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They don't call me Lucky for no reason..
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Real quick,
How many months of Taxes and Assessment Reserves have to be withheld when buying a new home in Chambers County with a USDA loan? I have had mortgage guys tell me 3 months and some say 12-14....... I still cant find the right answer.

Thanks
 

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26,148 Posts
Generally, it is 3 months, but that too depends on the time of the year you are buying or refinancing. At this time of the year, a lender will require proof that taxes have been paid if you are escrowing, or that you deposit enough into excow to cover taxes and insurance (which wold be a full year). If you were purchasing a home, you would get a credit from the seller for taxes from 1/1/09 up until you close. If you are refinancing, and escrowing, it is likely you will have to establish a new escrow account and get a refund on the previuous account. Typically, an escorw accont is figured by the month your first payment is due, plus 3 months reserves......so, if your first payment was due 1/1/2010, you would be required to deposit an additinal 3 months reseves.....it is the month your first payment is due plus 3 months. Does that help? Please feel free to call if I can better clarify that for you.

Real quick,
How many months of Taxes and Assessment Reserves have to be withheld when buying a new home in Chambers County with a USDA loan? I have had mortgage guys tell me 3 months and some say 12-14....... I still cant find the right answer.

Thanks
 

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Velinda
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234 Posts
Re: I need a mortgage guy/gal to chime in

Oops, Shawn asked me to answer this question. ....did't relaize it was under his name. Let me know if I can help or answer anything further for you.
 
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