Why Won't My Lender Take My Surveyor's Word?

The Flood Insurance Rate Maps (FIRMs) and Flood Hazard Boundary Maps (FHBMs) portray the Special Flood Hazard Areas (SFHA), within which the purchase of flood insurance is required as a condition of obtaining a mortgage from a federally backed or federally regulated lending institution.  The lender must use the boundaries of the SFHAs shown on the flood maps to determine if the mandatory purchase of flood insurance applies. Thus, even though a site survey may indicate the property location is above the Base Flood Elevation (BFE), and is technically outside the floodplain, if the map indicates that the site is within the dark-shaded SFHA, the lender must require the purchase of flood insurance. The requirement to purchase flood insurance is a condition of any federally backed mortgage loan, including second mortgages, home equity loans, and refinancing of existing loans.

Show All Answers

1. Why Won't My Lender Take My Surveyor's Word?
2. Why Is The Flood Map Wrong?
3. What Is FEMA Going To Do About It?
4. How Do I Obtain a LOMA or LOMR-F?
5. How Much Does It Cost?
6. Who Can Apply?
7. How Long Does It Take?
8. What Do I Do In the Meantime?
9. How Can I Get My Flood Insurance Premium Refunded?
10. OK. How Do I Apply for a LOMA or LOMR-F?
11. Where do I Send the LOMA or LOMR-F Application?
12. What If There is No Flood Elevation On the Flood Map?