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
Art,
Yes, thrilled there is an extension! You gotta wonder what they are up to?
All the best, Michelle
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.
Now, if Congress would just get to allocating funding for USDA...