At Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146), we are continuing to process loans for Atlanta new home buyers. According to industry officials, the recent government shutdown will only cause a slight short-term slow down in the mortgage industry. Luckily since the shutdown was resolved fairly quickly, we should not see much of a delay.
Although most home loans are processed through federally supported programs, Fannie Mae and Freddie Mac, neither company was diminished by the shutdown. However, the Federal Housing Administration (FHA) is a government agency. Although they were still processing loans during the shutdown, they were working with a substantially reduced staff, which could lead to delays until they are back to full staff and caught up.
The biggest shutdown interruption for Atlanta new home mortgages was from the IRS, which did not issue tax transcripts or Form 4506-T, a form most lenders use to verify a borrower’s income. Homes closing in the next week or two should not be affected, as those forms have likely already been ordered. But homes closing in early November could be pushed back a bit while the IRS catches up.
Overall, it will continue to be business as usual for lending companies like Starkey Mortgage. Just because the government was shut down, it doesn’t mean your loan has to. Metro Atlanta home loans continue to be processed, and we are continuing to submit paperwork on the borrower’s behalf for standard loans. At Starkey Mortgage, we do not expect this short government shutdown to have lasting effects on the housing market.
At Starkey Mortgage, we provide in-house processing and underwriting, and we pride ourselves on timely closings and competitive rates. We exercise controlled growth and work closely with home buyers and builders to give them an assured experience.
For more information on Starkey Mortgage, please contact regional manager, Doug Casbon (NMLSR #544324, Georgia License #33169) at firstname.lastname@example.org, call 678.350.9020 or visit www.wrstarkey.com.
Equal Housing Lender. 7000 Central Pkwy NE, Suite #1440, Atlanta, GA 30328. Branch NMLSR #909552, Branch License #60841. Phone: 678.350.9020.