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This may be a silly question. We have a loan that will be secured by a farm showing part of the property in a flood zone. The structure is a hoop barn that had been partially destroyed up in a tornado a couple of years ago. There are 2 walls standing but no roof at all. Therefore it would not require flood insurance. Normally we are to wait 10 days to close the loan after the customer signs the flood notice. Can we close the loan sooner if flood insurance will not required?
That would be up to your institution. It sounds as if this is an internal policy you have put in place. Regulation only says you must provide reasonable notice of flood insurance requirements prior to loan closing.
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