What does IE insurability mean?
IE-Insurable w/escrow: Property eligible for a 203(b) FHA loan; necessary repairs total less than $10,000. Buyer is responsible for the escrow; it is NOT a concession from HUD. The repairs are begun after closing and must be completed within 90 days of closing.
What does IE insured escrow mean?
IN (Insured), IE (Insured with Escrow) or UI (Uninsured) IN – Insured. No escrow needed – move-in ready. If the appraiser thinks there are no repairs needed for the home to qualify for FHA financing, the home is considered IN (Insured). Investors have to wait 30 days before submitting an offer.
What does it mean if a property is designated uninsurable by the FHA?
Uninsurable property is a home that is not eligible for insurance through the Federal Housing Administration (FHA) because it is in need of extensive repairs.
What does uninsured HUD home mean?
Properties listed as “UNINSURED” means that certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5000.00. Purchasers of these properties have the option to purchase “as-is” with cash or conventional financing.
What does status ie mean?
I.e. stands for id est or ‘that is’ — and it’s used to clarify a statement or word that came before it. E.g. means exempli gratia or ‘for example.
What is repair escrow on a HUD home?
When you buy a fixer-upper from HUD, you may qualify for a special loan from the FHA that allows you to borrow enough money to both buy the property and repair it. The HUD repair escrow is an escrow account where the funds for repairs are held until the work is completed.
How does repair escrow work?
In its simplest terms, a repair escrow is an account established to pay for any necessary repairs on a home after the closing date. For example, let’s say that you need to sell your home, but the roof leaks. Nobody wants to buy a house with a leaky roof, and many lenders won’t even extend a loan for such a house.
Are some homes uninsurable?
The number one reason for a home being uninsurable is that it is unsafe to occupy. Unsafe homes have structural damage, environmental issues, or have been abandoned for a long period. Claim history. In some extreme cases, we have seen homes that have had significant and frequent insurance losses on claims.
What type of risk is uninsurable?
An uninsurable risk is a risk that insurance companies cannot insure (or are reluctant to insure) no matter how much you pay. Common uninsurable risks include: reputational risk, regulatory risk, trade secret risk, political risk, and pandemic risk.
What is FHA financing IE?
IE = Insured with Escrow: Your client can finance the property with an FHA 203(b) loan, but will need to have repairs made on the property. The lender sets the repair amounts and must hold these costs in escrow until the work is completed (required to be completed within 90 days after the closing date).
What is meant by EG?
e.g. is the abbreviation for the Latin phrase exempli gratia, meaning “for example.” This abbreviation is typically used to introduce one or more examples of something mentioned previously in the sentence and can be used interchangeably with “for example” or “such as.” The use of e.g. implies that there are other …