Short Term Extension for National Flood Insurance .......... PASSES

By
Real Estate Mortgage Broker with George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut NMLS #65149

This week Congress passed H.R. 5569, this is the Bill that that everyone has been waiting months for to extend National Flood Insurance Program (NFIP).  Unfortunately it only extends it to September 30, 2010, which means that the House and Senate will have to continue to address this issue as we begin to approach that date.

The good news is that the Bill is retroactive to May 31, 2010, the day the lapse began. While the issuance of new and renewed flood insurance policies can resume, we can't help but to be concerned about the long term re-authorization of the NFIP and whether the industry will face once again another lapse in a three months.

Let's hope that Congress and the Senate wake up to the fact that Buyers will not be able to obtain Mortgages in Flood Designated Areas without Flood Insurance.  This would be one more set back that the Housing Industry has to avoid at this time

 

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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  1. Valerie Osterhoudt 07/02/2010 10:06 PM
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Topic:
Mortgage / Finance
Location:
Connecticut Middlesex County Middletown
Groups:
Connecticut Club
Mortgages
Real Estate Rookie
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What is New in Loan Products
Tags:
flood insurance

Comments 9 New Comment

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Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals
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JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

George, not being able to secure flood insurance would certainly have a negative impact in the areas at risk.  We are confronted with so many issue, I don,t think things will ever be the same again.

Have a great weekend.

July 02, 2010 10:34 PM
Rainmaker
276,136
Philip Turner
Mortgage Banker Since 1980
MCCUE MORTGAGE COMPANY

George - I am glad this finally made it through.  I have one client who was not able to close because of this and was potentially losing his tax credit because of the hold up on the flood insurance. Phew.

July 04, 2010 01:27 AM
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George Souto
Your Connecticut Mortgage Expert
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut

Valerie we do need a little ray of sunshine every once and a while.

Jennifer this to will pass, and we will look back and say do you remember when ............

Phil I got lucky and I did not have anyone that was affected by this, but if it had happened a couple of months before it would have.

July 04, 2010 09:58 PM
Rainmaker
276,136
Philip Turner
Mortgage Banker Since 1980
MCCUE MORTGAGE COMPANY

Withthe lack of rain lately, we probably don't have to worry about flood insurance anyways. Watch out - now that I have said this it will probably pour for the next two weeks.

July 05, 2010 11:37 AM
Rainmaker
691,192
Ann Hayden
SelectAnn.com
Prudential Select Properties-St. Louis Missouri

George,

This should help those people who need flood insurance...

Ann Hayden in Wildwood, MO

July 06, 2010 07:44 AM
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George Souto

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