FHA issued a temporary policy waiver waiving the need for separate 14-day waiting periods for inspection and damage reports for properties in overlapping Presidentially-Declared Major Disaster Areas (PMDAs) due to Hurricanes Helene and Milton. Currently, a damage inspection may not be completed until 14 days after the start of the FEMA incident period, or after the closure date of the FEMA incident period, whichever is earlier. As Hurricanes Helene and Milton both impacted similar regions within a 14-day period, properties affected by both Hurricanes would effectively be subject to a 28-day waiting period. Under the temporary policy waiver, the requirement for a separate 14-day waiting period for damage inspections and reports following Hurricane Milton is waived if:
- The subject property is located in overlapping PDMDAs (PDMDAs affected by both Hurricane Helene and Hurricane Milton); and
- The 14-day waiting period for damage inspections and reports is complied with in connection with Hurricane Helene.
Note that, while the temporary waiver waives the need for separate 14-day waiting periods to conduct the damage inspection report, the requirement to conduct a damage inspection report, and other inspection and repair escrow requirements, for all properties with pending mortgages or endorsements in the PDMDAs remain the same. The temporary waiver went into effect October 21, 2024.
Click to view the FHA Info #2024-71: https://www.tenaco.com/wp-content/uploads/2024/10/FHA-Info-2024-71.pdf
