What
is the maximum deductible amount allowed by FHA for a hazard insurance policy?
FHA
does not require a borrower to have hazard insurance. Therefore, FHA does not
have a maximum deductible for a hazard insurance policy. If the lender requires
the borrower to have hazard insurance, the amount of the deductible will be
established by the lender. If the lender requires the borrower to have hazard
insurance, then the lender must escrow for the payment of the hazard insurance
premium. 1% of the loam amount is the standard deductable. However, most
lenders will not object to a 2% deductible, but the borrower must show an acceptable
level of personal assets.
Happy Selling!
Jerry Alexander
Underwriter
Gateway Mortgage Group
1255 W. 15th Street| Ste. 540|
972-908-3390 ext. 132
jerry.alexander@gmos.us
3/01/2010
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