Buyers have a difficult balance to achieve when buying a home. The
mortgage and interest was at one time the big factor in the cost. Real
estate taxes have now become a factor and dictate when some can
purchase. Its based on the monthly number the taxes push the payment up
to really. In the past few years, flood insurance has become a factor as
well. Mortgage companies are authorized to demand flood insurance if
you property is in the zone. No insurance, no loan.
however, and the lines may barely touch the property. The bank will
state"based on the whole value of your home the rate will be X" Based on
the entire home? What if the water never reached the home in the past
100 years? What if just the basement gets water? Nope, insured as if the
entire house will float away. Be very aware of this policy, and Fema
Firm maps. Call an agent BEFORE buying the home if near a flood zone.
You wont be sorry.