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Old 06-09-2008, 05:06 PM
 
Location: Texas
989 posts, read 2,502,583 times
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Hello all, about 40% of the lot I am interested in is in the 500-year flood plain, the rest is outside. From what I've read this is not a cause for concern; many lenders don't even require flood insurance in those areas. Any comments?

Thanks!
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Old 06-09-2008, 05:27 PM
 
45 posts, read 173,713 times
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Quote:
Originally Posted by ATXIronHorse View Post
Hello all, about 40% of the lot I am interested in is in the 500-year flood plain, the rest is outside. From what I've read this is not a cause for concern; many lenders don't even require flood insurance in those areas. Any comments?

Thanks!
Talk with the title company, they can give you a better idea
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Old 06-09-2008, 06:32 PM
 
Location: central Austin
7,228 posts, read 16,147,904 times
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Read the listing that comes with your City of Austin electric bill, there was some notice in there about new updated flood zone maps that will soon be in use. Sorry I can't offer more details right now but apparently many areas not in the flood zone may now be in the 100 year flood zone and that can impact insurance etc.

s
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Old 06-09-2008, 07:04 PM
 
1,151 posts, read 2,999,727 times
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500 year flood plain generally does not require flood insurance and does not pose an issue for lenders. Plus, the lender is normally concerned with the flood plain designation of the location where the house is / will be built.
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Old 06-09-2008, 09:21 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,095,785 times
Reputation: 5535
Quote:
Originally Posted by ATXIronHorse View Post
Hello all, about 40% of the lot I am interested in is in the 500-year flood plain, the rest is outside. From what I've read this is not a cause for concern; many lenders don't even require flood insurance in those areas. Any comments?
Thanks!
Generally not a cause for worry. That said, my wife owns property in Wimberley in the 500 yr flood plain that flooded two years in a row about 10 years ago.

If you plan to build in the non-floodplain portion, you should be ok, but I agree with the other comment of checking out the new maps.

Where is it, in general?

Steve
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