York FHA Loan Rates, Closing Costs & Stats

YORK-HANOVER, PA

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.

York's 150 lenders originated 1,667 FHA loans during 2022. The total origination value was $370,555,000, with an average FHA loan value of $222,289.

York FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in York averaged 6.54% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

York's average FHA mortgage closing costs are $7,581.

The average rate for the prior week (2023-05-19) was 6.01% and one month ago for the week of 2023-04-21, the average rate was 5.95%.

The average rate one year ago was 5.07%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.36%.

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

York 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 York level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 127 4.55% $10,395
CROSSCOUNTRY MORTGAGE, LLC 86 4.90% $9,668
MOVEMENT MORTGAGE, LLC 85 4.99% $8,980
York Traditions Bank 75 4.93% $9,032
NFM, INC. 73 5.00% $10,024
MCLEAN MORTGAGE CORPORATION 71 4.70% $8,982
GUILD MORTGAGE COMPANY 49 5.50% $9,945
LOANDEPOT.COM, LLC 40 4.92% $10,559
CALIBER HOME LOANS, INC. 38 4.95% $9,217
FIRST ALLIANCE HOME MORTGAGE, LLC 36 5.18% $10,620
UNITED WHOLESALE MORTGAGE, LLC 35 4.70% $11,349
M&T Bank 34 4.72% $7,116
DHI MORTGAGE COMPANY, LTD. 32 3.89% $9,540
Mortgage Network, Inc. 29 5.43% $9,402
PRIMARY RESIDENTIAL MORTGAGE, INC. 28 5.48% $13,227
Mr. Cooper ( Nationstar Mortgage ) 24 4.70% $12,313
AMERISAVE MORTGAGE CORPORATION 23 4.63% $11,429
PENNYMAC LOAN SERVICES, LLC 22 4.04% $7,622
UNION HOME MORTGAGE CORP. 21 4.99% $10,376
BROKER SOLUTIONS, INC. 21 5.20% $11,745
EMM LOANS LLC 20 5.13% $10,727
MEMBERS 1ST FEDERAL CREDIT UNION 20 4.29% $8,138
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 4.72% $8,805
LAKEVIEW LOAN SERVICING, LLC 19 4.23% $7,740
Fulton Bank 18 4.54% $7,664
Meridian Bank Corporation 18 5.37% $10,205
FREEDOM MORTGAGE CORPORATION 16 4.37% $8,921
Towne Bank 15 4.58% $8,479
FIRST HOME MORTGAGE CORPORATION 15 5.32% $12,777
HOMEBRIDGE FINANCIAL SERVICES, INC. 14 4.95% $10,978
Sierra Pacific Mortgage Company, Inc. 14 4.76% $9,910
CARDINAL FINANCIAL 14 5.18% $10,928
Northpointe Bank 13 5.01% $9,568
CMG MORTGAGE, INC. 13 6.31% $10,961
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 5.01% $8,470
SOUTHERN TRUST MORTGAGE, LLC 12 4.05% $13,840
Carrington Mortgage Services, LLC 12 5.45% $12,404
SUCCESS MORTGAGE PARTNERS, INC. 11 5.67% $8,753
NEWREZ LLC 11 4.72% $8,129
TIDEWATER MORTGAGE SERVICES, INC. 11 5.26% $12,171
Citizens Bank 10 4.60% $10,044
GUARANTEED RATE AFFINITY, LLC 10 5.39% $9,905
HOME POINT FINANCIAL CORPORATION 9 4.33% $10,139
Flagstar Bank, FSB 9 4.03% $7,700
GUARANTEED RATE, INC. 9 4.88% $11,640
Homesale Mortgage, LLC 8 4.92% $7,853
Integrity Home Mortgage Corp 7 4.75% $12,622
NVR Mortgage Finance, Inc. 7 4.89% $15,968
AMERICAN FINANCING CORPORATION 7 4.34% $11,640
1ST PREFERENCE MORTGAGE CORP. 6 4.90% $10,913
FINANCE OF AMERICA MORTGAGE LLC 6 4.42% $13,787
HOWARD HANNA FINANCIAL SERVICES, INC. 6 6.15% $7,450
Lakeview Community Capital, LLC 6 4.96% $7,991
Mortgage Research Center, LLC 6 5.87% $5,686
Nations Lending Corporation 6 5.33% $11,699
Paramount Residential Mortgage Group, Inc. 6 5.02% $14,405
MUTUAL OF OMAHA MORTGAGE, INC. 5 4.73% $10,237
EVERETT FINANCIAL, INC. 5 5.33% $7,418
Plains Commerce Bank 5 5.47% $16,788
Equity Prime Mortgage LLC 5 4.43% $13,001
HOMESPIRE MORTGAGE CORPORATION 5 4.33% $12,404
Mortgage America, Inc. 5 5.12% $6,628
ENVOY MORTGAGE, LTD 4 5.72% $14,501
EAGLE HOME MORTGAGE, LLC 4 5.47% $14,273
TOP FLITE FINANCIAL, INC. 4 5.09% $17,173
ARC HOME LLC 4 5.53% $14,299
CONTOUR MORTGAGE CORPORATION 4 5.41% $9,142
PNC Bank 4 4.06% $8,214
ZILLOW HOME LOANS, LLC 4 5.22% $11,427
Prosperity Home Mortgage, LLC 4 4.75% $12,529
ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 5.04% $7,963
FIRST HERITAGE FINANCIAL, LLC 3 4.79% $7,883
TJC Mortgage, Inc. 3 4.88% $9,806
AmeriHome Mortgage Company, LLC 3 4.25% $7,177
BAY CAPITAL MORTGAGE CORPORATION 3 4.54% $11,089
Sandy Spring Bank 3 5.04% $9,766
First National Bank of Pennsylvania 3 5.00% $6,592
RELIANCE FIRST CAPITAL, LLC 3 4.71% $11,838
VILLAGE CAPITAL MORTGAGE 3 4.79% $8,187
MDE Home Loans, LLC 3 4.79% $18,745
MEMBER FIRST MORTGAGE, LLC 3 3.88% $7,059
Mid Penn Bank 3 4.67% $17,337
EMBRACE HOME LOANS, INC. 3 4.50% $10,701
First Guaranty Mortgage Corporation 2 3.44% $12,875
First Option Mortgage, LLC 2 4.88% $14,152
HOMESIDE FINANCIAL, LLC 2 4.38% $6,808
Wells Fargo Bank 2 4.94% $6,011
FIDELITY DIRECT MORTGAGE, LLC 2 5.00% $16,199
MICHIGAN MUTUAL, INC. 2 6.38% $9,266
DIRECT MORTGAGE LOANS, LLC 2 3.63% $9,706
Mutual Federal Bank 2 6.75% $11,302
ACADEMY MORTGAGE CORPORATION 2 5.25% $10,249
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.44% $9,437
CHERRY CREEK MORTGAGE, LLC 2 4.44% $3,746
Century Mortgage Company DBA Century Lending Company 2 5.19% $13,418
NP, Inc. 2 4.06% $8,142
OCMBC, INC. 2 5.88% $8,685
Orrstown Bank 2 4.81% $8,402
PLANET HOME LENDING, LLC 2 5.88% $13,672
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.63% $11,991
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 2 3.94% $4,203
AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.75% $12,144
SWBC MORTGAGE CORPORATION 2 4.50% $6,814
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.44% $12,249
Alcova Mortgage LLC 2 5.31% $4,617
Univest Bank and Trust Co. 2 5.56% $9,741
George Mason Mortgage, LLC 2 3.56% $7,207
NATIONS DIRECT MORTGAGE, LLC 1 3.50% $10,840
POLARIS HOME FUNDING CORP. 1 6.25% $13,965
Atlantic Coast Mortgage, LLC 1 4.00% $10,162
Prime Choice Funding Inc. 1 4.00% $4,285
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.99% $10,848
Wilmington Savings Fund Society, FSB 1 4.75% $7,841
GENEVA FINANCIAL, LLC 1 5.00% $13,397
LIBERTY HOME MORTGAGE CORPORATION 1 4.25% $7,604
RESIDENTIAL HOME FUNDING CORP. 1 5.63% $12,239
LEADERONE FINANCIAL CORPORATION 1 3.75% $14,625
RUOFF MORTGAGE COMPANY, INC. 1 3.38% $5,256
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $11,195
SECURITYNATIONAL MORTGAGE COMPANY 1 4.75% $12,423
Shore United Bank 1 7.13% $8,453
HOMEAMERICAN MORTGAGE CORPORATION 1 3.75% $10,331
West Town Bank & Trust 1 5.00% $9,612
US MORTGAGE CORPORATION 1 5.75% $15,772
Strong Home Mortgage, LLC 1 3.38% $5,870
Foote Capital Mortgage Company 1 5.50% $11,238
Summit Mortgage Corporation 1 6.25% $8,147
SUN WEST MORTGAGE COMPANY, INC. 1 5.13% $7,889
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.50% $11,708
T2 FINANCIAL LLC 1 6.75% $20,304
The Federal Savings Bank 1 5.75% $10,742
The Huntington National Bank 1 5.00% $9,882
THE MORTGAGE LINK, INC. 1 5.25% $8,760
THRIVE MORTGAGE, LLC 1 4.25% $7,879
GREENTREE MORTGAGE COMPANY, L.P. 1 3.63% $10,769
KELLER MORTGAGE, LLC 1 4.38% $11,382
JPMorgan Chase Bank 1 5.63% $6,505
ALLIED MORTGAGE GROUP, INC. 1 5.00% $8,698
TOWNE MORTGAGE COMPANY 1 5.49% $11,203
OCEANSIDE MORTGAGE COMPANY 1 4.75% $5,533
Gateway First Bank 1 4.75% $5,229
United Fidelity Funding Corp. 1 7.25% $8,730
PANORAMA MORTGAGE GROUP, LLC 1 5.25% $9,049
Austin Capital Bank SSB 1 5.25% $11,502
Atlantic Union Bank 1 6.13% $11,004
PENTAGON FEDERAL CREDIT UNION 1 5.50% $9,699
PIKE CREEK MORTGAGE SERVICES, INC. 1 5.75% $10,940
Northwest Bank 1 4.25% $6,152
Acre Mortgage and Financial Inc 1 5.25% $11,368
PLAZA HOME MORTGAGE, INC. 1 5.63% $14,695

The top York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 127 FHA loans originated. Their average total fees are $10,395, which is $726 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee York FHA lenders (with over 10 loans originated) are M&T Bank ($7,116), PENNYMAC LOAN SERVICES, LLC ($7,622), Fulton Bank ($7,664), LAKEVIEW LOAN SERVICING, LLC ($7,740) and NEWREZ LLC ($8,129).

The lowest rate York FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.89%), PENNYMAC LOAN SERVICES, LLC (4.04%), SOUTHERN TRUST MORTGAGE, LLC (4.05%), LAKEVIEW LOAN SERVICING, LLC (4.23%) and MEMBERS 1ST FEDERAL CREDIT UNION (4.29%).

York FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
YORK-HANOVER, PA YORK 2022 $420,680 $538,650 $651,050 $809,150
YORK-HANOVER, PA YORK 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - York (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 $211,450 (14.3%) $236,366 (10.1%) 0.78 1,523
2018-02-01 $214,949 (16.2%) $242,458 (12.8%) 0.78 1,407
2018-03-01 $213,921 (12.7%) $243,937 (9.3%) 0.75 1,392
2018-04-01 $219,900 (10.0%) $246,994 (7.2%) 0.75 1,457
2018-05-01 $226,950 (7.6%) $253,143 (7.2%) 0.76 1,494
2018-06-01 $229,410 (9.3%) $255,854 (7.5%) 0.77 1,581
2018-07-01 $228,114 (8.7%) $255,806 (6.4%) 0.76 1,594
2018-08-01 $224,900 (7.1%) $253,985 (6.1%) 0.75 1,630
2018-09-01 $219,900 (8.9%) $248,776 (5.4%) 0.74 1,586
2018-10-01 $219,450 (4.6%) $246,206 (2.8%) 0.74 1,653
2018-11-01 $219,900 (10.0%) $245,939 (5.5%) 0.75 1,660
2018-12-01 $217,400 (8.8%) $243,146 (4.9%) 0.75 1,600
2019-01-01 $218,343 (3.3%) $240,875 (1.9%) 0.75 1,415
2019-02-01 $219,900 (2.3%) $243,238 (0.3%) 0.74 1,303
2019-03-01 $219,900 (2.8%) $245,072 (0.5%) 0.73 1,309
2019-04-01 $220,710 (0.4%) $253,382 (2.6%) 0.70 1,293
2019-05-01 $229,025 (0.9%) $258,920 (2.3%) 0.72 1,333
2019-06-01 $229,900 (0.2%) $263,665 (3.1%) 0.72 1,398
2019-07-01 $238,925 (4.7%) $269,168 (5.2%) 0.75 1,415
2019-08-01 $242,200 (7.7%) $275,507 (8.5%) 0.76 1,451
2019-09-01 $247,208 (12.4%) $283,581 (14.0%) 0.78 1,236
2019-10-01 $235,000 (7.1%) $273,547 (11.1%) 0.76 1,313
2019-11-01 $231,995 (5.5%) $268,372 (9.1%) 0.76 1,204
2019-12-01 $235,570 (8.4%) $267,769 (10.1%) 0.79 1,095
2020-01-01 $237,659 (8.9%) $267,065 (10.9%) 0.79 994
2020-02-01 $248,983 (13.2%) $274,477 (12.8%) 0.82 917
2020-03-01 $258,570 (17.6%) $284,984 (16.3%) 0.81 909
2020-04-01 $267,900 (21.4%) $292,028 (15.3%) 0.84 838
2020-05-01 $259,995 (13.5%) $292,167 (12.8%) 0.79 900
2020-06-01 $255,423 (11.1%) $289,737 (9.9%) 0.75 849
2020-07-01 $260,629 (9.1%) $304,904 (13.3%) 0.76 754
2020-08-01 $271,400 (12.1%) $307,605 (11.7%) 0.78 680
2020-09-01 $268,445 (8.6%) $309,658 (9.2%) 0.77 644
2020-10-01 $259,995 (10.6%) $305,693 (11.8%) 0.75 636
2020-11-01 $262,500 (13.2%) $310,743 (15.8%) 0.77 605
2020-12-01 $263,945 (12.1%) $315,609 (17.9%) 0.79 540
2021-01-01 $264,945 (11.5%) $316,802 (18.6%) 0.79 442
2021-02-01 $274,482 (10.2%) $319,792 (16.5%) 0.80 405
2021-03-01 $276,443 (6.9%) $309,138 (8.5%) 0.78 422
2021-04-01 $280,693 (4.8%) $307,756 (5.4%) 0.76 427
2021-05-01 $279,900 (7.7%) $303,759 (4.0%) 0.74 484
2021-06-01 $262,450 (2.8%) $295,169 (1.9%) 0.69 599
2021-07-01 $269,900 (3.6%) $300,820 (-1.3%) 0.71 638
2021-08-01 $263,765 (-2.8%) $298,738 (-2.9%) 0.70 656
2021-09-01 $264,875 (-1.3%) $303,450 (-2.0%) 0.71 641
2021-10-01 $264,900 (1.9%) $305,327 (-0.1%) 0.71 589
2021-11-01 $266,400 (1.5%) $304,822 (-1.9%) 0.71 563
2021-12-01 $281,039 (6.5%) $322,087 (2.1%) 0.76 487
2022-01-01 $308,050 (16.3%) $340,996 (7.6%) 0.83 420
2022-02-01 $317,445 (15.7%) $342,297 (7.0%) 0.83 423
2022-03-01 $324,198 (17.3%) $348,123 (12.6%) 0.81 448
2022-04-01 $324,950 (15.8%) $347,779 (13.0%) 0.77 452
2022-05-01 $327,400 (17.0%) $357,890 (17.8%) 0.75 522
2022-06-01 $323,160 (23.1%) $357,847 (21.2%) 0.72 570
2022-07-01 $319,000 (18.2%) $353,553 (17.5%) 0.72 619
2022-08-01 $324,900 (23.2%) $356,746 (19.4%) 0.75 607
2022-09-01 $329,200 (24.3%) $363,701 (19.9%) 0.77 597
2022-10-01 $339,990 (28.4%) $365,136 (19.6%) 0.80 599
2022-11-01 $338,945 (27.2%) $359,441 (17.9%) 0.81 586
2022-12-01 $345,000 (22.8%) $361,239 (12.2%) 0.85 565
2023-01-01 $348,625 (13.2%) $362,814 (6.4%) 0.86 525
2023-02-01 $358,650 (13.0%) $373,575 (9.1%) 0.87 479
2023-03-01 $356,468 (10.0%) $373,681 (7.3%) 0.84 468
2023-04-01 $342,620 (5.4%) $368,469 (6.0%) 0.80 449
York's median listing price for 2023-04-01 was $342,620, a difference of $17,670 (5.4%) versus the prior year and $-13,848 versus the prior month.

York's median listing price comes in at 80% of the national average.

York's average listing price for 2023-04-01 was $368,469, a difference of $20,690 (6.0%) versus the prior year and $-5,212 versus the prior month.

For the 2023-04-01 period, York had 449 MLS listings, a difference of -19 listings (-4%) versus the prior month and -3 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 88 days 1,836 sqft
2018-02-01 86 days 1,842 sqft
2018-03-01 68 days 1,846 sqft
2018-04-01 57 days 1,860 sqft
2018-05-01 51 days 1,873 sqft
2018-06-01 53 days 2,063 sqft
2018-07-01 59 days 2,020 sqft
2018-08-01 61 days 2,013 sqft
2018-09-01 64 days 2,000 sqft
2018-10-01 66 days 1,987 sqft
2018-11-01 65 days 1,948 sqft
2018-12-01 71 days 1,910 sqft
2019-01-01 81 days 1,877 sqft
2019-02-01 87 days 1,877 sqft
2019-03-01 64 days 1,900 sqft
2019-04-01 53 days 1,922 sqft
2019-05-01 49 days 1,962 sqft
2019-06-01 51 days 1,984 sqft
2019-07-01 51 days 2,026 sqft
2019-08-01 65 days 2,072 sqft
2019-09-01 75 days 2,096 sqft
2019-10-01 60 days 2,029 sqft
2019-11-01 65 days 1,995 sqft
2019-12-01 73 days 1,971 sqft
2020-01-01 75 days 1,959 sqft
2020-02-01 66 days 1,977 sqft
2020-03-01 50 days 2,030 sqft
2020-04-01 68 days 2,070 sqft
2020-05-01 71 days 2,072 sqft
2020-06-01 47 days 2,012 sqft
2020-07-01 46 days 2,053 sqft
2020-08-01 47 days 2,064 sqft
2020-09-01 44 days 1,996 sqft
2020-10-01 53 days 1,976 sqft
2020-11-01 53 days 1,948 sqft
2020-12-01 64 days 1,937 sqft
2021-01-01 71 days 1,920 sqft
2021-02-01 71 days 1,893 sqft
2021-03-01 45 days 1,905 sqft
2021-04-01 42 days 1,909 sqft
2021-05-01 42 days 1,909 sqft
2021-06-01 38 days 1,864 sqft
2021-07-01 41 days 1,870 sqft
2021-08-01 40 days 1,861 sqft
2021-09-01 47 days 1,850 sqft
2021-10-01 54 days 1,880 sqft
2021-11-01 49 days 1,847 sqft
2021-12-01 53 days 1,862 sqft
2022-01-01 52 days 1,900 sqft
2022-02-01 43 days 1,900 sqft
2022-03-01 42 days 1,919 sqft
2022-04-01 43 days 1,950 sqft
2022-05-01 39 days 1,950 sqft
2022-06-01 37 days 1,960 sqft
2022-07-01 39 days 1,991 sqft
2022-08-01 39 days 1,952 sqft
2022-09-01 47 days 2,000 sqft
2022-10-01 51 days 2,026 sqft
2022-11-01 54 days 2,009 sqft
2022-12-01 58 days 2,000 sqft
2023-01-01 67 days 2,002 sqft
2023-02-01 64 days 2,068 sqft
2023-03-01 51 days 2,028 sqft
2023-04-01 45 days 1,976 sqft
York's median listing age (time on market) for 2023-04-01 was 45 days. This is 5% longer than the same period one year ago.

York's median square footage for active listings during the 2023-04-01 period was 1,976 sqft. One year prior, the average listing was 1,950 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).