FHA issued a Waiver of Housing Directive (Waiver) pertaining to the timeline for initiating damage inspections in presidentially-declared disaster areas in Iowa. FHA currently requires that all properties with pending mortgages or endorsements in presidentially-declared major disaster areas have a damage inspection report dated after the “incident period” (as defined by FEMA) closes. FEMA defines the incident period as “the time interval during which the disaster-causing incident occurs.” According to FHA, the situation in Freemont, Harrison, Mills, Monona, Pottawattamie, Scott, Shelby and Woodbury counties have stabilized to the extent that further damage to the properties appears unlikely, despite FEMA not having closed its incident period. As a result, FHA issued a Waiver, allowing damage inspections to be completed beginning May 14, 2018 in Freemont, Harrison, Mills, Monona, Pottawattamie, Scott, Shelby and Woodbury counties. The waiver expires April 30, 2020.
FHA
FHA Waives Early Payment Default Review Requirements for Properties Impacted by California Wildfires
FHA issued a waiver regarding early payment default review requirements for properties impacted by the California wildfires. FHA currently requires lenders to select all early
April 2, 2025
