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GSE_
492 Posts |
 Posted - 06/05/2008 : 5:35:48 PM
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If you have an Approved/Elgible (FHA) Purchase or Refinance on a 30 Year Term, with an Loan to Value of 80%LTV or Less are Escrows Required.
I always thought the answer was yes.....but wanted to confirm that with the the Outpost. |
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MisterVA
6550 Posts |
Posted - 06/05/2008 : 5:36:32 PM
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| Taxes yes. Insurance sometimes. |
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MortgageBoarder
3972 Posts |
Posted - 06/05/2008 : 5:43:22 PM
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| Not to undermine you Mr. VA because you are a book of knowledge, but from what I understand FHA always requires both taxes and insurance to be impounded. The only item that can be left out would be the monthly MI on a 15 year loan with less than 90% LTV. |
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MisterVA
6550 Posts |
Posted - 06/05/2008 : 6:34:12 PM
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| I have had insurance escrow waived on an FHA loan. The borrower had a bundled policy--cars, homeowners, snowmobiles, etc--and there was no way to have the company separately bill without them forfeiting their reduced premium. So, instead of having the borrower escrow for their cars, snowmobiles and the like, the escrow was waived for insurance. Not saying it is commonly done. But it CAN be done. |
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MortgageBoarder
3972 Posts |
Posted - 06/05/2008 : 6:56:56 PM
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Nice, that's great to know because many people do have bundled insurance now a days. As I said, you are a book of knowledge!! : )
quote:
Originally posted by MisterVA
I have had insurance escrow waived on an FHA loan. The borrower had a bundled policy--cars, homeowners, snowmobiles, etc--and there was no way to have the company separately bill without them forfeiting their reduced premium. So, instead of having the borrower escrow for their cars, snowmobiles and the like, the escrow was waived for insurance. Not saying it is commonly done. But it CAN be done.
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