USDA Changes Requirements for Flood Hazard Properties

USDA Housing Specialist Kevin Culley reported this week that the USDA has made some major changes to requirements for properties located in the Flood Hazard Area. A note to Guaranteed Rural Housing (GRH) lenders and originators explained that all property located in a flood hazard area will require a flood elevation survey prior to loan approval. Also, the survey must show that the first floor of the property is above the 100-year flood elevation. (If it is equal or less than this elevation, USDA will not guarantee the loan.) Culley said that these surveys usually run from $300-$700, but can be much more expensive. Contact Culley for more information: 785-271-2722.