Do FHA loans require impound accounts?
By Colin Frangos, Monday, February 25, 2008.Yes, according to the "Realty Bluebook," 33rd Ed., Dearborn Financial Publishing, Chicago; 2003: "Under FHA financing it is the lender's responsibility to ascertain that property taxes and hazard insurance premiums are paid when due. Lenders, therefore, will insist that the monthly payments include proportionate amounts for taxes and insurance."
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