FHA allowing re-inspections in areas affected by wildfires, Maria

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The Federal Housing Administration revealed its plans on Feb. 22 to broaden foreclosure relief for the victims of 2017’s natural disasters. The move would affect all FHA-insured homeowners in areas affected by Hurricanes Harvey, Irma and Maria, as well as those impacted by the California wildfires, flooding and mudslides.

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Canyon Fire 2 slams the brakes on FHA loans across Orange County. Out-of-state lenders often have no idea how close a home in, say, Seal Beach or San Clemente might be to the disaster zone in Anaheim Hills. Still, the re-inspections were news even to some professionals for whom disasters are anything but routine.

Today, the Federal housing administration (fha) issued waivers of its policy on the timeframe for completing the inspection of properties prior to closing or submitting the mortgage for FHA insurance endorsement in the Presidentially-Declared Major Disaster Areas in certain municipalities in Puerto Rico impacted by Hurricane Maria (Maria) and.

The disclosure requirement that is concerned with special flood area, dam failure, high fire severity, wild land forest fire, earthquake fault zone, and seismic hazard zones, is the: (A) Real · Estate Transfer Disclosure Statement; (B) Residential Environmental and Earthquake Hazards

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FHA issued a waiver regarding early payment default review requirements for properties Impacted by Hurricanes Harvey, Irma and Maria, and California wildfires. FHA currently requires lenders to select all early payment defaults on a monthly basis and perform a loan file compliance review to insure compliance with fha single family origination and underwriting requirements.

Then a disaster area inspection report (CDAIR) is required or a 1004D by the original fha appraiser with interior/exterior photos is required (However, if the original Appraiser is not available, another FHA Roster Appraiser in good standing with geographic competence in the affected market may be used).

FHA Disaster-Related Policy Waivers Issued for Presidentially-Declared Major Disaster Areas in Puerto Rico and California. The Federal Housing Administration (FHA) has issued waivers of its policy on the timeframe for completing the inspection of properties prior to closing or submitting the mortgage for FHA insurance endorsement in the Presidentially-Declared Major Disaster Areas in certain.