Government shutdown & home loans: Update

We are now ten days into government shutdown.

You should not see any large impacts on home loans. If you are currently in transaction you could see some short delays as ‘work arounds’ have been put in place of standard processes, but they will be minimal at this time for home loans in process.

Government sponsored companies Fannie Mae and Freddie Mac are still business as usual.  VA and FHA are running normally, they are considered part of the ‘essential’ part of the government.

USDA however, falls outside of ‘essential’ and is not operating until the shutdown is over.  New USDA home applications, whether a refinance or purchase of a home can still be accepted by your mortgage advisor and placed in que for USDA’s review, once USDA becomes operational again.

 

Keep in mind – We are all in the same boat, borrowers, sellers, agents, and mortgage advisors, so we will all be subjected to the same delays (if any), therefore there is an understanding in the market.

We will continue give each other a little bit of grace while we wait this thing out.

2016-11-08T19:02:09+00:00 Categories: Uncategorized|