Do FHA Loans Accept Private Flood Insurance

In this article and video we look at if FHA loans accept private flood insurance

Currently FHA only accepts flood insurance through the National Flood Insurance Program. If you are purchasing the property the first thing you will want to look at is what's called a policy transfer or policy assumption. This is when a current property owner transfers their flood insurance policy to a new property owner. This is very popular in areas where flood premiums are very high like areas along major rivers like Nashville, Knoxville, Memphis, Saint Louis, and Des Moines.

The other option is to do a traditional flood policy through the National Flood Insurance Program. You can start that process by clicking this link. The downside to this option is it doesn't give the continuous coverage credit like policy transfers do and you would have to pay the full thing up front.