FEMA Zone Ae

[Bill Streep]

Since there was an FHA loan on this, how about an extraordinary assumption? It is likely that a survey shows that the floor of the mfg home is above the floodzone, or the original loan wouldn't have been approved.

"The appraiser makes an extraordinary assumption that the subject's improvements are above the flood zone".

 

[Mr Rex]

Possibly on the fringe, if so, just enough for the dw. Doesn't look like any setbacks from property line. Really would need a survey to verify both tho. How they got an FHA loan is beyond me. Drove to the property this afternoon. Small creek, good size garden and very wooded. Great hunting spot.

FHA does accept properties in Flood Zones, but they have to have flood insurance. If the improvements are not in the Flood Zone, no flood insurance required. See ML2009-37


Manufactured homes: 24 CFR 203.43f (c) (i) and (d) (ii) require that the finished grade level beneath the manufactured home shall be at or above the 100-year return frequency flood elevation. If any portion of the property improvements (the dwelling and related structures/equipment essential to the property value and subject to flood damage) for both new and existing manufactured homes are located within a SFHA, the property is not eligible for FHA mortgage insurance without: (1) a FEMA issued LOMA or LOMR (in these cases, neither an elevation certificate nor flood insurance is required) or (2) an elevation certificate prepared by a licensed engineer or surveyor stating that the finished grade beneath the manufactured home is at or above the 100 year return frequency flood elevation. When utilizing an elevation certificate, the property remains in a SFHA and flood insurance is required.

 

[CANative]

The problem is lender overlays.

 

[EddieB]

Thanks, I apparently stopped reading/registering after the "not eligible for FHA... without"

Subsequent ML restates this:
[url]http://portal.HUD.gov/hudportal/documents/huddoc?id=12-28ml.pdf[/URL]