National Flood Insurance Extended

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

Back on July 2nd of this year I wrote a blog that the National Flood Insurance had been extended until September 30th, but that we were still waiting on the Senate to pass a Bill to extend it for a longer term.  Well that news finally came down last week that the National Flood Insurance was extended for another year untill September 30, 2011.  I for one was happy to see this extension, but nothing like waiting for the last minute to do it. 

If we look back on what has been happening in this country over the last few years, we have seen state after state, and city after city experience heavy losses because of floods.  Floods are a major concern, and Lenders will not approve a mortgage in a Flood Designated Area without the homeowner obtaining Flood Insurance.  If the National Flood Insurance had not been extended, then many homeowners would not be able to sell their properties, and this would further add to the problems that the Housing Industry has been experiencing.

Every once in a while the Politicians do something positive, and extending the National Flood Insurance is one of those time.  It would be nice if they listened a little more often.  If they did maybe we would get out of this mess a little sooner.

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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, gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

George,

Until the FED'S NATIONALIZED flood insurance the only gaps in coverage were those caused by non-payment.

It was cheeper too if I remember right.

Bill

Sep 28, 2010 08:10 AM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill I was not in the business during those days, and now they seem to have us hostage.  You are right about the cost.  Around here it tends to run between $1,800 to $2,200 per year, that is a big expense.

Sep 28, 2010 08:29 AM #2
Rainer
104,867
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

George,

Thanks for the undate. :)

Sep 28, 2010 09:15 AM #3
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debbie you are welcome

Sep 28, 2010 11:01 AM #4
Rainmaker
298,347
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

George,
You always provide the greatest and newest news about mortgage :) that's only one reason that I love to read your blogs, please keep us updated with these changes, take care ! :)

Sep 28, 2010 12:54 PM #5
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ray I appreciate all the information that you share with us as well.

Sep 28, 2010 02:01 PM #6
Rainmaker
597,982
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

George.. Thanks for keeping us up to speed on the changes.

Sep 28, 2010 04:10 PM #7
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George this is certainly good news for many.  We did not need the lack of an extension to impact real estate negatively.

Sep 28, 2010 04:50 PM #8
Rainmaker
1,061,143
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

It really is amazing that it takes so long to get things done. It sure would have been a catastrophe without it!

Sep 29, 2010 12:57 AM #9
Rainmaker
1,267,908
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Great news George for a lot of families, you are right late, but as they say better late than never! 

Sep 29, 2010 01:55 AM #10
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Valerie you are welcome as always :)

Jennifer, you are right we did not need another problem, and this should have been done at the beginning of the year so that we did not go without being able to obtain Flood Insurance earlier in the year.

Bill, what is even more amazing is that takes them this long to approve something like this that there is really no reasonable other choice but to pass it.

Al and Peggy, late is better than never, but it should have never reached this point.  But this is typical of the politicians.

Sep 29, 2010 03:42 AM #11
Rainer
233,613
Karen Bernetti
Southington, CT

It's nice when they get it right isn't it?  Thanks for keeping us up to date.  flood insurance is so expensive, requiring it would sure kill a lot of deals!  Have a great weekend.  And don't forget to check out the Apple Harvest Festival! 

Oct 01, 2010 01:29 PM #12
Rainmaker
1,329,112
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, yes you are right..."typical of the politicians", but at least it's done.

Oct 05, 2010 09:16 AM #13
Rainer
234,498
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Hello George.  I came in to say hello.... we have moved our office to a much better place, and some of the responsibilities that had been neglected in the past are now being tended to.... that's WHY i've been gone!  Blessings to you!

Oct 05, 2010 06:02 PM #14
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Karen, you are right Flood Insurance is expensive and some times is a reason for a deal to fall apart, but Lenders require it before they will approve a mortgage if the property is in a flood plain.  Right now the only way to get Flood Insurance is if it is backed by the government, so if the government does not back it homeowners can't get it, and Lenders will not approve the mortgage.  The whole system needs to be changed, because any time the government is involved things get messed up.

Nick, yep they got it done, it took them a while but they got it done :)

Diane, your back with a new picture and everything :)   Now that I know that your back I will be keeping an eye out for your blogs.

Oct 06, 2010 02:36 AM #15
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1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

I'm sometimes surprised as to which homes are in a flood zone.  I know it has to do with elevation etc, but it's still as surprise sometimes. 

Oct 07, 2010 01:15 PM #16
Rainmaker
1,329,112
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Judi, the flood maps incorporated into our MLS have save me and my clients lots of time...so many times I was ready to show property that I didn't expect to be in a flood zone...you just don't always know.

Anyway, George I just stopped by to say hello and happy Friday to you.

Oct 08, 2010 02:24 PM #17
Rainmaker
1,317,651
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

George -- this is really good news.  We have had a lot of flooding in NH in the past few years.  I am sure it will be welcomed by many people.

Oct 09, 2010 06:12 PM #18
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