Is the Standard Flood Hazard Determination Form required? Are there exceptions?
Yes, the Standard Flood Hazard Determination Form (SFHDF) is a required federal document that federally regulated lending institutions must complete or have completed as a condition of making, extending, increasing, or renewing a loan that is to be secured by improved real estate. Loans that are exempt from the mandatory purchase requirements, including the requirement for a flood zone determination, are on state-owned property covered by self-insurance acceptable to the director of FEMA and on loans with an original outstanding balance of $5,000 or less and a repayment term of one year or less.
Related Questions
- Is a Standard Flood Hazard Determination Form required for a condominium unit, a cooperative unit, or a commercial building?
- Is a lending institution required to provide a copy of the Standard Flood Hazard Determination Form to its borrower?
- Is the Standard Flood Hazard Determination Form required? Are there exceptions?
