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

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