Flood plain confusion... (insurance, lender, house)

[ma23peas]

Was verbally told home we put contract on was not in flood plain. All was good until appraisal company said it was in flood plain, contact realtor and he said home was to be taken off flood plain after new LOMR map revisions..is this common with new developments? Any caution? Minor blood pressure blip..just need wisdom

[haudi]

What does the FEMA map say? If it's on here now, as far as the lender and insurer is concerned, you're in the flood plain.

https://msc.fema.gov/portal

[ma23peas]

I can't make hide nor hair of that map...can I send you our address and you tell me what it says?

[predatorprey]

I appraisal/elevation states it is in the flood zone then it is. I would not take the word of an agent that it will be taken off in the future.

You need to deal with what is, not what it might be. The now is you must buy flood insurance if you wish to go forward.

[ma23peas]

Nope, the 'now' is we can not close on this house if it's in the flood plain. We'll have 2 weeks to find a house, just completed walk-thru today...realtor is saying he has documentation it is not in the flood plain and will send to lender tomorrow...I told him this was a deal breaker...I'm at a loss...but everything happens for a reason...I go with the flow and in this case, loads of flood waters...

[texas7]

A lot of homes in a flood plain get an engineering company to come do a survey. If the elevation certificate issued states it is out of the flood plain due to elevation then a LOMA (letter of map amendment) is issued and your property is said to be out of the flood insurance requirement. The house next door can still require it if they didn't get an elevation certificate and LOMA letter. Even if they say you are out of it and that flood insurance is
Not required -- do yourself a favor and get it anyway. It's cheap when not required.

[ma23peas]

Thank you! On the above map there was an amendment attached dated 6/2016...we were planning on buying flood insurance ..I just could not tell if that LOMA applied to this property

[txdemo]

There are thousands of homes in the flood plain that have never flooded and never will. Take a walk around all the surrounding streets and ask the neighbors if any of the homes have ever been flooded or even close to flooding.

[rb29335i]

You can be in the flood plain but raised above the flood base level and be OK. You will just order an elevation certificate with your survey and you'll be required to get flood insurance. I'm very close to a bayou but the house is raised enough that my flood insurance is only $533/year.

Unless you are in your option period I don't think this is a reason for you to back out.

[crone]

Will the seller pay the additional premium should the rates go up?

Is the house elevated?

The Congress has been trying to raise the rates for years.

The map once indicated we were in the flood plain but took no notice that the house was next to a creek but up on a hill 300 feet.

Ain't no way i would buy in the hundred year flood plain. Five hundred, OK.

You have no clue what will be put in upstream and if they will hold their water back. Plus there is talk at the courthouse about raising county taxes to deal with flooding. Some want to raise taxes, some want to take the money from somewhere else.