How the Government Shutdown Affects Your Real Estate Deal

With the government in shutdown mode, questions are raised all across America on how it might affect them. The director of retail money-out products at TD Bank, Mike Copley, says that the real estate industry really shouldn't worry. The shutdown has shown in the past to be a temporary event, the last one lasting 21 days.

What lender is being used may decide if the shutdown affects buyers and sellers. TD Bank does plan to continue honoring the loans as they were laid out before the shutdown, as the government employees haven't been laid off. How FHA loans are affected will depend on the bank. Some have delegated underwriting authority, allowing them to make credit decisions on the mortgage loans. Communicating with the lenders is the key, making sure that everything is set and nothing is changing.

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POSTED October 02 2013 1:38 PM

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