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Do you have to escrow your taxes & insurance in the monthly payments?

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July 10 2009 - Mount Juliet
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Profile picture for user1466163
I saw this on thee FHA web site:
http://www.fha.com/fha_article.cfm?id=380

The rules of escrow are established by the Real Estate Settlement Procedures Act or RESPA.

Does RESPA require borrowers to maintain an escrow account?

The FHA replies, no, RESPA does NOT require borrowers to maintain escrow. According to the FAQ:

It is the lenders decision whether the borrower must maintain an escrow account for the purpose of paying taxes and other items. The HUD regulations only limit the maximum amount that a lender can require a borrower to maintain in an account.

Please let me know what options are, I'd like to cancel escrow and pay it myself if possible...
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May 30 2013
Escrows accounts are mandatory on Conventional loans (Fannie Mae & Freddie Mac) that are over 80% of the homes value. Unless you have a 1st and 2nd lien, therefore avoiding the over 80% rule on the 1st lien. Government insured loans (FHA, VA & USDA) require escrow accounts regardless of the Loan-To-Value. Therefore, for the life of the loan you will be required to keep an excrow account. If you have a conventional loan that has been paid down or increased in value (appraised value) reducing your 1st lein to below 80% you can request escrows be dropped. However, you will be required to pay your property taxes in full each year and purchase a homeowners policy each year.
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July 10 2009
FHA and VA loans, you have to escrow.  Conventional loans over 80% will ahave to have escrows.  You can waive escrows for conventional loans under 80% - though the broker is ususally charged a fee of 0.25% of the loan - and he will probably find a way to pass this expense back to you.
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July 10 2009
 
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