Special Flood Hazard Area
Hi everyone ! I would like to buy my first single family home. I got this newly built around 2000sq. Interior house on a 7000sq area at around $330,000 and thought this might be a good deal. I signed the purchase agreement with the seller and now the lender told me to take a flood insurance due to the lot located at the SFHA area. This information was not disclosed by the seller and realtor also didn’t notify me about this before signature. Now I would like to have advice from the experts, how much this would cost me extra/year? Is this going to be a negative point if I would like to sell this property after 5 years? Should I consider buying this when similar houses are around $360,000 -$380,000 outside the flood area?