The Federal Housing Administration (FHA) announced that homeowners with FHA-insured mortgage financing can obtain flood insurance policies conforming to FHA requirements from private insurance providers. The rule went into effect on December 21, 2022. Previously, homeowners could only purchase qualifying policies under the National Flood Insurance Program (NFIP). HUD anticipated that the rule would provide potential cost savings to some borrowers and increase the entry-level housing supply in communities where flood insurance is required.
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