Here we discuss all matters Real Estate, with an emphasis on Tucson Arizona. We welcome your story ideas. Via Realty is a boutique real estate company founded on Jan 1 2000 by 2nd generation Arizonan Wayne D Anderson, a Realtor since 1989. 520) 327-1550. Equal Housing Opportunity.

Wednesday, October 31, 2007

Marana Buyers Beware!

There has been a lot of worry and confusion lately over FEMA's remapping the flood plain designations of a large area of Marana. The bottom line is this: If your home sits in a designated flood zone, your lender may require that you purchase flood insurance. The implications are huge, involving flood insurance fees that will be tacked on to homeowners (who have mortgages) monthly mortgage payments. Even if a homeowner paid cash for their home and has no mortgage that requires flood insurance, this new development will affect the resale of their home, since lender-required flood insurance may take potential buyers who require mortgages out of the running. The new monthly payment, which will include flood insurance, may make their payment higher than what they qualify for. Here is a link to Marana's floodplain page.