FAQ

There are no fees to agents or the homeowner for setting up projects and engaging with service providers. The platform is a tool to connect all parties throughout the selling process in one centralized location. Service providers and others requesting payment from a homeowner’s available loan proceeds are subject to a 3.49% platform fee as described in the HouseAmp Terms of Use. The platform provides service providers with efficient project management, fast and easy payments every Friday, and instant access to funds via ACH electronic deposit. In addition, service providers gain access to the vast homeowner network for referrals and leads.

Loans are provided by HouseAmp’s licensed lending partners. All loans are subject to approval. The homeowner will be applying for a 24-month open-ended home equity line of credit that comes with an origination fee, third-party processing fees, a fixed interest rate, and a limited no-interest period. The loan allows homeowners to access loan proceeds for home improvements and sale-related expenses for a draw period of up to 6 months. Disbursement of proceeds occurs within the platform and are subject to HouseAmp’s Terms of Use. Repayment of the loan is required either upon the sale of the house or within 24 months of the origination date, whichever comes first. Monthly interest payments will be required if the loan exceeds 12 months. The outstanding loan balance and all accrued interest not paid will be due on month 24.

There are no out-of-pocket fees. Our lenders charge an origination fee of 1.99% which is deducted from the available loan proceeds. In addition, our lenders charge nominal, customary fees for credit reports, flood determination, notary, document preparation, and document recording. These fees will also be deducted from the available proceeds.

The annual percentage rate is currently 14.5%, with no interest for the first 60 days. The interest rate is fixed for the life of the loan. The program interest rate is based on the prime lending rate. Future loan rates for future applications may fluctuate and reset occasionally from time to time as the prime rate changes.

There is a minimum credit score of 650.

Our lenders require a minimum loan of $10,000. The maximum loan amount available is $400,000. All loans are subject to approval and based on credit and available equity in your home.

Upon approval of the loan application, the loan document package will be sent to borrowers via Adobe Sign for electronic signature. The deed of trust/mortgage requires notarization and will be sent separately for a remote online notarization (RON) session via Proof/Notarize.com.

After a client is approved for a loan, the lender holds loan proceeds and the available balance will be displayed in the platform as available, ready to be used for any services where a homeowner is connected within the platform to a service provider. Service providers submit invoices within the platform and once the homeowner approves those invoices the funds are transferred from the lender to the service provider via electronic ACH transfer.

Loan proceeds can be used for much more than just improving a home. If desired, proceeds can be used for all listing and sales-related activities such as improvements, staging, moving, cleaning, pre-inspections and so much more.

No, pay-later funding options are available for pre-listing needs and last-minute inspection-related repairs. Homeowners can apply at any time before or after the actual listing up to shortly before closing.

If the homeowner decides they can’t sell for any reason, interest-only payments will be required in month 13 following the origination date, and repayment of the loan is required within 24 months of the origination date. The outstanding loan balance and all accrued interest not paid will be due on month 24.

Any service provider can be invited to create an account on the platform to start working with homeowners on projects. For more information, see Inviting a Service Provider.

Yes. The platform service provider search function provides easy access to service providers in any area. Either choose a category in the drop-down menu or type in what you’re looking for and the results will show providers that service your area. If you want to find someone in a different area, search any zip code you like.

We facilitate all kinds of services that help you sell a home. A list of service categories is available on the dashboard.

In the service provider signup process, providers are asked to submit their license information. If you have questions about the licensing or bonding of any service provider, we encourage you to contact them directly or do any due diligence you see fit.

Service providers and others using the platform who are requesting payment from a homeowner’s available loan proceeds are subject to a 3.49% platform fee on each invoice. The fee is equivalent to most credit card fees. The platform provides service providers with efficient project management, fast and easy payments every Friday, and instant access to funds via ACH electronic deposit. In addition, service providers gain access to the vast homeowner network for referrals and leads.

A service provider uploads invoices to a homeowner project directly on the platform for the homeowner to review. These can include project deposits, progress payments and/or final payments. Once approved by the homeowner, invoices are paid directly by the lender to the service provider and deposited into the service provider’s bank account via electronic ACH. Invoices approved by homeowners by end of day Tuesday are deposited to service providers on the following Friday. For an additional fee, service providers can also request to get their payments expedited to the next business day.