You may have heard that the flood insurance program is undergoing many changes requiring people who need flood insurance to pay the true cost of the insurance without subsidies, resulting in a drastic increase in the cost of flood insurance and the subsequent lowering of the affected property value.
But here's some good news:
The Realtors association has pushed the FHA for an answer to whether or not a renovation loan (FHA 203(k) ) can be used to 'mitigate' flood issues before a flood disaster and received the answer:
"the mitigation of flood risk to an existing home either through relocation or elevation of the existing structure is permitted by the 203k program."
Using the 203k program may be a viable alternative for homeowners or prospective homebuyers for the mitigation of the flood risk on their home, and lowering their flood insurance costs.
Here's the full article from the National Association of Realtors.
HAMBY REALTY in Jefferson Oregon has been providing customer satisfaction to real estate clients since 1965 continuing as a family operated business by Nancy Hamby and Jeff Marcec. At Hamby Realty we specialize in serving both buyers and sellers dealing in Oregon residential real estate, farms and small acreages in and around the Willamette Valley.
