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Resaca : Real Estate Advice

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Activity 3
Thu Jun 11, 2015
Jesseybeth answered:
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.

Reference link:http://titlecompanies.net/
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Tue Apr 26, 2011
Brent Kluge answered:
Gina,

MANY MANY renovation loan options are available to you. Please review my website and register for your Project Coach to assist you through the ENTIRE process.

Be careful about going with what is laid in front of your first. Do the Due!

Best,
b
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Fri Jun 26, 2009
Joshua Jarvis answered:
It really depends.

I've posted a link that allows you to put in your information and see what programs you could get.
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