In the wake of the recent
Government shutdown, Tucker's Tip reached out to local lenders to obtain their
opinions and perspectives about how the local real estate market will be
impacted given what is occurring in Washington. Here is the consensus:- HUD should not be
affected considerably as long as shutdown is brief.
- FHA loans are not
impacted and will continue to close, and FHA will continue to back
new loans.
- VA will be
operating as normal, so VA loans will not be impacted.
- Fannie Mae and Freddie
Mac are projected to continue along their normal course of activity.
- VHDA is also
anticipated to conduct business as usual.
- RD loans with clear
commitment will be able to close, but USDA has announced that no
new commitments or guarantees will be made during the shutdown.
- IRS will not complete the lender income verification (form 4506T) during the shutdown. Tax transcripts can continue to be requested, but the request will not be processed until the IRS reopens its doors.
Be sure to talk to your local
lender about how the shutdown will affect your specific situation. Although the
impact of the shutdown will not be known entirely until the length of the
shutdown is clear, the moral of the story is positive: there may be some
limitations and delays when obtaining a loan, but you can still obtain one!
Continue to sell real estate, and use our local lenders!
Contact me at 434-951-0858 or Tucker@TGBLaw.com
if you have questions, or visit our blog below for previous tips. Thank
you for allowing us to send you this email.
William D. Tucker,
III
Charlottesville, VA 434-973-7474 | Lake Monticello (Palmyra, VA) 434-589-3636
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