Special offer

Gov’t Shutdown… How Can It Hamper Home Loans?

By
Real Estate Agent with America's Network Realty Group, Inc

 

Gov’t Shutdown… How Can It Hamper Home Loans?

 

Here we are in day seven of the government shutdown.  Most real estate professionals are of the opinion a few days of the gov’t shutdown would have a very minimal effect on the processing of home loans.  But the longer the shutdown goes on, the more obvious it will become to borrower’s the impact the shutdown will have on the housing market.

 In today’s market the most popular loans are the FHA loans. However those lenders processing FHA backed loans require tax transcripts, Social Security number verifications and borrower’s identities verified and other key information. The lenders obtain this information from the government agencies.   

Borrowers should discuss with their lenders what steps can be taken in the event of a continued shutdown.  Can the borrower, get an extension on the loan commitment, longer rate locks and what are the extension policies.

 

Posted by

Susan Jackson, Associate Broker

Americas Network Realty Group, Inc

1532 Dunwoody Village Parkway

Atlanta, Georgia 30338

Office: 770-551-5850     Direct: 770-551-5852   Fax: 770-551-5866

Email: sjacksonhomes@gmail.com

Website: www.kstrealty.com

Americas Network Realty Group, Inc

Mike Rankin
ClearPath Mortgage Solutions, Inc. NMLS #1394615 - Albany, NY
Mortgage Consultant

Hey Susan,

did you end up having many loans held up from the shut-down?  I know a lot of lenders started to waive the tax transcripts after awhile to help, but definitely a needed article.  Hopefully there is a long gap between the next shut down :-/ Thank you!

Oct 21, 2013 07:27 AM