HOW ARE NORTH DALLAS AREA LENDERS HANDLING THE SHUTDOWN
We are all hearing different stories about how the governments shut down is going to impact the housing market. Truth is… I can show houses, list houses and write contracts and really not be impacted by the shutdown. However, our lenders are a different story and we all know at the end of the day when you are buying or selling it comes down to the money. This weekend I was working on a contract for a home in Plano, TX the sellers were very concerned, as most people would be, about how the buyers lender was handling the government shut down. Here is a copy of the letter I got explaining what this lenders company is doing to deal with the situation.
I am sure there is a good amount of confusion and worry about how the chaos in Washington is going to impact things within the real estate market and specifically how it will impact closing mortgages. I wanted to let you know that other than USDA loans, we won’t see much of an impact. We have worked with our end investors this week to come up with some work arounds that will allow us to continue to close and fund FHA, VA, Conventional and portfolio loans. As you know the IRS is shut down so we won’t be able to order tax transcripts and the Social Security Administration is also closed so we can’t verify social security numbers through them. In order to limit the impact of the shutdown, we will temporarily waiving the requirement for tax transcripts as long as the buyer can provide us with a complete copy of their last 2 yrs of tax returns. We will just get a copy of the transcripts after our wonderful elected officials stop their temper tantrums but we will not require them before we close. In regards to verifying social security numbers, we will accept another government document in lieu of getting confirmation directly from the SSA. Usually a W2 is the easiest document to use but there are others that we will accept if they don’t have a W2 or tax return.USDA unfortunately is a different animal because the USDA office has to approve all USDA loans before they can close. Until the shutdown gets worked out, we won’t be able to close any USDA loans. We can process and underwrite them but then we will be at a standstill- sorry, no way around that one.
YEAH!!! I love to see lenders making sure they can take care of their clients and keep the Real Estate Market moving along… Don’t let the government shut down, shut down your plans to buy or sell! Call, text or email me and I will connect you with a great lender that can get the job done!
Many Blessings!
Keisha York
keisha.york@gmail.com
469-853-9784
Around Town 