Flood insurance funding extended
The president signed a bill Thursday that extends funding for the National Flood Insurance Program, which had been allowed to lapse March 28.
Funding will be restored through May 31 under the legislation.
The lapse had threatened to complicate home closing on the Outer Banks because flood insurance is required by federal law on any bank-owned or government-backed mortgage loan, such as Fannie Mae, Freddie Mac, VA and USDA.
Freddie Mac, one of the two largest government-backed purchasers of mortgage loans, announced at the time that it would allow lenders to close loans slated to be sold to them as long as buyers provided evidence of an executed NFIP application, a copy of the premium check and a paid receipt from the agent.
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Tags: flood insurance, Insurance, insurance program