if you are applying ( and been approved for both conventional loan and FHA) and you do not put 20% down ( 3%since we are first timers)
do propertytaxes and hazard insurance HAVE to be included inyour mortgage ( in escrow i mean)
klovess14
Posted:
Member since
Re: real estate question
oh, that's a good question. My fiance and I are starting to look and have so many questions so thanks for bringing the topic up. Do you mind FMing me with a description of the two types of loans you mentioned. It gets confusing after a while. My fiance and I will probably be putting 3% down as well.
mathteach
Posted:
Member since
Re: real estate question
No, they don't. When I had my original mortgage the taxes weren't escrowed. But I ended scrambling to get the $ when they came due later.
failurebydsign
Posted:
Member since
Re: real estate question
ive heard its dif from state to state..im in kansas
i dont want them in the mortgage cause it will save us a ton monthly
hte taxes on the house we like are only $1,200 a year so its no big deal to come up with them and you pay half and half through the year ( june 21 and Dec 21)
this is affecting whether or not we make an offer on monday
mathteach
Posted:
Member since
Re: real estate question
I'm in NY, but I had to come up with $4500. My mom is in Florida and her's are not escrowed either.
