Zillow Advice: FHA and VA Loans - FHA w/Repair Escrow on a HUD- buyer brings cash but loan goes up??? explain please http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ Zillow Advice | Zillow Real Estate Welcome to the first annual ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ Welcome to the first annual AndrewStacy1&nbsp;Sing-a-long.... (to the tune of Yankee Doodle)<br/><br/>Andrew Stacy is a scammer<br/>Nigeria is his homeland<br/>Zillow peeps don't buy his bull squash<br/>Hope he gets himself banned<br/><br/>Andrew Stacy your scams old<br/>Nigeria is busted<br/>Once your scam was new and bold<br/>But now we're just disgusted<br/> Wed, 01 May 2013 16:32:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2013-05-01T16:32:00Z [spam deleted by Zillow moderator. ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ <em>[spam deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]</em> Wed, 01 May 2013 16:08:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2013-05-01T16:08:00Z So I just bought a HUD home ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ So I just bought a HUD home with a similar deal. As of yet the realtor, title Co or lender have been able to explain the escrow to me. <br/><br/>This one had an $880 escrow for needed repairs. No problem..it probably will need most of it. The $880 was financed into the loan. So they have my money.<br/><br/>So now I go buy the appliances and pay vendors for repairs out of my pocket..let's say its $880. That means I now have a total of $1760 tied up in these repairs? And they will re-imburse me $880 from the escrow? That doesn't make sense.<br/><br/>My lender said it should have shown up on closing paperworj as a credit..and HUD approved it that way at first and sent it all back...but title Co. had some stuff goofed up and delayed closing for a week. HUD had to send new paperwork because taxes, insurance etc changed slightly..but this time they came up with the $1700 additional due at closing? Literally found all this out when sitting at the closing table. Everyone was surprised when documents were printed.<br/><br/>Realtor says I can have vendors etc bill title Co who is holding escrow...that doesn't seem feasible in the real world.<br/><br/>So where should the $880 of this repair escrow have shown up on closing paperwork? In the finance or credit sections??<br/><br/>Thanks,<br/><br/>JIM<br/><br/> Tue, 25 Dec 2012 06:48:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2012-12-25T06:48:00Z well this is an old post ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ well this is an old post but the udpate is...the lender&nbsp; was new and confused and just explained it poorly to the buyer and everyone else.&nbsp; it was a typical 203k and worked like they do but that was not the information conveyed at first. Fri, 05 Oct 2012 01:06:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2012-10-05T01:06:00Z Check this doc out...http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_36187.txt&nbsp;All ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ Check this doc out...<br/><a href="http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_36187.txt" rel="nofollow">http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_36187.txt</a>&nbsp;<br/><br/>All the best Tue, 25 Sep 2012 19:28:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2012-09-25T19:28:00Z [content removed by Zillow ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ [content removed by Zillow due to spam. &nbsp;Please refer to our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for details.]&nbsp; Sat, 18 Aug 2012 19:52:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2012-08-18T19:52:00Z THE PROBLEM HERE IS THIS:FHA ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ THE PROBLEM HERE IS THIS:<br/>FHA will not guarantee the loan without certain specific repairs being made on the HUD owned home.<br/>HUD will not make the repairs (sold as is) This way the repairs will <br/>be made after the closing on the loan (within 90 days)<br/>And the repairs are paid for out of the Escrow funds that the bank<br/>(lender) is holding.<br/>If the repairs do not come to the amount that was Escrowed the balance<br/>will be applied to the principal of the loan. Thu, 16 Aug 2012 04:55:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2012-08-16T04:55:00Z This information is helpful, ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ This information is helpful, we are trying to purchase a HUD home now and it has a repair escrow of $1650 and Sold as is.&nbsp; This is confusing for me since from my understanding all HUD homes are sold as is except for what's included in Escrow. However, a lender is telling us that the $1650 we have to pay out of pocket. The list price is all we will be funded for since the house is sold at as is value.&nbsp; What is the point of having insured escrow if you have to pay out of pocket?&nbsp; This makes no sense to me.&nbsp; Just say it's not insurable and all work you will need to fund on your own.&nbsp; Please help Thomas. I am in Georgia and can't find anywhere on FHA website where I would need to pay for the escrow. Wed, 11 Jul 2012 16:15:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2012-07-11T16:15:00Z Connie -From the explanations ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ Connie -<br/><br/>From the explanations already given, and the text you provided, the borrower does not pay interest on money they provide to escrow for funding repairs.&nbsp; Either they fund an escrow account for the repairs, or they use a 203k type loan to borrow for repair costs as well.&nbsp; In either case, the down payment required is 3.5% of the TOTAL cost of the house including the future repairs required, to keep people from walking away from their loans.&nbsp; (They need "skin in the game" as people have been phrasing it now).<br/><br/>For info on 203k loans, you might ask <a href="http://www.zillow.com/profile/203K-Specialist/">Andrew Adams</a> as he specializes in 203k loans, even though he is not in your area.<br/><br/> Wed, 06 Apr 2011 18:07:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2011-04-06T18:07:00Z I'll see if I can't get my ... http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ I'll see if I can't get my hands on the HUD-1 Wed, 06 Apr 2011 16:47:00 GMT http://www.zillow.com/advice-thread/FHA-w-Repair-Escrow-on-a-HUD-buyer-brings-cash-but-loan-goes-up-explain-please/393841/ 2011-04-06T16:47:00Z