STOP : Listen clearly... this has only been approved by the House. The Senate still needs to approve this.
The House has passed another temporary extension for Flood Insurance. Let me repeat, (because of the misleading posts about the Tax Credit from last week ) a temporary extension has been approved by the House, good through September 30th, 2010. The Senate still needs to vote on this extension.
The program has been suspended since May 31st, 2010. Many of us in the real estate world know how important this is. But why is the government having such a hard time coming together on this, or at least adding the appropriate provisions in order for this to work. This issue has stopped 1,000's of closings from taking place lately and or putting many in jeopardy that live in flood areas with the hurricane season fast approaching. Not only do we need the Senate to vote on the Flood Insurance extension, but we need some sort of bill in place for a longer period, such as 5 years or so. What se thee?
You can read about it here : House passes the flood insurance extension.
_____________________________________________________________________________________________________
FOLLOW ME ON FACEBOOK
- FHA Loans - USDA Loans - VA Loans -
- Energy Efficient Mortgages -
- Conventional Loans - 203 k loans -
- FHA Home Loans - Mortgages -
Experience & Knowledge at its BEST !!!
Follow me on:
_____________________________________________________________________________________________________
For more information on FHA loans, please go to this link. The FHA Expert
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!
For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors
Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc
_____________________________________________________________________________________________________________________________
FOLLOW ME ON FACEBOOK
- FHA Loans - USDA Loans - VA Loans -
- Energy Efficient Mortgages -
- Conventional Loans - 203 k loans -
- FHA Home Loans - Mortgages -
Experience & Knowledge at its BEST !!!
Follow me on:
______________________________________________________________________________________________________________
For more information on FHA loans, please go to this link. The FHA Expert
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!
For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors
Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc
Jeff - yessireee The senate has a lot of work to do. They must get their butts in gear. Still waiting to hear about the first time homebuyer extention as well... Ah well I guess that's NJ for ya huh? Thanks for the update.
Yes! Lets get it done already Ladies and Gentlemen! This temporary band-aid "thing" is obviously not cutting it! Can't they hide it in some other bill like they do everything else! Sniff, sniff, I smell sarcasm! Thanks for the update!
ROBERT... . I seriously wonder what they do sometimes.. they push these fluff type stimulus bills and such, but something as Flood Insurance and or the Tax Credit, which is vital to the US's economy, trying to crawl out of this hole... yet it's like pulling teeth. ps.. tell Lisa that I said hello...
KRISTA.... . This temporary band-aid should be included in the guinness book of world records... lol The gov't must have a lot of entries in this book in the last year or so.. lol Seriously, you make a point... why can't these important issues be hidden just like they hid so much in the last stimulus package. Gee whiz...
MICHAEL... . my pleasure.. and yes, I had to make it clear after what happened with the news in regards to the Tax credit. thanks
Jeff-Great point, because I read a few articles online that didn't indicate the house still needed to vote on the extension and I even so information on the tax credit as an extension of the program not the closing date....WHAT IS TAKING SO LONG? The economy is in need of some ACTION! Thanks
Jen
Jeff, it's always good to clarify the stuff that goes on here in DC. Approval by a House or Senate committee does not a law make.
Jeff, this is especially sensitive here in Nashville with the recent flooding. Flood maps are having to be redrawn. It's a mess really.
We can always count on you for the real scoop, Jeff. Thanks!
From the NAR site and can be confirmed here http://thomas.loc.gov/cgi-bin/bdquery/z?d111:H.R.5623:
NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.For additional information on the extension visit www.realtor.org/government_affairs
Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.
For more information on the flood insurance program visit www.realtor.org/government_affairs