House passes 5-year flood insurance extension
The House passed legislation Tuesday to reauthorize the National Flood Insurance Program for five years, which would include reforms backed by NAR. The bill still needs Senate approval, however, before the NFIP expiration date of Dec. 8, 2017.
Flood insurance is required for any property that’s in a flood zone and has a federally related mortgage. Any loan backed by Fannie Mae, Freddie Mac, the FHA, the VA, or the Rural Housing Services is a federally related mortgage.