This is the question of the day! We're updating the St. George Real Estate Blog as more of a matter of "Breaking News" than anything today. I'm not even going to spend 10 seconds talking about the politics here, but I WILL spend 2 seconds in saying this: TYPICAL.

I've been in communication with some of the best Mortgage Professionals in Washington County today to learn more. Scott Gibson and Chantry Abbott of SGI Mortgage provided me with these summary "sticky spots" where a mortgage loan could get stopped in its' tracks:

  1. 4506T tax transcript verification - Would CEASE. (mandatory on all loans) If IRS is closed, no taxes can be verified, therefore no loans could get written.
  2. RURAL funds - All Govt backed for Rural Housing Loans. These are very standard in Washington County, especially for Hurricane, Leeds and the list goes on.
  3. VA / FHA loans and appraisals - Again, Govt supported institutions...would be closed.
  4. Fannie/Freddie reviews of files - Do you see the consistent trend here?....GOVT....BACKED. And a HUGE portion of mortgage loans are backed by Freddie and Fannie.

As mentioned by Scott Gibson, these are just a few examples, and we do not want to panic anyone but it is important to be informed.

Is this a good reason to not get a mortgage or purchase a home? Not really. As my Mother always taught me, "This, too shall pass." It's just a situation that could cause some short term pain.

More to come! Email me your questions, thoughts, comments: larkin@gostgeorge.com