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

What Federal Shutdown Means For Those Processing Loans

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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.

 

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