How does Flood Insurance Affect A Kentucky FHA Mortgage Loan Approval?

Here are the facts about flood insurance in regards to FHA mortgage loans in Kentucky:

1. A lender will require if the Kentucky home mortgage property is in a flood zone. High-Risk areas are A or V. Zone X doesn’t require it.
2.  The flood zone is based on local elevation certificates. Sometimes the surveys on these certificates are old, and updates can be requested. There is usually a cost involved, but it can lower the Zone so it may be worth it.
   3. Kentucky Insurance companies think of floods as very different than the general public. Most people think flooding is when a body of water rises and gets into your house. Floods are defined as any ground-water entering a house from the outside. Even if you are not in a flood zone, groundwater damage won’t be covered by homeowner’s insurance.
   4. Kentucky Flood insurance is priced by FEMA regardless of…