Final answer:
A borrower may qualify for an Escrow Waiver in certain situations, allowing them to pay property taxes and insurance directly. Common requirements for an Escrow Waiver include a sufficient down payment, a good payment history, and meeting credit score requirements.
Step-by-step explanation:
A borrower may qualify for an Escrow Waiver in certain situations. An Escrow Waiver allows the borrower to pay property taxes and insurance directly, rather than having those amounts added to their monthly mortgage payment. The specific criteria for qualifying for an Escrow Waiver can vary depending on the lender and the type of loan. However, common requirements for an Escrow Waiver include having a sufficient down payment, establishing a good payment history, and meeting certain credit score requirements.