HO6 Insurance requirement when applying for refinancing

by embibi » Sat Jun 04, 2011 01:47 am
Posts: 1
Joined: 04 Jun 2011

Hi,it is true that HO6 coverage when applying for refinancing should be 20% of the appraised value?

Total Comments: 2

Posted: Sat Jun 04, 2011 05:18 am Post Subject:

As per the requirement, the home owner should maintain coverage worth 20% of the value of the property. It is all about protecting the owner. This is one of the most important things that has to be considered while buying or refinancing.

Posted: Fri Jun 15, 2012 12:37 am Post Subject: HO 6 Requirements

Fannie Mae SVC-2011-23 revised the required coverage from 20% appraised value to that necessary to return unit to condition prior to loss event. No longer necessarily 20%

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