Congress has already passed, and President Obama is expected to sign a 5-year extension to the National Flood Insurance Program. To current home buyers in Yardley, Newtown and all over Bucks County, this is positive news, especially if your mortgage requires that you purchase flood insurance.
The program, which has been granted short-term extensions since 2008, was set to expire July 31, 2012. The 5-year extension will allow more confidence to lenders, home owners and prospective home buyers, and hopefully give more stability to the national and local real estate markets.
There are some changes such as premium caps, etc, so affected home owners or prospective home owners should be sure to research in more detail. For more information or questions about the Flood Insurance Program, visit the NFIP website or call 1-888-379-9531.
The FEMA website can provide you with local flood maps of your area, or contact me for more information about a particular property in Yardley, Newtown or anywhere in Bucks County.
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