Don’t want to be the Florida mortgage banker yelling the “Sky is Falling! The Sky is Falling!” …but I do want to be the one that reminds everyone that the NFIP (National Flood Insurance Program) is set to expire…again.
That September 30th date is looming large and you can’t afford to miss it. Now just to talk you off the ledge…you don’t have to be closed by the 30th, the buyer of the home just has to have the flood insurance paid for and bound to get in under this deadline.
By the way, this September 30th deadline was provided by virtue of an extension to the National Flood Insurance Program Extension Act of 2010, (H.R. 5569) that Congress passed on June 30, 2010 and is retroactive to cover the lapse period from June 1, 2010.
BUT, since it has already expired twice this year and it doesn’t look like our elected officials have learned their lesson, we have no way of knowing what October 1st will bring.
So if you’re feeling lucky, give it a spin; but I would strongly suggest stepping it up and getting this piece of your real estate transaction done!