Having trouble getting an answer in the Flood Thread, so I thought I would try here.
We are making a condo loan. The appraiser said that the condo was not in a flood zone, but the flood determination ran Monday says that it . We have asked for an official determination, but who knows how long that will take. In the mean time we have found out that the HOA does have flood insurance coverage on the units. The loan is supposed to close on Friday, if we give the customers the flood notice today is that considered to be "reasonable" as far as timing goes? Thanks

Does that give the borrowers enough time to get flood insurance in place before closing? Two days is not much time to mail a notice, get it signed by the borrower, and then get insurance in place.

I am researching this for the loan officer and flood insurance is not my speciality, so forgive me if I sound ignorant. The HOA has insurance in place already for the unit. Will we need to obtain additional insurance for the condo?

You will have to obtain a copy of the declaration page from the HOA in order to determine the amount of coverage and the stated RCV.

We can't answer your question about needing additional insurance. You don't provide enough information. However for condos your minimum coverage is the lesser of the the number of units in the building times $250,000 or the RCV divided by the number of units in the building.

You cannot close this loan until you have a copy of the declaration page from the HOA to properly document you have adequate coverage at the time of closing.

Thank You