Mobile Homes – Learn what is exempt and what is not exempt from Flood requirements

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Question:

We made a loan to a borrower for the purchase of 2 mobile homes located in a mobile home park in Florida. The homes are “strapped down” to meet state/local requirements and have electricity and plumbing. However, we feel the home can be disconnected and moved and would not require us to perform a flood determination. Are we correct?

Answer:

Unfortunately, No, you are not correct. Mobile homes permanently affixed to a foundation are covered and the Flood rules. The fact that these homes are “strapped down” meets the definition of permanently affixed. A flood determination is required, the notice provided and if the home is located in a high risk zone, flood insurance is required.

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Learn more about Michelle Strickland’s Flood Compliance for Commercial Lenders webinar.