FHA – Flood Insurance: Does FHA allow the use of private flood insurance?
Answer: FHA requires coverage under the NFIP/FEMA. They don’t offer the option of private insurance coverage. See the full guideline below. Reference: (A) General Property Eligibility: The Property must be located within the U.S., Puerto Rico, Guam, the Virgin Islands, the Commonwealth of the Northern Mariana Islands, or American Samoa. (1) Special Flood Hazard Areas: The Mortgagee must determine if […]