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Flood insurance
How do we know whether the subject property is in the flood zone or not?
If you are purchasing a home, one of the questions that the home seller needs to disclose is whether the property is in a flood zone. Public records also will state whether the area is in a flood zone. If the property is in a flood zone, flood insurance is mandatory by the mortgage lender. Flood insurance can be quite expensive depending in the area the property is located in. Flood insurance premium can greatly affect the borrower's debt to income ratio calculations.


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