Looking to renovate your new or existing home? Do you need handle repairs that an appraiser is requiring? opens in a new windowThe HOUSE Team offers several renovation and escrow hold-back home loan options to rehab and renovate your Arizona home.
Both Renovation Loans and Escrow Hold-backs help finance repair costs. Also, both allow for repairs / renovations to occur post closing. However, Renovation Loans and Escrow Hold-backs vary in many ways.
Renovation Loans
Renovation Loans are designed to finance larger scope and higher cost projects. For example, remodeling a bathroom, adding square footage or even building a new pool.
Escrow Hold-back Options
On the other hand, Escrow Hold-backs work best for more minor and less costly repairs. For example, fixing minor roof repairs, replacing broken windows or fixing an air conditioning unit.