eLEND TPO Products
USDA Repair Escrow
Overview
The USDA Repair Escrow allows for financing of minor renovation costs to a home that meets property standards or where repairs could not be completed due to inclement weather conditions.
- Livability of dwelling is not affected
- Signed contract is in effect for proposed repair work
- Purchase and Refinance transactions are permitted
Who is Eligible?
Here is an overview of the eligibility requirements for this Program Feature. You can view the complete eligibility requirements from the Guidelines page of any loan program that offers this feature.
- Escrow accounts are not permitted for foundation/structural, electric, and plumbing repairs
- Minimum FICO of 580
- Maximum LTV 100% of appraised value
- The combination of both exterior AND interior repair escrows cannot exceed 10 percent of the final loan amount, and the escrow amount must be less than or equal to $10,000
- Repair items will be required to be completed within 180 days of loan closing
- The incomplete work must not have an affect on the livability of the dwelling, nor the health or saferty of the occupants.
See What’s Possible
Review program highlights, qualifications, and benefits before you get started.
