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.
Zones change 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.