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Will USDA lending loan on properties in a flood plain?

by mascordo661 from Harrisburg, Pennsylvania. May 11th 2016 Reply


Yes but there is conditions. You must prove home is above the flood zone which is performed by a surveyor or engineer. And must produce an elevation certificate that shows that the top of the first floor is above the 100 yr flood level. You risk losing cost of the survey if home is below that level. If you want to get preapproved for usda or any other program please contact me at: jason.bennett@movement.com. Or by phone: 717-645-6200. Thanks

May 11th 2016
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Correction. You only need proof of ability to get flood insurance as a condition. Just read an update on usda financing.

May 11th 2016
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 644 contributions

Jason nailed it

May 11th 2016
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Kenneth Kopper (KenKopper)
#1 ranked lender in Maryland - 529 contributions

I would suggest getting a quote on Flood Insurance to make sure that you still qualify for USDA in terms of your Debt to Income Ratio with the additional monthly expense of Flood Insurance as well that the increased Mortgage payment is still in your budget.

May 11th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Yes.. but conditions apply.. but worse than that.. you have to get flood insurance.. which is very expensive depending on which type of flood plain the property is in.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 11th 2016
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