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The Federal Housing Administration said it will accept private flood insurance policies in which the borrower chooses to obtain a private policy instead of flood insurance available through the National Flood Insurance Program, effective Dec. 21.
Details: In a final rule, the FHA updated its regulations to allow borrowers to purchase a comparable private insurance policy that meets FHA requirements in lieu of an NFIP policy for FHA-insured mortgages secured by properties located in Federal Emergency Management Agency-designated Special Flood Hazard Areas.
More: This change applies to all FHA-insured Single Family Title II mortgages, including Home Equity Conversion Mortgages, and loans insured under FHA’s Title I programs. The FHA also issued Mortgagee Letter 2022-18 with guidance to help institutions implement the policy change.