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re Impound/Escrow Account

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annrog2 Joined: 17 Nov 2010 Posts: 1 1.31 Dollars($)	Posted: Wed Nov 17, 2010 5:32 pm    Post subject: re Impound/Escrow Account Like 0 Dislike 0 I live in California and am attempting to refinance our two-unit investment property. I have been told that Fannie Mae insists on an impound account for the prop taxes and insurance. I thought in California you had a choice. Does Federal (Fannie Mae) regulatiions supersed California? Or can Fannie Mae decline to approve our loan?
smithsussane Joined: 18 Sep 2008 Posts: 10437 Location: Alaska 985.55 Dollars($)	Posted: Wed Nov 17, 2010 8:21 pm    Post subject: Like 0 Dislike 0 Hi annrog! Welcome to forums! Most lenders will want you to go for the escrow account and deposit your property taxes and insurance payments in that account. In the long run, it will help you and you won't default on the payments. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Nov 18, 2010 10:13 am    Post subject: Like 0 Dislike 0 Those regulations are not "federal" in the sense that they are governmental. They are Fannie Mae requirements, though, and always more stringently enforced on investment properties, which are inherently risker properties than owner-occupied homes. Certainly, the lender with whom you're dealing will likely deny the loan request if they can't make it marketable through Fannie Mae. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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