Aug 1, 2024 2004-12
Additional Property Requirements in FEMA-Designated Disaster Areas
Dear Participating Lenders:
Ginnie Mae, Fannie Mae and Freddie Mac require lenders to take additional steps to verify and document the condition of any property located within a FEMA-designated disaster area.
Housing NM's contract service provider, Idaho Housing and Finance Association (IHFA), has outlined what will be considered acceptable under these requirements to purchase a loan. For the convenience of our participating lenders, Housing NM has agreed to follow the same requirements and not implement any additional overlays.
- Ginnie Mae:
- Government loans will require a reinspection from the appraiser.
- Fannie Mae and Freddie Mac:
- Conventional loans will require a certification from the lender or borrower, which includes pictures that are taken and dated after the occurrence of the storm, wildfire or other event.
In all cases, lenders should seek additional direction from their underwriting and compliance personnel to ensure that agency guidelines are being followed. It is the sole responsibility of the lender to deliver loans that are insurable and saleable.
For more information regarding designated areas click here: Designated Areas | FEMA.gov. Please share this link with anyone you know who was affected and needs to apply for federal assistance.
Your cooperation is greatly appreciated.
Should you have questions, please contact a member of the Housing NM Homeownership Department at 505-843-6880 or by email: singlefamily@housingnm.org.
