Close of Escrow Financing: Frequently Asked Questions

Frequently Asked Questions:

How much will you fund in this program?

Our program requires a minimum of $15,000 to be eligible for the Close of Escrow Financing. There is a maximum of $50,000. For amounts greater than $50,000 we would need to be paid for the incremental portion at the time of the project.

Keep in mind, that we can tackle any size project you have. Our Handyman Service can come fix a couple of small problems or address BINSR issues, while our construction crews can conduct any size renovation needed. But for the financing program, we are limited to the above outlined amounts.

 

Are their fees associated with your Close of Escrow funding program?

There are no fees associated with this program.

 

Are there limitations on how the funds are used?

Yes, 100% of the funds are used to cover work performed by Habitat Renovations.

 

Are there eligibility requirements for borrowers?

Generally, we require that the home have a minimum equity of 20% including the work that we are being asked to perform. We also require that borrowers have reasonably good credit.

 

What other restrictions or requirements are there?

The home must be listed on MLS within 5 days of the completion of our work at a price that must not exceed a price given to us during the underwriting process. Furthermore, the home much remain listed on MLS. If the home does not sell, the price must be reduced each month by a minimum of 1% each month until it sells. If any of these criteria are not met, the loan becomes due immediately.

 

What if the home does not sell?

If the home does not sell within 6 months, the note will become due and interest will apply. The homeowner will be given the option of reverting to paying a monthly payment at that time or paying the amount off in full.

 

How do I apply?

In order to apply, the home must have a listing agreement with a licensed realtor who we work with.  The application should be requested by the realtor from us.  If you are a realtor, please contact your account representative.  If you do not have an account representative, please contact us via phone or click here.

If you are a home-owner, please have your realtor reach out to us for the application and to provide proof of listing agreement.