Government Shutdown Affects the Mortgage Market
Effective on December 22, 2018, the United States government has shut down. Due to Federal regulations prohibiting most government employees from working, some government lending programs will be affected. Unfortunately, that means that there's going to be some delays in home closings in the near future. While this shutdown does have some downsides, there is also some good news to shine some light on. But first let's get the bad news out of the way.
Not So Great News...
USDA will not be issuing loan guarantees which means USDA loan closings will be delayed. With USDA being closed, this will cause a long term backlog on USDA closings, even after the shutdown is over.
IRS Transcripts are also suspended. This means that lenders and underwriters may run into issues verifying incomes. Loans that require Tax Transcripts could see delays (self-employed Jumbo borrowers will see delays). Additionally, any file that requires Social Security Number Validations will see closing delays.
Now the Great News!
FANNIE & FREDDIE will have normal operations. At this time, FHA and the VA Home Loan Guaranty Program will also operate at full capacity as normal. Mortgage Headquarters of Missouri is a Fannie Mae & Freddie Mac approved provider. So, even during the shutdown, we can assist you with your home loan needs.
Fannie Mae & Freddie Mac Eligibility Requirements
Before proceeding with a Fannie-Mae or Freddie Mac backed loan, it's a good idea to find out if your financial profile makes you a Freddie Mac or Fannie Mae-eligible borrower. The basic requirements are reasonably good credit (a FICO score of 620 or more), a loan amount no greater than $484,350 (new for 2019) (higher in some higher-cost housing markets), a debt-to-income ratio of no more than 50 percent, and a 3 percent down payment.
Your Mortgage Specialists at the Lake of the Ozarks
So, if you're trying to buy a home and want to ensure your loan doesn't get delayed due to the shutdown, count on MHQ Mortgage to help you. You name it, Mortgage Headquarters can do it. FHA, VA, Conventional, Jumbo, Fannie Mae and Freddie Mac -- and countless other ways to help you clear the path to your new home. Let us get you on your way to the mortgage program that's right for you! Call us today, 573-302-9990.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
Email: info@mhqmortgage.com
NMLS # 1229111
Not So Great News...
USDA will not be issuing loan guarantees which means USDA loan closings will be delayed. With USDA being closed, this will cause a long term backlog on USDA closings, even after the shutdown is over.
IRS Transcripts are also suspended. This means that lenders and underwriters may run into issues verifying incomes. Loans that require Tax Transcripts could see delays (self-employed Jumbo borrowers will see delays). Additionally, any file that requires Social Security Number Validations will see closing delays.
Now the Great News!
FANNIE & FREDDIE will have normal operations. At this time, FHA and the VA Home Loan Guaranty Program will also operate at full capacity as normal. Mortgage Headquarters of Missouri is a Fannie Mae & Freddie Mac approved provider. So, even during the shutdown, we can assist you with your home loan needs.
Fannie Mae & Freddie Mac Eligibility Requirements
Before proceeding with a Fannie-Mae or Freddie Mac backed loan, it's a good idea to find out if your financial profile makes you a Freddie Mac or Fannie Mae-eligible borrower. The basic requirements are reasonably good credit (a FICO score of 620 or more), a loan amount no greater than $484,350 (new for 2019) (higher in some higher-cost housing markets), a debt-to-income ratio of no more than 50 percent, and a 3 percent down payment.
Your Mortgage Specialists at the Lake of the Ozarks
So, if you're trying to buy a home and want to ensure your loan doesn't get delayed due to the shutdown, count on MHQ Mortgage to help you. You name it, Mortgage Headquarters can do it. FHA, VA, Conventional, Jumbo, Fannie Mae and Freddie Mac -- and countless other ways to help you clear the path to your new home. Let us get you on your way to the mortgage program that's right for you! Call us today, 573-302-9990.
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
Email: info@mhqmortgage.com
NMLS # 1229111
Comments
Post a Comment