Mortgage closed a condo loan that is 466 square feet. They are saying because the square footage is less than 500 square feet that the loan amount for $90K is OK with Flood Insurance of $80K. Did I miss something in the Flood Insurance regulations? Thanks...
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No - but what is the replacement cost of the condo - we seem to be missing one of the three required figures to calculate the amount of insurance required. We need the replacement cost and the amount of coverage from the NFIP declaration page for the building and the number of units.
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You still didn't provide the amount of flood insurance coverage but it appears you are $6,218.75 short on the minimum required flood insurance coverage under the regulation.
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The opinions expressed are mine and they are not to be taken as legal advice.