A borrower might have previously fulfilled all requirements for a loan, but new flood maps could potentially cause them to be declined for flood insurance since the future monthly costs could push ratios beyond qualifying, Rob Chrisman noted in his Daily Mortgage News and Commentary blog.
Flood insurance hinders borrowers from qualifying for loans
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While the Austin housing market isn’t sizzling, agents say it is still warm
Despite an uptick in inventory, Austin metro area home prices are holding steady and giving agents confidence in the strength of the market
