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Post Sandy homes for sale
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AnnaBegins2
LIF Zygote
Member since 7/12 11 total posts
Name:
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Post Sandy homes for sale
Are there any stipulations or higher interest rates applied if buying a house damaged from the storm? A realtor mentioned that there were bigger hoops to jump through that include higher rates, chance of not qualifying for flood insurance and a few other things. Anyone know if there is any truth to that?
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Posted 3/11/13 1:40 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Post Sandy homes for sale
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Message edited 3/23/2013 5:18:34 PM.
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| Posted 3/11/13 7:03 PM |
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Re: Post Sandy homes for sale
Not sure of all the answers to your questions, however, my home was affected by Sandy and I am in the process of getting my flood insurance policy in affect.
It's not super expensive because even though we were hard hit IMO, we are still not considered in the actual "flood zone".
I had State Farm prior to the flood and this agency is also going to offer me my flood policy.
Even before Sandy hit, my agent said it's harder to get insured the closer to the water/flood zone you actually are.
Or, they may insure you but it's SUPER expensive.
HTH!
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| Posted 3/11/13 7:15 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Post Sandy homes for sale
I haven't heard anything like that....
the interest rate for the mortgage is based on the buyer's credit and income- not the location of the house
a FHA 203K rehab loan would have a slightly higher rate- but that would give you money to fix the property and would be a higher rate regardless of where the house is
If you have any questions I would be happy to help you
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| Posted 3/12/13 4:16 PM |
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