What Federal Shutdown Means For Those Processing Loans - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

What Federal Shutdown Means For Those Processing Loans

Posted: Updated:

Some consumers are feeling the effects of the federal shutdown when it comes to purchasing what is likely their biggest ticket item.

While experts say there have been no major impacts to date, there is some slowing.  For those already in the process of buying a home, you likely won't notice.  But if you're just starting the loan process, receipt of tax transcripts, issued by the Internal Revenue Service, might give you pause.

"It could slow down the process a little bit of getting the tax transcripts.  However, Fannie Mae, Freddie Mac and other conventional investors have worked through that and are allowing people to go ahead and close and keep processing through there at the time," says Sam Foss, Mortgage Manager, Capitol Credit Union.

Since FHA funding has been appropriated for a two-year period, those loans, as well as VA loans, will continue, but with reduced federal staffing.  One area you will see an impact is with USDA Rural Development loans.

"Rural Development is the only Department that is completely ceased right now.  It's really going to come down to the Program we're looking at doing -- conventional, FHA, VA, Rural Housing.  It's patience.  We are going to get through it, as a credit union, we're going to help hold your hand through it.  It may be delayed a little bit, but everything is going to work out, says Foss.

Capitol Credit Union advises not to let the federal shutdown change your plans.  They say they're going to remain open for mortgage lending.

 

  • Bismarck/Mandan NewsMore>>

  • Boy Scouts Clean Construction Sites for Community Service

    Boy Scouts Clean Construction Sites for Community Service

    Friday, April 18 2014 8:21 PM EDT2014-04-19 00:21:26 GMT
    Boy Scouts know when they sign up they'll be doing some community service. So, when a couple of crews signed up to collect trash at some local construction sites, it was expected. What they didn't expect,
    Ethan Porter and Scout crews 123 from Bismarck and 54 from Mandan brought about 30 people to clean up garbage near some construction sites.
  • Killdeer Residents Speak About Oil Boom Effects

    Killdeer Residents Speak About Oil Boom Effects

    Friday, April 18 2014 7:08 PM EDT2014-04-18 23:08:27 GMT
    A day after the Dyad shutdown, Killdeer residents share the impact of the oil boom on their community. The oil business brings all types to this once quiet town. Everything is affected... from restaurants
    A day after the Dyad shutdown, Killdeer residents share the impact of the oil boom on their community. The oil business brings all types to this once quiet town. Everything is affected... from restaurants
  • Dyad Environmental Statement on Health Dept. Order

    Dyad Environmental Statement on Health Dept. Order

    Friday, April 18 2014 6:44 PM EDT2014-04-18 22:44:51 GMT
    "Dyad Environmental is a new company, who began processing TENORM less than 30 days after posting a $1.25M bond, and spending two years obtaining appropriate permits and licenses.
    "Dyad Environmental is a new company, who began processing TENORM less than 30 days after posting a $1.25M bond, and spending two years obtaining appropriate permits and licenses.
Quick Clicks
Closings/Delays
View list
Calendar
What's happening?
Lottery Results
Feeling lucky?
Viewer Photos
Submit yours!
Road Report
Current conditions
TV Listings
See what's on
Gas Prices
Check near you
E-Mail Newsletter
Signup now

Most Popular

Stories
Videos
loading...
Powered by WorldNow
General information or questions:
kxinfo@kxnet.com

News:
Bismarck:
Phone: 701-223-9197
News Fax: 701-223-1985

News:
Minot:
Phone: 701-852-2104
News Fax: 701-838-1050
All content © Copyright 2000 - 2014 WorldNow and KXNET. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.