Mortgage Minute: If I buy a home that needs repairs or my new construction is not complete, can I escrow for these things?

The short answer is no except for sod or weather-related items such as sprinklers. Sometimes realtors will write a contract that states you want to escrow for a roof that needs repaired or the counter tops haven't been installed yet, but the banks no longer allow for this. The bank is writing a loan for a "completed house." They don't allow you to escrow for future items to be completed. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.