from pgs 51-52 of the "FEMA Flood Book
"A previous determination may not
be reused when making a new
loan. If the loan is not new
, i.e., if the transaction pertains to increasing, extending, renewing, or purchasing an existing loan, the determination can
be reused if
[*]It is less than 7 years old; and
[*]No new or revised FIRM or FHBM has been issued in the interim; and
[*]It was initially recorded on the SFHDF.
If a borrower obtains a home equity or second mortgage from its first mortgagee that is secured by a secondary lien position, and provides evidence that adequate flood insurance coverage is in place for all loans, the lender can rely upon the original SFHDF if no remapping has occurred."
So, the questions that should be answered are:
I. Is this a "new" loan?
A. If "Yes," is it a subordinate lien where you also hold the 1st?
1. If "Yes," then you MAY rely upon the existing determination, provided ALL 3 of the criteria above are met.
2. If "No," then you may NOT rely upon the existing determination; a NEW determination will be required.
B. If "No," then it should be an increase, an extension, renewal, or a refinance, and you MAY rely upon the existing determination.