Are you purchasing a home in the flood plain? Investors are now requiring lenders to actually have a flood policy prior to closing, and receipt that it is “paid in full”. These must go through FEMA for final approval and that takes some time. So, before you close on a property in a flood plain, know what is expected from your lender. Be sure the lender knows from the start of the transaction that the property you are purchasing is in a flood plain. Get your flood insurance in order as soon as possible. You have to sign the insurance application and pay for it to show that it has been “paid in full.” Then your lender will send the policy through FEMA for final acceptance. THe more information your lender has about the property up front will help the loan process to go smoother and close on time.