How is the government shutdown impacting mortgage loans?

By
Real Estate Agent with eXp Realty 0225186210

How is the government shutdown impacting mortgage loans?

Something else to worry about with this government shutdown. It is creating uncertainty everywhere and the Real Estate Market is no exception.

Most loans will still be processed

If you are currently under contract to purchase a home and you are worried about the government shutdown might impact your closing, be sure to check with your lender asap. Most loan programs are not impacted by the government shutdown as most loans are not funded by the federal government. Having said that if you are a federal worker or government contractor and your lender is unable to verify your employment this might cause a delay. In many cases lenders can use your work number to avoid a delay, but be sure to double check. I just checked for one of my buyers. The buyer is a government contractor, but luckily the shutdown does not impact his closing next week.

USDA Loans

USDA loans or rural development loans are currently not issuing any loans. The US Department of Agriculture will not issue any new USDA loans during the shut down. If you are under contract using a USDA loan you need to check with your lender immediately

Possibly delays in IRS transcripts 

When purchasing a home your lender always has to order IRS transcripts. The shut down could cause a significant delay in getting transcripts back to lenders, which in turn can impact your closing if it is needed for prior to settlement.

Flood Insurance not impacted

The National Flood Insurance Program has been extended prior to the shutdown. Are you looking to purchase a home? Are you curious to find out how to approach the home buying process? Call me today at 571-446-0002 or check out this home buyers guide

CALL Claudia S. Nelson

eXp Realty

571-446-0002

 

Posted by
 
 
 
I live and work in Woodbridge Virginia and service all of Woodbridge Virginia and surrounding area.

Find out what’s for Sale in Woodbridge Virginia: Click here

 

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise! 
        

 

 
 
 
   

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Virginia Prince William County Woodbridge
Tags:
government shut down woodbridge va

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,141,543
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Claudia,  Great information for buyers to know about.  Some buyers are just afraid with the government being close is going to creat problems.

 

Jan 04, 2019 11:01 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
431,427

Claudia S. Nelson

Local Expert Making a Difference!
Contact me today
*
*
*
*
Spam prevention