Frequently asked questions

About the Pay Later Program

How does the Pay Later process work?

We make the Pay Later process easy for the Homeowner, the Realtor, and the Service Pro. Homeowners go through a very short, non-credit impacting pre-application process. If they qualify, we validate a few pieces of information and then they get funded. It’s simple and fast. The Homeowner then works with their Realtor to determine the improvements needed and works with their Service Pro to get their home ready for sale. When done, the Service Pro submits their invoice through the HouseAmp platform, and payment is made directly to their account. The Homeowner can sell a Move-In Ready home with ease. The Realtor can sell with confidence knowing issues have been addressed. The Service Pro gets paid promptly for an expertly updated house. It's a win-win-win for everyone!



Can the loan be used for anything other than home repairs?

The funds approved through the Pay Later platform are intended for repairs or home improvements in order to list the home for more money and put more cash in the Homeowner's pocket when the home sells. As all disbursements are made via our invoice payment system directly to the Service Pro, we help get the house Move-In Ready without hassle.



How are the funds disbursed to the Homeowner?

Funds are made available to the homeowner to approve payments via the HouseAmp Pay Later platform. During this initial 12 month period, no payments are due and no interest is added. The homeowner can see invoices and request disbursements to pay Service Pros through their account dashboard.



Are there any fees?

For Homeowner loans, the Move-In Ready fees consist of a $199 one time loan set-up fee and a 1.99% monthly maintenance fee to manage disbursements during the initial 12 month drawdown period. Both of these fees are added to the loan amount and due at the time the loan is repaid, meaning no payments until the house sells! For Service Providers, there is a 2.99% invoice processing fee on all invoice payments. Additionally, any leads that result in completed and invoiced work through the HouseAmp platform, there is a 4.99% lead generation fee. There are no fees for Realtors!



What are the Move-In Ready Fees?

The Move-In Ready Fees are the total fees that are added to the amount repaid at closing. Included in this are a one-time $199 Account Set Up Fee, a 1.99% Monthly Maintenance Fee that is accrued and collected when the loan is repaid, a Reconveyance Fee for the closing process, and the County Recording Fee. The Monthly Maintenance Fee is calculated on the line of credit amount, not the disbursed amount, and charged for a minimum of 3 months. The HouseAmp Pay Later platform means you pay nothing upfront and fees and costs are not due until closing, after the sale of your house. For more info download our Homeowner Fees Breakdown.



What happens if the home doesn’t sell or the Homeowner chooses to not sell?

NO PROBLEM! We give the Homeowner up to 12 months to make improvements and sell their home. If the home doesn’t sell during this time or the homeowner decides not to sell, we work the homeowner to repay the amount borrowed over a predetermined period of time. Our job is to take good care of the homeowner so we provide several options, and the Service Pro’s invoice gets paid either way.



What is the loan Interest rate?

There is no interest on the loan and no payments during the draw period or during the grace period while the home is for sale. The Pay Later Program is built to make getting access to your equity for improvements and upgrades easy! No need to consider selling assets, accessing funds from a retirement account, taking the time to apply for traditional financing, or tying up your cash into getting your home ready to sell during a time of transition. We are here to help you! Please see the "What are the Move-In Ready fees" section to learn about the platform fees.



How do I connect with Realtors?

Inviting your Realtor to HouseAmp is simple! On your dashboard you have an invite button to invite them to create a HouseAmp account. The best part is the platform allows you to share project notes, pictures and status, so your Realtor is kept in the loop on your project progress. Need a Realtor? We’ve got you covered! Just search for a great Realtor in your area.



Can I connect with other Homeowners?

At this time, Homeowners can connect with Service Professionals and Realtors, but not other Homeowners. We’d love to hear from you if you’d be interested in seeing this feature on your HouseAmp dashboard.



Once I sign up as a Homeowner, how do I sign loan documentation?

Upon approval of you loan application, your loan documents will be available on your dashboard with instructions to sign digitally. Once signed, you will have a link within your account to access copies of all your loan documents at any time.



If I have a project started or nearly done, can I still get a loan and/or have my Service Pro sign up to get paid?

Indeed! Once approved, your loan is funded within a few days but you can log in directly after submitting your application to start creating your projects, inviting your Service Pros, and sharing project notes with your Realtor. Approved payments are processed by end-of-day Tuesdays, so you can expect to see your project invoices paid in record time.



How do I get a loan for house repairs?

The HouseAmp Pay Later platform provides access to loans for homeowners that have sufficient equity in their homes to cover the amount borrowed. The approval process is quick, comprehensive and fair. Simply visit www.houseamp.com and apply!



Can I be approved for a loan if I have bad credit?

With HouseAmp, the equity in your home IS your credit. HouseAmp's Pay Later platform uses the equity in your home to determine the "Credit Worthiness" of your application, regardless of if you have a stellar credit score or lack sufficient credit to qualify for a regularly processed loan. With HouseAmp, your home is your credit and we help you make the most of it.



What are the best loans for home improvement when selling my house?

The best loans for home improvement when selling your house are those that allow you to Pay at Close. This means there are NO upfront out-of-pocket expenses to incur, and with HouseAmp you can begin this process very quickly. Take advantage of the best home improvement loans for selling you house today.



How do I qualify for a Pay Later loan?

Fill out the online application at www.houseamp.com. Approval takes just minutes and most applicants are given the amount they qualify for immediately. You determine how much of a loan you'd like to take and loan docs are available to sign that same day. It's a simple, painless process that gets you closer to selling your home for more, quicker.



Working With Service Pros

How does the Service Pro invoice process work?

Funds are made available to the Homeowner during what we call the drawdown period. During this time, the Service Pro simply submits their invoice to the Homeowner via their HouseAmp dashboard, which the Homeowner then approves for HouseAmp to pay. Invoices approved by Tuesday evening are paid that Friday by end of day. A very low 2.99% invoice processing fee is deducted from the invoiced amount for all payments to the Service Pro. The Service Pro gets paid for the work and the Homeowner pays back the loan upon closing… everyone wins!



How do I connect with Service Pros?

The HouseAmp platform makes it easy to connect with your favorite service providers, or to search for new ones in your area. Simply log into your dashboard, and either invite or search for a Service Provider. You can then add them to your projects so they can see our project notes. When the work is done, they will submit their invoice through the HouseAmp platform and you simply hit approve.



Are your Service Pros licensed, how do I verify their license before hiring them?

We do not license or insure any Service Professionals that are on our platform. If you have questions about the licensing or bonding of a particular Service Professional you find on HouseAmp, we invite you to contact them directly to get that information.



Can I see reviews on Service Pros?

You are on top of it! This is a future feature we hope to have available very soon.



Can I see pictures of before and after projects of specific Service Pros?

A this time, this is not available, but along with our Service Pro rating system, before and after pictures will be available to see the great work our Service Pros have done on past projects.



How do I get matched up with suggested Service Pros?

When searching for Service Pros in your area, they are sorted by geographic distance from your zip code. All Service Pros are invited to provide their service area radius, so if they show up in your search, they are willing to help with your project!



What if I have a Service Pro and they refuse to sign up on HouseAmp, Can I still use them?

Since all invoice payments to Service Pros are approved and paid through the HouseAmp Pay Later platform, they will need to create an account in order to receive payment. This process takes 2 minutes, and is very secure, so feel confident in inviting your Service Pro to HouseAmp.



What type of service does HouseAmp Service Pros do?

The best part of our program is all Service Pros are HouseAmp Service Pros! We invite Service Pros from every sector to sign up on HouseAmp and if a Homeowner or a Realtor has a favorite they'd like to complete the project, invite them to join and we will pay them through the Pay Later program. If they can help a Homeowner get their house move-in ready, then we want to work with them! For a full list of our current service categories CLICK HERE.



Do Service Pros get charged a fee?

For Service Pros, there is a 2.99% invoice processing fee on all invoice payments. Additionally, for any leads that result in completed and invoiced work through the HouseAmp platform there is a 4.99% lead generation referral fee. Same-day payments can be requested for an additional 1%. Invoices are approved by the Homeowner through the HouseAmp platform and paid weekly via direct deposit. For additional info please see our Service Pro Fee Breakdown.



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