We will have a builders line of credit that will be used to build homes on land that is owned by other individuals, not the builder. I am told we will be taking the land as collateral for our loan. One of the first properties a home will be built on is located in a designated flood zone.
Flood insurance will be required, correct? And the policy would need to come from the property owners, not the builder, correct?
Sorry for the seemingly simple question, just need confirmation/other opinions on this. Thanks in advance.
My views only.