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Thursday, October 3, 2013

Tuesday, October 1, 2013

From my mortgage company, how a Government Shutdown influences mortgages

I wrote an article a few weeks how the federal government is heavily involved in the mortgage market.

So the following e-mail is relevant for people attempting to buy a home:

"Hi all,
Just wanted to touch base in regards to the possible Government shutdown and how it could affect the different loan products that are in process.


FHA
Origination and closing of mortgage loans will not be effected. 

VA
·         There appears to be no impact on VA loans. 

GNMA, FNMA, FHLMC
·         No significant impact on these transactions.

USDA
·         USDA will cease all operations regarding insuring new loans.  No new Conditional Commitments will be issued.

"