What happens to your FHA or VA Loan during these uncertain times, even with a continuing resolution, what does this mean for home financing in Northern Virginia and beyond?
At our last staff meeting we were talking about these very tumultuous times and what it means for our clients when they happen to be waiting on government backed programs for their real estate financing. Know that each bank and each branch may handle things differently and the best advice you can have is to be in direct contact with your lender every step of the way.
There are a bunch of options; if your whole loan process has been smooth sailing so far and you were already entered into the system, chances are, your lender can work to get your loan into underwriting still. The automated systems that the banks use to get approval can not be overridden, so you may have to wait for the “deals to be made” within the Federal government to get your financing approved. Make sure you have an open dialogue with your lender and know what all of your options are. Also know that if you are a government employee, right now, it might be hard for your employment to be verified while you are waiting to have your mortgage financing pre-approved.
We don’t really know how this is going to affect the loan system and how your particular situation will be affected until we discuss it with your lender. If you are curious about getting started in the home buying process, it is always smart to understand how much home you qualify for and discussing this with your trusted lender is the first place to start. I’d love to help you get to the place where you are ready to make solid offers on the home of your dreams and we have all made it through this government ‘delay.’