Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
  • Interest Rate Float Down Option
 

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Finance Minor Home Repairs!

Orange County, CA – Congratulations – you’ve just found the home of your dreams!  Well, it would be the home of your dreams if the furnace wasn’t broken and instead of a large, rusty spot there was a bathtub in the bathroom.  Fortunately, with the help of your trusted lender and PrimeLending’s EZ “C”onventional Repair Escrow, you can finance these and other common home repairs using funds held in escrow!

Make home repairs using funds held in escrow!

PrimeLending’s EZ “C”onventional Repair Escrow is available for both Appraiser/Underwriter required repairs as well as cosmetic repairs. In many cases this can be the less costly alternative to the FHA 203K Program.  Please note that structural repairs are excluded.  Also, since most home repairs are REQUIRED prior-to-closing, imagine having the flexibility to finance additional repairs using funds held in escrow even after you close!

How does it work you ask? First – you need to identify the repairs that are needed. These should be minor repairs that can be completed in 30 days or less. The cost of the repairs can not exceed $15,000 or 10% of the improved value. A licensed contractor will need to be provide a quote for the work. Then your contractor will need to be approved by our construction department.

You, the homeowner, can not act as the contractor.

The approved repairs will be added to the purchase price. You need to come up with a minimum of 5% down on the combined purchase price plus repairs. This is how you are able to finance your home repairs.

This home repair escrow is available for refiannces as well.

Once the loan closes the contractor will have 30 days to complete the work. The loan is locked through the time that it will take to finish the home repairs. So, let’s say you start your loan on March 15th and it closes on April 15th. If it take 30 days to complete the home repairs then we would need to lock your interest rate for 60 days. Once the contractor is finished the work will be double checked by an inspector prior to the final disbursement of funds.

For more information about how you can finance home repairs using funds held in escrow, contact me today! 

Scott Storace

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