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Does Arch require escrows be set up for property taxes and/or home owner’s insurance?
-Does Arch require escrows be set up for property taxes and/or home owner’s insurance?
Arch does not have any overlay that would require that a lender escrow for taxes and/or insurance, no matter what the LTV. We do require that the housing and debt-to-income ratios be calculated using monthly taxes, insurance, MI premium, HOA dues and flood insurance premium, if applicable.
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Does Arch MI allow escrow holdbacks for completion of repairs or improvements?
-Does Arch MI allow escrow holdbacks for completion of repairs or improvements?
Arch MI allows escrow holdbacks for repairs or improvements, in accordance with agency guidelines and without additional overlays. When the repairs or improvements are completed, the lender should document their file accordingly.
