FEMA Declared Disaster Requirements

Did you know that if the subject property is in a FEMA declared disaster area there may be additional requirements to consider?  Please see the conventional and government requirements below. 

Conventional Loans

Appraisals completed on or before the incident period end date.

Prior to Approval/Closing and Purchase(NDC), Windsor Mortgage will require a post-disaster inspection confirming the property has not been adversely affected by the disaster. The Lender/Broker can utilize any of the following re-inspection options: 

1. Property Inspection Report (Form 2075)
2. Appraisal Update and/or Completion Report (Form 1004D)
3. Lender Certification with post-disaster photos that clearly demonstrate the property has not been adversely affected by the disaster.
4. A catastrophic Disaster Area Inspection Report (CDAIR) or Disaster Area Inspection Report (DAIR) is prepared by a certified appraiser or a Disaster Inspection Company. 
5. Appraisal Inspection if completed after the FEMA notice date AND appraiser notes no damage.

Note: The Lender Certification must not be executed by an employee that receives direct compensation from the subject transaction.

Loans utilizing an appraisal waiver will be subject to inspection if the note date is within 90 days after the incident end date. 

Government Loans

Appraisals completed on or before the incident period end date.

Prior to Approval/Closing and Purchase (NDC), Windsor Mortgage will require a post-disaster inspection confirming the property has not been adversely affected by the disaster. The Lender/Broker can utilize any of the following re-inspection options:

1. Property Inspection Report (Form 2075)
2. Appraisal Update and/or Completion Report (Form 1004D)
3. A catastrophic Disaster Area Inspection Report (CDAIR) or Disaster Area Inspection Report (DAIR) is prepared by a certified appraiser or a Disaster Inspection Company.
4. Appraisal Inspection if completed after the FEMA notice date AND appraiser notes no damage (FHA requires appraisal inspection to be at least 14 days from the incident start date).

Loans not requiring an appraisal will be subject to inspection if the note date is within 90 days after the incident end date.