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Escrow waiver

IluvuscOH
Member

Escrow waiver

Has anyone come across a situation a 75% ltv 652 credit score on  Conv loan being denied the option of waving the Escrow?

Message 1 of 6
5 REPLIES 5
4sallypat
Established Contributor

Re: Escrow waiver

Are you referring to waiving your appraisal ?

 

Waiving escrow is not possible even if you have all cash to purchase the home.

Message 2 of 6
JVille
Valued Contributor

Re: Escrow waiver

Yes, that's a lenders Risk Analysis based on your Credit Score. Every lender will have their own quirks. I'm assuming you are talking about a Conventional loan.

Message 3 of 6
IOBA
Senior Contributor

Re: Escrow waiver

I have waived escrow --- meaning I pay my own home owners insurance and real estate property taxes myself -- on all of my mortgages.  I also put down 20% or more.  I tell the lender it's my condition for the loan.  I have had a little push back from the lender, but in the end, they agree that I can pay my own insurance & taxes.  The lender is still listed as an "additional insurered" on the declaration page until the loan is paid off.  The last mortgage I took out was 2015, I believe. (I had a history of paying off mortgages within 6 months, which was reflected on my credit reports. This might have helped.)

 

The lending environment changes often. You can ask for them to waive the escrow.  I use to have a seperate savings account set up specifically for insurance & taxes.

 

 

Message 4 of 6
NoMoreE46
Established Contributor

Re: Escrow waiver

Did your lender charge a slightly higher rate for waiving the escrow?  IIRC,  mine was 0.25% higher but I was okay with that.

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Message 5 of 6
trebor88
New Member

Re: Escrow waiver


@NoMoreE46 wrote:

Did your lender charge a slightly higher rate for waiving the escrow?  IIRC,  mine was 0.25% higher but I was okay with that.


My lender kept my rate the same but added a $150 escrow waiver fee.

Message 6 of 6
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