With the pending government shut down in approximately 14
hours, it is good to be prepared for what this could mean for home buyers and
sellers, as well as the real estate market on the whole.
Some may be concerned if they are in the middle of a real
estate transaction. You should be aware of what types of loans are in process
to see if they could be delayed. The primary impact of the looming shutdown would
be on the financing side, possibly delaying loans in process or getting a loan
in the first place. The reason is that FHA, the Federal Housing Agency, a
popular source of low-down-payment mortgages, will be closed. The FHA doesn't
issue mortgages, but rather insures lenders against default risk for any loans
that meet its criteria. Of course, banks will still be able to make these loans
without the FHA, but they will have to fund and backstop these loans themselves
until the shutdown ends.
Mortgages backed by Fannie Mae and Freddie Mac, which now
require 20 percent down payments, will not be affected by the shutdown according
to the Wall Street Journal. Additionally, lenders may continue to process and
guaranty mortgages through the Loan Guaranty program in the event of a shutdown
The best course of action would be to follow up with your
lender or real estate professional to see how your individual transaction could
be impacted. If the shutdown lasts for a few days, this would not have a
substantial impact on the real estate housing recovery. However, if it lasts
even 21 days like the last shutdown in 1995, the impact could be greater and
far reaching, especially on first-time buyers.
Author:Troy Anderson Phone: 206-940-2834 Dated: September 30th 2013 Views: 4,406 About Troy: ~Married with 2 children
~Turned grey prematurely
~Fetish for all things Apple
~Urban chicken far...
TEAM TROY, we are a bunch of fanatics that happen to be really good in the Seattle real estate business. Sure we could exploit systems, alter perceptions, and make more money for the sake of having more, but that’s boring – everyone does that. We’ve come to realize that work should be about increasing our standard of giving, not our standard of living. What keeps us going is our daily fear of dropping dead while doing something useless. We continually aim to be better agents, better neighbors, better partners, better parents, and better people with the singular goal of making folks like you better off than you were before you met us.
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//WISE. Good judgement. Make important choices despite ambiguity. Always strategize.
//OPEN. No walls. Ensure everyone we meet has the same idea of who we are.
//IMPACT. Life is never about us. We strive to make a difference in at least one person’s life daily.
//CURIOUS. Hate the status quo. Learn something from everyone.
//CREATIVE. Challenge the traditional. Incessantly innovate around obstacles and design simplicity.
//BRAVE. Today is not just another day. Never be afraid to try what no one else will do.
//TENACIOUS. Never quit. As others drop back, we run faster.
//CANDID. Honest and blunt. Never alter perceptions but adjust the context.
//SELFLESS. Be salt. Make everything else taste better.
Frequently, when talking about any new real estate market, you go in b
"I've known Troy for over 10 years now. He's helped us purchase two homes and sell one. We trust his judgement and feel he is in-tune with the market and the swift changes that can occur. My wife and I were blown away by his willingness to go above and beyond in all aspects of the sale. We recently recommended him to a neighbor and received similar feedback. Bottom line... We were very impressed with Troy. He made our buying and selling experience smooth and even fun. We recommend him to anyone we know who is buying or selling a home."