Starboard Financial is one of the few mortgage lenders out there still offering escrow holdbacks!
What exactly is mini-escrow holdback?:
A mini-escrow holdback is when the lender will allow funds to be held back from the closing table to deal with an issue, such as a home repair without delaying or waiting for the actual repair to be done prior to the closing. For example, buyer writes an offer to purchase a home. Buyer has the home inspected and realizes that the roof has a leak. Buyer asks the seller to fix the roof prior to closing. Seller calls around and the earliest the roofer can come out to fix the roof is a week after closing. Normally this repair item would cause a delay with the closing. But not with the mini-escrow holdback. We can hold back up to $2500.00 at closing from sellers proceeds to cover the repair and close on time.
The benefits of a mini-escrow holdback can be the difference between a real estate transaction closing on time or having huge delays. This is just one of many great benefits of taking advantage of the mini-escrow holdback.