About Us




Products: Conventional, FHA and VA by exception. (Buyer or Seller has to give additional money to fund the repair in a separate impound/escrow account in addition to the loan/purchase price). Loan closes with COE date and 30 days after escrow closes is allowed for repairs and reinspection. Max. 2 contractors (no family or friends). Max. 2 draws allowed (initial for materials only up to 30% of repair allowance and final). Once work is completed a re-inspection is done and any remaining funds are disbursed back to buyer/seller whoever funded the account.


Buyer/Seller Funded Escrow Holdback (Buyer or Seller has to give additional money to fund the repair in a separate impound/escrow account in addition to the loan/purchase price)

Can be used on FHA or conventional loan.  Can be used on VA loan by exception ONLY IF the seller is funding the repairs.  Repairs do not have to be appraiser required but the appraisal must be subject to those repairs being completed. Repair Amount Limits:

  • The lesser of 10% of the improved value or $10,000 plus a 10% contingency reserve.
  • If the repairs listed exceed the amounts above, an exception can be requested

Other Limitations:

  • The maximum amount of time allowed for these repairs is 30 days.
  • Borrower acknowledges the following parties cannot perform any of the proposed work; Borrower, Borrower family members, realtors or loan officers involved in the transaction or Borrower employers, no exceptions.

Contractor Information:

  • Maximum of 2 contractors
  • General Contractor is preferred but not required

Draw information and Process:

·         No draw disbursements are ever paid at closing

·         A maximum of 2 draws are allowed on this program, an initial and final

·         The initial, if needed, is for materials only and can be up to 30% of the repair allowance. A corresponding invoice reflecting the cost of the materials will be required with the request.

·         The final draw will be issued upon receipt of the clear final inspection and fully executed draw request

·         Draws will be issued by joint payable check (borrower and contractor) and Fed Ex’d to the borrowers address (or designated address if not borrowers home) within 3-5 business days of receipt of the draw request

·         The borrower will endorse the check to the contractor and deliver them the funds

Work is completed, how is the final inspection ordered?

·         The borrower or contractor will need to notify the Renovation Department that the work is completed and they are ready for the final inspection.

·         The inspector will complete the final inspection and deliver the inspection to the Renovation Department. The borrower or contractor will need to submit the executed draw request to the Renovation Department

Final Inspection has been received and contractors have been paid, what is next?

·         If the borrower/seller contributed any of the funds and there is a balance remaining, the refund will be issued to the contributing party.