Profile picture for jeckel7234

Buying a house w/ Govt Shutdown

I'm in the early stages of looking into buying a house, if the govt shutdown continues how is that likely to affect getting a mortgage and the APR associated with it.

Thanks
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 05 2013 - Hampton
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

How did this work out? Thought I would see an update.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 24
Profile picture for Rio Del Aguila

Also avoid lenders that operate outside their professional way of speaking...

http://www.zillow.com/advice-thread/How-soon-after-a-short-sale-can-I-begin-the-prequalification-buying-process/514351/#comment-response-1743863
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 24 2013
"transcripts are required on every single FHA/VA/Conventional/Jumbo loan "
----
Untrue

"Most good lenders order these transcripts at the beginning of loan processing "
----
Untrue

"a lender will not fund a loan without IRS transcripts."
-----
Untrue

"Lenders are required to do a final verification of employment for all borrowers within 10 days of closing."
----
Untrue

Jeckel,
Meet with a good loan officer and get pre-approved. Avoid agents that operate outside their scope.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 05 2013

For the most part, lenders will keep operating with business as usual on Conventional, FHA, and VA loans.  The biggest impact is that lenders will be unable to order IRS transcripts during the shutdown.  These IRS transcripts are required on every single FHA/VA/Conventional/Jumbo loan (it "proves" that the borrowers tax returns and w2's are legitimate).  Most good lenders order these transcripts at the beginning of loan processing so it should not affect any loans currently in process.

If the shutdown lasts only a week or even two, this will not be an issue but if the shutdown goes to 3 or 4 weeks it could start to delay closings since a lender will not fund a loan without IRS transcripts.  Borrowers with USDA/Rural loans in process have more to worry about.  USDA does their own approval after the lender's underwriter approves the loan.  During the shutdown, USDA will not be issuing these approvals.  Prior to the shutdown, USDA was running 2 weeks on their approvals.  Once the shutdown ends, it will likely take them 2 weeks plus the amount of time that the government was shutdown. 

One other potential issue (for all loan types) will be completing a final verification of employment for government employees.  Lenders are required to do a final verification of employment for all borrowers within 10 days of closing.  During the shutdown, it does not seem likely that lenders will be able complete this verification of employment if the borrower is a government employee.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 05 2013
 
Related Questions
Tight lipped agent
Profile picture for sriddle4
Latest answer by sriddle4
July 29 | 6 answers
Buying a house w/ Govt Shutdown
Profile picture for Danny Currie
Latest answer by Danny Currie
January 24 | 4 answers
can i qualify for a mortgage with credit scores of range 620-659?
Profile picture for Ofe Polack
Latest answer by Ofe Polack
May 03 2012 | 4 answers
609 credit score- looking for $150k loan, do you think it's obtainable?
Profile picture for usnavywife
Latest answer by usnavywife
January 25 2012 | 7 answers
How do we come up with a fair asking price. Comps are considerably lower than the asking price.
Profile picture for Frank LLosa
Latest answer by Frank LLosa
August 22 2011 | 10 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 808 Paul St, Newport News, VA Home For Sale
    808 Paul St, Newport News, VA 23605

     For Sale: $119,900

    • Beds: 3
    • Sqft: 1100
    • Baths: 1.0
    • Lot: 12196
  2. 832 Thames Dr, Hampton, VA Home For Sale
    832 Thames Dr, Hampton, VA 23666

     For Sale: $174,900

    • Beds: 4
    • Sqft: 1500
    • Baths: 2.0
    • Lot: 6000
  3. 107 Lord North Ct, Yorktown, VA Home For Sale
    107 Lord North Ct, Yorktown, VA 23693

     For Sale: $409,900

    • Beds: 4
    • Sqft: 2954
    • Baths: 4.0
    • Lot: 12632
 
 
 
Sign in with Google