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Typically flood determinations are not required to be ordered on loans with security of bare land. Is there anything in regulation or flood Q & A’s that require a flood determination be ordered if a borrower thinks they will build on that property within the next 5 years from when the loans is closed now? We had thought we had read that before.
No, Flood is a dwelling regulation. Insurance would not be required until your institution’s policy requires it during the construction phase. The FAQs discuss contraction requirements and guidance in 6 questions found in Section XI.
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