Fannie Mae Announces Property Insurance Changes
June 2, 2006
Summary: According to this Guide Announcement, Fannie Mae will:
- accept hazard deductibles up to five percent;
- accept flood insurance deductibles up to the National Flood Insurance Program (NFIP) policy maximum(s);
- update flood insurance coverage requirements applicable to one-family to four-family properties; and
- accept private flood insurance for mortgages secured by properties located within the Coastal Barrier Resources System.
Source: Fannie Mae