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#2245253 - 11/06/20 09:44 PM Flood Insurance on Mobile Home Park
Obi Offline
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Joined: Oct 2004
Posts: 181
We are looking at possible loan for a mobile home park, most of which is in flood zone A. If we do not take the mobile homes as collateral for the loan (land only) would the borrower be required to obtain flood insurance on the mobile homes?

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Flood Compliance
#2245258 - 11/07/20 01:49 PM Re: Flood Insurance on Mobile Home Park Obi
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
A designated loan is one that has buildings as collateral in a SFHA. If you are not taking the MHs, then you do not need flood insurance. If there are any common buildings in the park though, those would be covered.
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