The Government is Shutdown!

“With each day of the shutdown, we can expect an increase impact on potential homebuyers, home sellers and the entire housing market”.

Kevin Martini

WARNING: The Government is Shutdown!  

Important to know the shutdown is partial, halting only some services so most homebuyers and home sellers will NOT be impacted in the short-term.

The Martini Mortgage Group does not foresee dramatic delays to our world-class loan process, nor do we anticipate a sweeping impact of the government shutdown to the mortgage industry or housing markets in the short-term; however, the developing story and the true impact severity depends on how long it will last.  

IMMEDIATE IMPACT: During a government shutdown, the Rural Development Home Loan will significantly be impacted since the United States Department of Agriculture will cease issuing a Conditional Commitments until the shutdown is resolved. This home loan product needs to have a Conditional Commitment to fund hence, no Rural Development Home Loans will be able to close unless the Conditional Commitment has been issued before the shutdown.

Here are some of the things that could be delayed by the Federal Government shutdown.

FHA HOME LOANS

In 2013 the government was shutdown for 16-days and FHA Home Loans moved though our system at the Martini Mortgage Group flawlessly.  It is my opinion, this will be the case in 2018. So, the FHA should not be significantly impacted, providing the shutdown is not for an extended period of time.   HUD has shared to the Martini Mortgage Group the following information that regarding their daily operations:

  • The Martini Mortgage Group will still be able to endorse single family loans, however, please understand there will only be a limited number of FHA staff available, so the process may take longer.
  • The Martini Mortgage Group will still be able to obtain new FHA case numbers.

VA HOME LOANS

The Department of Veteran Affairs has shared with the Martini Mortgage Group to continue helping Servicemembers and Veterans.  

  • The Martini Mortgage Group will still be able to obtain the veteran’s.
  • The Martini Mortgage Group will still have the ability to order appraisals.

CONFORMING LOANS

Fannie Mae and Freddie Mac would not be directly affected except to the extent that they rely on verifications other functions of Internal Revenue Service (i.e. IRS) and Social Security Administration.  NOTE:  during a government shutdown, the IRS will NOT process any forms and this may be an issue with and cause a delay for self-self-employed borrowers and will have a major impact on Jumbo Home Loans.  

If you have questions, please call the Martini Mortgage Group at Benchmark Mortgage at (919) 238-4934.

Kevin Martini | NMLS ID 143962 | Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 5650 Six Forks Road, Suite 101 Raleigh, NC 27609 | (919) 238-4934 | www.KevinMartini.com | Kevin.Martini@Benchmark.us | Equal Housing Opportunity

Alex Martini | NMLS ID 1523540 | Mortgage Strategist | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 5650 Six Forks Road, Suite 101 Raleigh, NC 27609 | (919) 238-4934 | www.AlexanderMartini.com  | Alex.Martini@Benchmark.us | Equal Housing Opportunity 

Logan Martini | NMLS ID 1591485 | Mortgage Strategist | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 5650 Six Forks Road, Suite 101 Raleigh, NC 27609 | (919) 238-4934 | www.LoganMartini.com | Logan.Martini@Benchmark.us | Equal Housing Opportunity