Home / Blog / GOVERNMENT SHUTDOWN AND HOME MORTGAGES

GOVERNMENT SHUTDOWN AND HOME MORTGAGES

0 Flares Twitter 0 Facebook 0 Google+ 0 Reddit 0 StumbleUpon 0 Pin It Share 0 LinkedIn 0 Filament.io 0 Flares ×

The current Government shutdown is now the longest government shutdown in history. People are no doubt being affected all over the country. Many homebuyers are asking the questions, ”How is the Government Shutdown affecting my home purchase/ sale?” The answer is that there can certainly be delays depending on the type of loan or mortgage you are applying for.

Many mortgages are from privately owned lenders; meaning business should go on as usual. If you are purchasing your home through a private lender you should not have any problems. Only certain Government backed loans may be affected by the Government Shut Down.

 If you are applying for a Government Backed Loan; FHA, VA, or USDA, you may experience some delays in closing. According to ABC News, single family FHA Home Loans are being funded, though some delays in underwriting can be expected.  If you are purchasing your home through a Government Backed Loan we are encouraging you to remain patient and work through the process. Staffing is limited, however funds are being process.

 If you have any more questions about purchasing a home in Mammoth Lakes and the Eastern Sierra please reach out to our friendly staff we would be more than happy to walk you through your home buying process.

Comments are closed.