Admin

Good New on Flood Insurance

By
Mortgage and Lending with Mortgage Solutions Financial

In case you didn't know, we have been hanging in limbo on properties that require flood insurance for several weeks now.  The old FEMA flood insurance appropriation had expired and congress had not re-authorized until now.  Congress approved the Continuing Extension ACT of 2010 (H.R. 4851), which includes a temporary extension of the Federal Emergency Management Agency's (FEMA) statutory authority to issue flood insurance policies under the National Flood Insurance Program (NFIP). The temporary amendment will expire on May 31, 2010. Many investors, such as Union Bank, Provident, and others, sent out announcements re-installing their previous flood insurance policies.

We are once again in the business of lending on properties that require federal flood insurance! 

Art Marine

art.marine@academymortgage.com

Branch Manager/Loan Originator | Academy Mortgage Corporation

10220 SW Greenburg Road, Suite 250, Portland, OR 97223

o. 503-764-4005 | f. 1-866-510-4716

Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Art, 

Yes, thrilled there is an extension!  You gotta wonder what they are up to?  

All the best, Michelle

 

Apr 19, 2010 10:59 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I know there were a few people in Hillsboro sitting on pins and needles waiting to see if they were going to extend it as they weren't going to be able to close on time and may not be able to close at all if it had not been extended.

Apr 19, 2010 05:51 PM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Now, if Congress would just get to allocating funding for USDA...

Apr 21, 2010 04:44 PM