Blog Layout
National Flood Insurance Program (NFIP) Extended Until September 30, 2020
LOUISIANA REALTORS • December 6, 2019
The National Flood Insurance Program (NFIP) has been extended until September 30, 2020. While this short term extension provides some predictability for homebuyers and sellers it is far from a permanent fix.
"Confidence and stability are two of the most critical factors impacting America’s housing market and economy," the National Association of REALTORS®’ President Vince Malta said after the agreement passed the House.
This program has operated on a string of short-term extensions and endured multiple lapses over the past two years, creating uncertainty for homebuyers and sellers alike. The NFIP was extended 17 times between 2008 and 2012, and lapsed 4 times: March 1 to March 2, 2010; March 29 to April 15, 2010; June 1 to July 2, 2010; and October 1 to October 5, 2011.
In Louisiana, this unpredictability has put home sales in jeopardy and left insurance policies in limbo. Property owners and buyers need certainty to complete transactions that can take from 45 days (residential property) to over six months (commercial), and NAR research has consistently shown that NFIP lapses threaten 1,300 transactions each day.
NAR is urging Congress to use the additional time afforded by this extension to work toward consensus on the NFIP Reauthorization Act. Louisiana REALTORS® is working consistently on the bills that have been filed in Congress to reach a bipartisan, long-term solution for the NFIP, and is regularly in communication with the Louisiana Congressional delegation on this very important topic.
As previewed last week, NAR is pleased to share the latest consumer guide focused on preparing for homeownership. This guide covers what prospective buyers should consider as they kick off the home purchase process, including the importance of credit scores, mortgage pre-approval, down payments, budgeting, and educational resources. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with potential clients to ensure they have the information they need to be successful in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property taxes.
As previewed last week, NAR is pleased to share the latest consumer guide focused on escrow. This guide covers what homebuyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Flood Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover preparing prospective buyers for homeownership.
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
821 Main StreetBaton Rouge, LA 70802
821 Main Street
Baton Rouge, LA 70802