Condo in Flood Zone

No HOA flood policy on a condo in flood zone = no condo buyer financing approval. Keep this in mind!
I recently received an email from a local lender on condo purchases where the buyer is attempting financing on a condo located in a flood zone. This in itself is not a problem. The problem arises IF the homeowners association has declined a flood policy.
Here is the excerpt from the lenders email:
“If you are working with borrowers who are looking at condos and you know they will need financing, we would suggest doing some due diligence on the units they might want to see to determine if the property is in a flood zone and, if so, the HOA has a flood policy. If they do not, the borrower will NOT be able to obtain a loan on that unit…..even if the borrower is willing to obtain a personal flood policy personally for their unit.”