Government Shutdown And Purchasing A Home In Huntsville and Madison AL
You say the shutdown doesn't affect you and you still want to buy a home then search here: Huntsville and Madison AL homes for sale
Like D.C. and the Northern Virginia area, Huntsville and Madison AL has a lot of government workers who have been impacted by the shutdown. However, there does seem to be some good news out there
Are you in the process of purchasing your home and are worried about the government shutdown, recent news from Freddie Mac may have you a little more optimistic these days.
The announcement, effective October 8, 2013, allows lenders to use signed federal tax returns as income verification rather than a tax transcript for loans, loan modifications, and certain other home loan programs.
Dave Lowman, Executive Vice President, of Single-Family Business at Freddie Mac said, we're asking lenders nationwide to limit disruptions about the shutdown. "We're issuing this guidance to help ensure the continued smooth operation of the mortgage market during the temporary shutdown of the federal government.”
“Today's bulletin [issued October 7, 2013] is intended to give lenders the certainty to continue approving and delivering new mortgages that meet Freddie Mac guidelines to eligible borrowers, such as federal employees and contractors, during the temporary shutdown,” he explained. This news should comfort many potential homeowners affected by the government shutdown, in public and private employment, who temporarily find themselves without an income.
Lowman also reiterated the presence of forbearance provisions, which can be made available for a time period of three to twelve months to qualifying borrowers. “We are also reminding servicers of our forbearance options to assist qualified homeowners with Freddie Mac mortgages,” he added, “to minimize the shutdown's impact on our nation's families and communities."
Find out more about how the temporary government shutdown may affect your home ownership by clicking here.
Huntsville and Madison Alabama has shown a small slow down in new mortgages that I believe can be attributed to the shutdown, however I feel the seasonal slowdown also is contributing to somewhat slower sales. Most believe the shutdown is a temporary bump in the road albeit an embarrassing one in the larger picture. I'm working with nearly as many buyers now as I was earlier in the year.
You say the shutdown doesn't affect you and you want to still want to buy a home then search here: Huntsville and Madison AL homes for sale
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