myhouse311, Home Buyer in Norfolk, VA

If I want to purchase home do you have to put home owner and taxes with house payment

Asked by myhouse311, Norfolk, VA Wed Feb 6, 2013

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Gloria G. Ar…, Agent, Killeen, TX
Wed Mar 13, 2013
Not Really, There is loans out there, that do not require for your Taxes and Insurance Payment be Included in your Loan.

Gloria G. Armand
0 votes
Barbara A Wa…, Agent, killeen, TX
Tue Feb 26, 2013
yes normally lenders do require tax to be included in a home loan for mortgage payment purposes. It's established in a Escrow including insurance... if borrow defaults on any of the above the lender would be held responsible..

Barbara Washington Realtor
Exit Homevets Realty
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu Feb 7, 2013
Most lenders require taxes and insurance escrowed if you have less than 20% down.
Not HOA dues.

With 20% down, you pay a small penalty to exclude them. .25% of loan amount at closing.
0 votes
Bruce Lynn, Agent, Coppell, TX
Thu Feb 7, 2013
This will depend on your lender, but probably yes to taxes, no to homeowners dues...typically you pay those directly not through escrow. Taxes and insurance will probably be collected in an escrow account each month and paid by as they come due. You also put up some money in the beginning to start and fund the escrow account.

This should be explained by your lender and detailed on the GFE or good faith estimate.
0 votes
Pamela Moore, Agent, Killeen, TX
Thu Feb 7, 2013
Yes, lenders do require you to have your home owners insurance and property taxes included with your mortgage payment. Years ago they did not and when it came time for homeowners to pay there property taxes in one lump sum they did not have the money to do so. They also want to make sure the home is insured at all times.
Your payment is made up of Principal, Interest, Taxes, and Insurance. I hope this answers your question. If there's anything else I can help you with do not hesitate to call or email me anytime.

Have a good day.

Pamela Moore
Coldwell Banker United Realtor
0 votes
Bradley Nyla…, Agent, Harker Heights, TX
Thu Feb 7, 2013

Typically your mortgage payment is broken down into a few different areas.
for a VA loan it would look like

Principal payment
Home owners insurance
Property taxes
**Mortgage Premium Insurance (only for FHA or conventional loans)

Together to make your Monthly mortgage payment

**For an FHA or Conventional loan you will add and additional block which is your Mortgage premium insurance until you pay down 79-80% of the loan and the the MPI should fall off.
0 votes
Joseph Finne…, Agent, Bethlehem, PA
Thu Feb 7, 2013
Typically, any mortgage that requires less than a 20% down payment will require that you escrow the taxes and home owners insurance in your monthly payment.


Joe Finnerty
Prudential Patt White Real Estate
Lehigh Valley, PA
0 votes
Charisse Reed…, Agent, Temple, TX
Wed Feb 6, 2013
Hi yes most loans require taxes and insurance to be part of monthly payment, any other questions just ask thanks, charisse_reed@yahoo. Com
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