
    Wyndham Capital Mortgage, Inc. 1 2.88% $9,090
    UMB Bank 1 2.75% $10,356
    Blue Ridge Bank 1 3.00% $9,035
    BECKAM FUNDING CORP. 1 3.50% $8,846
    BAY EQUITY LLC 1 3.38% $8,737
    U.S. Bank 1 4.63% $9,922
    Bank of England 1 3.00% $7,147
    ARC HOME LLC 1 2.50% $8,879
    LEADERONE FINANCIAL CORPORATION 1 3.25% $5,907
    UNITED MORTGAGE CORP. 1 3.25% $5,307
    KELLER MORTGAGE, LLC 1 3.13% $5,071
    INB 1 2.38% $7,683
    MORTGAGE FINANCIAL SERVICES, LLC 1 3.25% $9,422
    Mortgage Lenders Investment Trading Corporation 1 3.25% $2,974
    Hometown Equity Mortgage, LLC 1 2.75% $10,279
    Gulf Coast Bank and Trust Company 1 2.63% $6,575
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.13% $7,571
    NBKC BANK 1 2.75% $7,292
    Neighborhood Loans, Inc. 1 3.00% $5,941
    Glacier Bank 1 2.50% $7,845
    North American Savings Bank, F.S.B. 1 2.50% $10,408
    F & M Bank 1 3.13% $5,566
    First Home Bank 1 2.75% $7,259
    Paramount Bank 1 2.63% $7,268
    FIRST AMERICAN MORTGAGE, INC. 1 2.88% $3,279
    Peoples Bank 1 3.75% $9,085
    Plains Commerce Bank 1 2.63% $9,293
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.25% $7,920
    PREMIA MORTGAGE, LLC 1 2.25% $6,224
    DAS Acquisition Company, LLC 1 4.50% $5,927
    Prosperity Home Mortgage, LLC 1 3.13% $6,315
    COMMUNICATION 1 3.13% $5,060

    The top Tulsa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 407 FHA loans originated. Their average total fees are $6,359, which is $1,139 lower than the next largest lender, ASSOCIATED MORTGAGE CORPORATION.

    The lowest fee Tulsa FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,120), Mr. Cooper ( Nationstar Mortgage ) ($3,136), FREEDOM MORTGAGE CORPORATION ($4,743), LAKEVIEW LOAN SERVICING, LLC ($5,080) and PLANET HOME LENDING, LLC ($5,171).

    The lowest rate Tulsa FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.58%), First Oklahoma Mortgage, LLC (2.66%), UNITED WHOLESALE MORTGAGE, LLC (2.71%), CALIBER HOME LOANS, INC. (2.77%) and QUICKEN LOANS, LLC (2.78%).

    Tulsa FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TULSA, OK CREEK 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK OKMULGEE 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK OSAGE 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK PAWNEE 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK ROGERS 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK TULSA 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK WAGONER 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Tulsa (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 $203,000 (4.1%) $271,321 (2.3%) 0.75 3,983
    2018-02-01 $207,956 (4.1%) $272,234 (0.8%) 0.75 3,898
    2018-03-01 $215,000 (6.2%) $282,598 (3.4%) 0.75 3,890
    2018-04-01 $219,900 (5.0%) $290,016 (3.3%) 0.75 3,917
    2018-05-01 $219,900 (3.0%) $290,095 (2.1%) 0.73 4,087
    2018-06-01 $217,500 (-0.4%) $287,042 (-0.1%) 0.73 4,305
    2018-07-01 $214,975 (0.0%) $287,533 (2.1%) 0.72 4,440
    2018-08-01 $213,900 (-1.9%) $287,182 (1.1%) 0.72 4,491
    2018-09-01 $213,100 (1.5%) $285,970 (2.2%) 0.72 4,481
    2018-10-01 $213,900 (1.9%) $284,302 (1.4%) 0.72 4,340
    2018-11-01 $218,750 (6.2%) $287,669 (3.4%) 0.74 4,087
    2018-12-01 $214,975 (7.5%) $284,471 (4.1%) 0.74 3,948
    2019-01-01 $215,168 (6.0%) $286,078 (5.4%) 0.74 3,686
    2019-02-01 $219,950 (5.8%) $294,113 (8.0%) 0.74 3,541
    2019-03-01 $229,186 (6.6%) $304,549 (7.8%) 0.75 3,432
    2019-04-01 $232,086 (5.5%) $311,633 (7.5%) 0.74 3,388
    2019-05-01 $239,250 (8.8%) $323,378 (11.5%) 0.75 3,396
    2019-06-01 $236,900 (8.9%) $326,159 (13.6%) 0.74 3,495
    2019-07-01 $239,900 (11.6%) $328,778 (14.3%) 0.75 3,511
    2019-08-01 $240,636 (12.5%) $326,206 (13.6%) 0.76 3,424
    2019-09-01 $243,091 (14.1%) $329,214 (15.1%) 0.78 3,294
    2019-10-01 $245,000 (14.5%) $331,131 (16.5%) 0.79 3,240
    2019-11-01 $245,000 (12.0%) $325,560 (13.2%) 0.80 3,147
    2019-12-01 $249,425 (16.0%) $492,696 (73.2%) 0.83 2,959
    2020-01-01 $239,700 (11.4%) $317,299 (10.9%) 0.80 2,851
    2020-02-01 $244,000 (10.9%) $324,979 (10.5%) 0.80 2,711
    2020-03-01 $254,875 (11.2%) $333,220 (9.4%) 0.80 2,710
    2020-04-01 $259,900 (12.0%) $335,822 (7.8%) 0.81 2,677
    2020-05-01 $265,000 (10.8%) $350,172 (8.3%) 0.81 2,534
    2020-06-01 $281,125 (18.7%) $360,275 (10.5%) 0.83 2,301
    2020-07-01 $292,975 (22.1%) $381,177 (15.9%) 0.85 2,177
    2020-08-01 $279,900 (16.3%) $369,931 (13.4%) 0.80 2,022
    2020-09-01 $281,075 (15.6%) $371,091 (12.7%) 0.81 1,914
    2020-10-01 $270,853 (10.6%) $365,637 (10.4%) 0.78 1,908
    2020-11-01 $267,400 (9.1%) $368,388 (13.2%) 0.78 1,891
    2020-12-01 $265,000 (6.2%) $365,377 (-25.8%) 0.79 1,651
    2021-01-01 $269,000 (12.2%) $399,908 (26.0%) 0.80 1,372
    2021-02-01 $251,450 (3.1%) $373,174 (14.8%) 0.73 1,173
    2021-03-01 $288,625 (13.2%) $400,986 (20.3%) 0.82 1,030
    2021-04-01 $271,700 (4.5%) $1,126,023 (235.3%) 0.74 1,096
    2021-05-01 $275,000 (3.8%) $403,644 (15.3%) 0.73 1,095
    2021-06-01 $252,500 (-10.2%) $382,873 (6.3%) 0.66 1,223
    2021-07-01 $255,000 (-13.0%) $376,989 (-1.1%) 0.67 1,396
    2021-08-01 $265,000 (-5.3%) $365,394 (-1.2%) 0.71 1,539
    2021-09-01 $265,000 (-5.7%) $367,328 (-1.0%) 0.71 1,501
    2021-10-01 $265,000 (-2.2%) $373,683 (2.2%) 0.71 1,462
    2021-11-01 $252,791 (-5.5%) $369,654 (0.3%) 0.68 1,319
    2021-12-01 $250,870 (-5.3%) $365,594 (0.1%) 0.68 1,125
    2022-01-01 $260,000 (-3.4%) $384,281 (-3.9%) 0.70 933
    2022-02-01 $272,669 (8.4%) $400,140 (7.2%) 0.71 837
    2022-03-01 $271,941 (-5.8%) $403,431 (0.6%) 0.68 776
    2022-04-01 $294,900 (8.5%) $407,559 (-63.8%) 0.70 850
    2022-05-01 $295,225 (7.4%) $407,148 (0.9%) 0.67 1,075
    2022-06-01 $299,750 (18.7%) $410,880 (7.3%) 0.67 1,240
    2022-07-01 $312,950 (22.7%) $397,023 (5.3%) 0.71 1,683
    2022-08-01 $312,598 (18.0%) $394,852 (8.1%) 0.72 1,856
    2022-09-01 $315,250 (19.0%) $389,601 (6.1%) 0.74 1,947
    2022-10-01 $318,910 (20.3%) $390,205 (4.4%) 0.75 2,056
    2022-11-01 $316,607 (25.2%) $388,796 (5.2%) 0.76 2,105
    Tulsa's median listing price for 2022-11-01 was $316,607, a difference of $63,816 (25.2%) versus the prior year and $-2,303 versus the prior month.

    Tulsa's median listing price comes in at 76% of the national average.

    Tulsa's average listing price for 2022-11-01 was $388,796, a difference of $19,142 (5.2%) versus the prior year and $-1,409 versus the prior month.

    For the 2022-11-01 period, Tulsa had 2,105 MLS listings, a difference of 49 listings (2%) versus the prior month and 786 listings (60%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Tulsa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 71 days 2,099 sqft
    2018-02-01 66 days 2,104 sqft
    2018-03-01 53 days 2,183 sqft
    2018-04-01 51 days 2,213 sqft
    2018-05-01 49 days 2,201 sqft
    2018-06-01 51 days 2,185 sqft
    2018-07-01 58 days 2,178 sqft
    2018-08-01 58 days 2,160 sqft
    2018-09-01 61 days 2,141 sqft
    2018-10-01 65 days 2,128 sqft
    2018-11-01 66 days 2,145 sqft
    2018-12-01 68 days 2,123 sqft
    2019-01-01 71 days 2,122 sqft
    2019-02-01 60 days 2,165 sqft
    2019-03-01 52 days 2,223 sqft
    2019-04-01 52 days 2,250 sqft
    2019-05-01 50 days 2,290 sqft
    2019-06-01 53 days 2,258 sqft
    2019-07-01 58 days 2,275 sqft
    2019-08-01 58 days 2,287 sqft
    2019-09-01 60 days 2,305 sqft
    2019-10-01 60 days 2,321 sqft
    2019-11-01 60 days 2,289 sqft
    2019-12-01 65 days 2,282 sqft
    2020-01-01 71 days 2,226 sqft
    2020-02-01 65 days 2,212 sqft
    2020-03-01 52 days 2,260 sqft
    2020-04-01 54 days 2,262 sqft
    2020-05-01 55 days 2,290 sqft
    2020-06-01 53 days 2,336 sqft
    2020-07-01 52 days 2,432 sqft
    2020-08-01 51 days 2,357 sqft
    2020-09-01 50 days 2,344 sqft
    2020-10-01 49 days 2,290 sqft
    2020-11-01 51 days 2,227 sqft
    2020-12-01 60 days 2,231 sqft
    2021-01-01 65 days 2,208 sqft
    2021-02-01 63 days 2,082 sqft
    2021-03-01 49 days 2,258 sqft
    2021-04-01 42 days 2,135 sqft
    2021-05-01 39 days 2,132 sqft
    2021-06-01 37 days 2,017 sqft
    2021-07-01 37 days 2,012 sqft
    2021-08-01 38 days 2,015 sqft
    2021-09-01 41 days 1,985 sqft
    2021-10-01 46 days 1,991 sqft
    2021-11-01 46 days 1,923 sqft
    2021-12-01 51 days 1,936 sqft
    2022-01-01 54 days 1,951 sqft
    2022-02-01 43 days 2,004 sqft
    2022-03-01 41 days 1,932 sqft
    2022-04-01 31 days 2,023 sqft
    2022-05-01 33 days 2,024 sqft
    2022-06-01 36 days 2,040 sqft
    2022-07-01 31 days 2,018 sqft
    2022-08-01 39 days 2,039 sqft
    2022-09-01 45 days 2,050 sqft
    2022-10-01 47 days 2,083 sqft
    2022-11-01 52 days 2,081 sqft
    Tulsa's median listing age (time on market) for 2022-11-01 was 52 days. This is 14% longer than the same period one year ago.

    Tulsa's median square footage for active listings during the 2022-11-01 period was 2,081 sqft. One year prior, the average listing was 1,923 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).