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HomeForumsInsuranceWhat are limit on a HELOC in a Flood Zone
John McAllister's profile image
John McAllister's profile image
John McAllister
  • Specialist
  • from East Greenville, PA
  • Member since Mar 8, 2019
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John McAllister's profile image
John McAllister's profile image
John McAllister
  • Specialist
  • from East Greenville, PA
  • Member since Mar 8, 2019
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John McAllister
  • Specialist
  • East Greenville, PA
35
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82
Posts
Insurance

What are limit on a HELOC in a Flood Zone

John McAllister
  • Specialist
  • East Greenville, PA
Posted Jun 8 2022, 08:04

I have a house I bought and rehabed in a flood zone.

I currently have a FEMA flood insurance policy with max coverage of 250K for structure & 100k for belongings. From what I understand this is the most flood insurance one can have.

I want to open a HELOC for 100K on the house that will be valued at 375K with a balance of 215K.

How will the banks assess this loan?

It seems like there is a gap risk of 125K of the 250K coverage through fema and the actual value?

Allentown, Pennsylvania
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