If you are buying in an area that had damage from Hurricane Sandy, make sure you use the FEMA Flood maps. Use the following link, and type in the property address. It will show you ABFE. MAKE SUREthe sellers have a Base Flood Elevation Certificate. Your Flood Insurance Primiums will depend on it!
If anyone is thinking of selling their home that is now in a flood zone, you will need to get a Flood Elevation Certificate. A buyer can still get a mortgage, but the mortgage company will require flood insurance. If the home is below the ABFE, the new home owner's flood primium will increase for every fott below the ABFE.