Estimated Taxes, Insurance and Assessments on LE

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Question:

Regarding the Loan Estimate under Estimated Taxes, Insurance and Assessments: We were told that we had to estimate taxes, insurance including flood and other assessments In order to complete the monthly payment. How are we going to know if they are in a flood zone within 3 days of application with out running a determination? I would like to not incur that expense until we get back the intent to proceed.

Answer:

The Loan Estimate is completed based on your knowledge at the time you issue the disclosure. If you don't know at the time that you issue the disclosure that the property is in a SFHA, then you don't know. There is no requirement that you find that out before issuing the loan estimate.