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I am in the process of purchasing a home in the county of Santa Cruz, California and FHA is giving me a loan, the only issue is that I am required to purchase a Flood Insurance up-front.
What else can I help you with?
Is it illegal for mortgage companies to require you to carry flood insurance if you are in zone x?
Yes it is legal. You probablly agreed to it when you signed the finance note.
What are the FHA refinancing options available for homeowners?
FHA refinancing options for homeowners include the FHA Streamline Refinance, FHA Cash-Out Refinance, and FHA Rehab Loan. These options allow homeowners to lower their interest rates, access equity in their homes, or finance home improvements.
Can you get a USDA and FHA loan?
USDA loans and FHA loans are two separate products. USDA loans are available through the U.S. Department of Agriculture and are geared toward low-income borrowers living in rural areas. FHA loans, on the other hand, can be used for rural or non-rural property. To qualify for an FHA loan, your income and credit score usually must be higher than to qualify for a USDA loan. USDA loans may require no down payment; whereas FHA loans require a minimum down payment of 3.5 percent.You can purchase a farm with an FHA loan, but the FHA will only allow you to finance the first 10 acres of the property. With a USDA loan, you may be able to finance significantly more land depending on the area.
Have to have to flood insurance if house is paid off?
Yes, you can be required to have flood insurance even if your house is paid off, particularly if it's in a designated flood zone and you previously had a mortgage that mandated it. Lenders typically require flood insurance for homes in high-risk areas to protect their investment. However, if your home is paid off and not in a flood zone, purchasing flood insurance is optional but highly recommended to safeguard against potential losses from flooding.
What is a 203K financing status IE insurability?
What is "I", "IE", "UI"?These are listing codes, finance types that describe the FHA insurability of a property."IN" Insurable203(b) Regular FHA LoanThis means the property meets FHA 203(b) financing requirements; no obvious repairs necessary to insure an FHA loan to buyer."IE" Insurable with Repair Escrow203(b) - Repair EscrowThis means the property is eligible for a 203(b) FHA loan and that necessary repairs do not exceed $5,000."UI" UninsuredThis means the property requires extensive repairs exceeding $5,000. These properties are eligible for an FHA 203(k) mortgage if the required repairs and or the improvements are completed within 90-days of the closing."203K" Streamlined 203(k)Limited Repair ProgramFHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser
Are lenders obligated to require you to have flood insurance?
If you are located in a flood zone they are probably obligated to their shareholders and the other people they finance for to assure the stability of the company to make sure that you have flood insurance and property insurance.
Is it illegal for mortgage companies to require you to carry flood insurance if you are in zone x?
Yes it is legal. You probablly agreed to it when you signed the finance note.
What are the FHA refinancing options available for homeowners?
FHA refinancing options for homeowners include the FHA Streamline Refinance, FHA Cash-Out Refinance, and FHA Rehab Loan. These options allow homeowners to lower their interest rates, access equity in their homes, or finance home improvements.
Can you finance any property with FHA?
Not any property. FHA has a certain standard and rules of the condition of property or type of property before providing a loan.
Can you get flood insurance if you live in a flood zone?
Yes, The National Flood Insurance Program through FEMA facilitates Market placement of Flood Coverage for homes located in a flood zone
What can prevent a flood?
embankment,flood walls,restricted zone
Where can I find information about FHA loan requirements?
If you need to get information about FHA loan requirements, i think you can look in this website www.fha.com/fha_loan_requirements.cfm, www.fha.com/faq.cfm or http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx
Is X500 a flood zone?
X500 is not a flood zone designation commonly used in floodplain mapping. It is more likely associated with a different type of zoning or classification. Flood zones are typically labeled with designations like A, AE, VE, etc., based on levels of flood risk.
Do you need flood insurance?
Might be a good idea if you live a flood zone.
What are the three zones of a river system?
Source zone , transition zone and the flood plain zone.
Does flood fringe require flood insurance?
If you live in a flood zone then you must have flood insurance. It is not covered by normal homeowners insurance. It is basically a federal program.
When a flood is declared a National Disaster does flood insurance automatically pay if you are in a flood zone?
If you have flood insurance it will cover damage resulting from a flood. It does not matter if a national disaster has been declared or not.
