Repairs Escrows

[Kurtis Miller]

My wife and I have a contract on a house that needs foundation work done. The foundation work is estimated at around $10,000.00. We have the cash to pay for the foundation repairs and also to do some updating, however, our concern is that the house will not close on a conventional loan with the foundation repairs being done. I have talked to lenders and what I am finding is that repairs escrow maxes out at $5,000.00 and the other option would be a HomeStyle loan. I would prefer to go with a 20 year conventional and pay the repairs in cash, but I am not seeing a way to do that. Does anyone out there have any advice on how I could do that?