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Home loans requiring impound accounts |
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Do all Home loans require impound accounts?
Typically a real estate loan that has less than 20% down payment will require an impound account
If you are taking out a FHA loan (3.5 to 10% down payment) or VA loan ( 0 down payment), the lender will likely require an impound account to pay real estate taxes and hazard insurance premiums.
Most conventional loans do not require an impound account if they have 20% or more down payment.
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