Do i have to pay monthly property tax on an FHA loan?
I own a condo in california and pay my high property tax 3 or 4 times a year. I am considering purchasing a home and would like an FHA loan. I have had two different loan officers give me different advice. Can I take an FHA morgage and still pay my property tax 3 times a year instead of monthly?
- Beverly SLv 71 decade agoFavorite Answer
FHA requires your taxes and insurance to be escrowed. On a conventional loan you have the choice whether or not to have escrow account.Source(s): 22 years mortgage business.
- 3 years ago
convinced and no. you'll finally end up paying some thousand for resources tax, even with the indisputable fact that the lender is rolling the tax funds into your loan charge, putting the more advantageous in an escrow account (alongside with the resources proprietors insurance) and paying them out of the escrow account. This guarantees the lender that the taxes are paid so as that liens arenot placed on the resources.
- golferwhoworksLv 71 decade ago
no Fha requires them to be impounded with your monthly payments along with insurance
- Anonymous1 decade ago
what's the diff? - it's easier to budget stuff monthly rather than quarterly