Many of the homes for sale in Florida are FL bank owned properties. FL home buyers typically need to repair something with these usually deteriorated properties.  Some homes need major repair, but several require only minor upgrades such as new paint, new flooring or attention to even smaller details.  There are programs available to meet these needs like mini-construction loans, FL Home Path Renovation mortgages or FHA 203k streamlined repair mortgages.  But there is one that doesn’t cost extra and requires no inspections.

An escrow hold-back policy on conventional FL mortgages makes repairing or upgrading minor repairs, on FL home purchases, very easy.  Allowances can be  up to $5,000 to be held in escrow for these repairs or upgrades.  This should be available for FL mortgages on primary homes, 2nd homes or vacation homes and FL investment properties.  You can use this to replace carpets, tile flooring, paint the interior, etc.

So when you are shopping for your next FL home and it needs a little TLC; ask about an escrow hold-back policy on conventional loans.  Embrace the possibilities.  For more information on this or other FL construction type mortgages contact me at info@beechtreemortgage.com or call now at  321.987.9876.

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