Who knew you needed flood insurance in Bergen County, NJ - located on a 100 year flood plain - to get a mortgage?
Andrea Mantia, a producer on CNBC's Street Signs, knows it now all too well. She called to tell me she is supposed to close on a home, but her lender is denying the mortgage without flood insurance. She can't get flood insurance, because "apparently, all insurers get flood coverage via the government/FEMA. Now that Congress has let it lapse, NO insurers are offering new policies," she says. "It's putting a lot of closings in doubt."
1400 homes per day in the United States require flood insurance and cannot go to closing without it. That according to the Texas Association of Realtors.
TheNational Flood Insurance Program hasn't issued a new policy since May 31st, when the most recent extension ran out.