Flood Determination & Mobile Homes

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Question:

If a loan is secured with a mobile home NOT attached to real estate, is a flood determination needed?

Answer:

A flood determination is only required is the extension of credit is or will be secured by improved real property or an affixed mobile home. If the mobile home is not affixed, the flood determination requirement does not apply.

First published on BankersOnline.com 5/7/01