Tuesday, December 8, 2009
Nova Home Loans now offers Escrow Holdbacks
NOVA Home Loans is offering escrow holdbacks for purchases that require repairs and is the only mortgage company offering this. These escrow hold backs are for repairs that the appraiser requires and are not financed as they are on HUD $100 down FHA loans. Examples of escrow hold backs NOVA Home Loans are approving are for missing Heating and AC issues, Pool and other repair. These are great for homes that need a little “love” but the seller cannot do the repairs prior to closing. Buyers or Sellers can pay for the escrow holdback. This is a great opportunity for a seller to make their home more attractive and for buyers to purchase a home that might have otherwise had to be financed with a renovation loan. The repairs that are required will have to be completed within 7 days from closing. NOVA will have to approve the escrow hold back for repairs on a case by case basis.
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Just to add to this I just funded a VA Purchase where at the last minute the termite report called for a very minor repair to some drywall. Total cost to repair was $400 and since the seller was a REO company they were not able or willing to make the repair. We used a Escrow Holdback for this repair and now we have a very happy fist time home buyer.
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