FEMA Declared Disaster in South Carolina
On May 1, 2020, FEMA announced a Major Disaster Declaration pertaining to severe storms, tornadoes and straight-line winds in South Carolina, with an Incident Period End Date of April 13, 2020.
As of today, seven (7) counties have been identified and designated for Individual Assistance from FEMA. The currently declared counties are:
If the effective date of the appraisal or appraisal alternative was on or prior to the April 13, 2020 Incident End Date, an inspection is required in accordance with the FEMA Declared Disaster Policies and Procedures and product profiles prior to closing or funding of the loan.
As with all disasters, the affected areas are not definitively confirmed until FEMA formally designates such areas, which occurs following the completion of the incident and an assessment of the damage. As a result, we will continue to monitor FEMA announcements for impacted areas in order to update any additional impacted counties.
A condition requiring a property inspection will be added to identified loans.
Please reference the FEMA Declared Disaster Policies and Procedures and product profiles for full details.