Hi,
My husband and I put an offer on a house in PR near Rincon.We found out it is in a flood zone.100 year.
Do banks loan money on houses there that are in the flood plain?
Flood zone at house
Jenmag
27 August 2017 05:33:36
11
Fred
27 August 2017 06:31:53
27506
If it's in a flood zone skip buying because it's going to be a worthless mess sooner or later.
LarryJohnsonPR
27 August 2017 07:12:49
63
Yes, banks do lend on them, however you will have to typically purchase an elevation certificate ($150) and have a flood insurance policy. The premiums can end up being high on occasion. There has been rezoning done of late so be sure to ask the bank if by chance the property can be "grandfathered" if it wasn't previously in a flood zone....this just saved one of my customers 2k / year on his premium.
Jenmag
27 August 2017 12:43:52
11
Thanks so much for replying,the house is right on the edge of a 100 year zone and in 15 years never has flooded(the property). Its a shame as we wanted the house but knew if we bought it,might not ever be able to sell.
Sitka
27 August 2017 13:14:28
953
LarryJohnsonPR wrote:Yes, banks do lend on them, however you will have to typically purchase an elevation certificate ($150) and have a flood insurance policy. The premiums can end up being high on occasion. There has been rezoning done of late so be sure to ask the bank if by chance the property can be "grandfathered" if it wasn't previously in a flood zone....this just saved one of my customers 2k / year on his premium.
Larry, I live on the beach and have been trying to get flood insurance. The last agent I spoke to about it told me that I needed an elevation certificate but did not explain how to obtain it? How do I get the cert?
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