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