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Congress threatens to upend housing market

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The National Flood Insurance Program is set to expire at the end of September, which will make it more difficult for homebuyers to take out a mortgage.

is looming and if congressional lawmakers fail to strike a funding deal, homebuyers could have to push back closing dates in an already tight housing market.

"We can confirm that if not extended past the end of the fiscal year, the NFIP coverage will lapse," National Association of Home Builders Chairman Alicia Huey told."This will hurt countless homeowners across the nation who reside in flood-prone areas and rely on the NFIP to protect their properties against the risk of flooding.

"This could also disrupt thousands of home sale closings where the mortgage requires flood coverage," Friedlander said.

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