need flood insurance to get Refi...anyone else?

Loony Singer · 01-24-2012, 08:53 PM

Hi all...

I've recently applied to refinance (for the 4th time) our home on Moultonboro Neck. But this time the lender has sent us a document stating that "the building...securing the loan for which you have applied is...in an area prone to flood risks that we call a special flood hazard area (SFHA). The area has been identified by FEMA as a SFHA using the Flood Insurance Rate Map (FIRM) or the Flood Hazard Boundary Map (FHBM) for the community number 330015...."

There's more, but here's my question: why is this a concern to this particular lender at this time, when our previous financings have never mentioned it as an issue? And why do they consider a flood even remotely possible, when our foundation sits perhaps 20 feet above normal lake level? Finally, what can I do to straighten this out?

I'd appreciate any insight from other forum readers who have experience with this situation.

Thanks!

01-24-2012, 08:53 PM	#1
Loony Singer Senior Member Join Date: Apr 2004 Location: Moultonborough Posts: 109 Thanks: 30 Thanked 16 Times in 11 Posts	need flood insurance to get Refi...anyone else? Hi all... I've recently applied to refinance (for the 4th time) our home on Moultonboro Neck. But this time the lender has sent us a document stating that "the building...securing the loan for which you have applied is...in an area prone to flood risks that we call a special flood hazard area (SFHA). The area has been identified by FEMA as a SFHA using the Flood Insurance Rate Map (FIRM) or the Flood Hazard Boundary Map (FHBM) for the community number 330015...." There's more, but here's my question: why is this a concern to this particular lender at this time, when our previous financings have never mentioned it as an issue? And why do they consider a flood even remotely possible, when our foundation sits perhaps 20 feet above normal lake level? Finally, what can I do to straighten this out? I'd appreciate any insight from other forum readers who have experience with this situation. Thanks!