What A Government Shutdown Means To Home Buyers And Sellers
What A Government Shutdown Means To Home Buyers And Sellers
Congress has failed to approve a Continuing Resolution (CR)
providing funding for most government operations. Therefore, spending authority
for most of the government expired at midnight on September 30, 2013. Until legislation
providing for funding is signed into law, many offices and programs of the
federal government are now shut down. This means many, but not all, government
programs, including some that impact federal housing and mortgage programs,
have been suspended or slowed due to the lapse in government funding.
The Office of Management and Budget (OMB) requires each
agency to have contingency plans in place. The information below is based on
NAR staff review of agency contingency plans for the current shutdown and past
experience with previous shutdowns and near-shutdowns.
Federal Housing Administration
***** HUD’s Contingency Plan states that FHA will endorse new
loans in the Single Family
Mortgage Loan Program, but it will not make new commitments
in the Multi-family Program during the shut down. FHA will maintain operational
activities including paying claims and collecting premiums. Management &
Marketing (M&M) Contractors managing the REO portfolio can continue to
You can expect some delays with FHA processing.
***** VA Loan Guaranty Program
Lenders will continue to process and guaranty mortgages
through the Loan Guaranty program in the event of a government shutdown. Expect
some delays during the shutdown.
***** Flood Insurance
The Federal Emergency Management Agency (FEMA) confirmed that
the National Flood Insurance Program
(NFIP) will not be impacted by a government shutdown, since
NFIP is funded by premiums and not tax dollars. Changes to the flood insurance
program scheduled to take effect on October 1 will be implemented as scheduled.
***** Rural Housing Programs for the U.S.
Department of Agriculture programs, essential personnel
working during a shutdown do not include field office staff who typically issue
conditional commitments, loan note guarantees, and modification approvals.
Thus, lenders will not receive approvals during the
shutdown. If the lender has already received a conditional commitment from the
Rural Development office, then the lender may proceed to close those loans
during the shutdown. A conditional commitment, which is good for 90 days, is
given to a lender once a USDA Underwriter approves the loan. If a commitment
was already issued, the funds were already set aside and the lender may close
the loan at its leisure. If Rural Development has not issued a conditional
commitment, the lender must wait until funding legislation is enacted before
closing a loan.
It is important to note that the traditional definition of
“rural” for qualifying communities for assistance will be continued in effect
during the shutdown. We expect that language to continue the current definition
will be included in whatever funding measure is eventually enacted.
***** Government Sponsored Enterprises
Fannie Mae and Freddie Mac will continue operating normally,
as will their regulator, the Federal Housing Finance Agency, since they are not
reliant on appropriated funds.
The Making Home Affordable program, including HAMP and HAFA,
will not be affected as the program is funded through the Emergency Economic
Stabilization Act which is mandatory spending not discretionary.
Sparking Smiles Plus Dedication Equals RE/MAX Sterling
RE/MAX Sterling was founded by Lazaro & Jami Marganon and is locally owned and operated by them. RE/MAX Sterling is comprised of two offices serving all of Northeast Florida.
Our customers experience the concierge services provided by our courteous, experienced, and full time agents. Real Estate is their #1 priority and focus.
Your real estate needs are of upmost importance at RE/MAX Sterling. We believe strongly on our promise, to you, of reliability, honesty, trust, and skill.
OUR PROMISE TO YOU
Reliability ~ You Can Count On US
Honesty ~ No False Promises
Trust ~ Confidence for Us to Represent You
Skill ~ Market Knowledge and Education
The RE/MAX network has over 90,000 agents in over 95 countries. Nobody sells more real estate than RE/MAX. RE/MAX associates average more sales than any other real estate agents.
Let a RE/MAX Sterling agent guide you on your next real estate transaction and experience our concierge services.
Everyone has their summer rituals that they follow in accordance to m
"Thank you to The RE/MAX Sterling (Powerhouse) Team, Jami and Lazaro, for not only being top notch, professional agents, but for having a genuine interest in looking out for me during the entire home purchase experience. From start to finish, the process was so quick and seamless, I still can't believe I have my house! While other agents were more interested in financials, (even though I was already preapproved) and wouldn't show me ANY listings, (even though these were within my range), this team stepped up to the challenge and demonstrated that they were more interested in assisting me get into my new home. I stumbled upon this team, gratefully, and I cannot say enough. From the moment of first contact all the way through closing, they were always accessible and always returned calls the same day. They never steared me wrong and guided me throughout it all. The proof is in the pudding, I have my key! Buying a home doesn't have to be stressful, The RE/MAX Sterling (Powerhouse) Team has proved that! This is MY team for any and all future real estate transactions. Thank you from the bottom of my heart for everything."
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of the Northeast Florida Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than RE/MAX Sterling are marked with the listing broker's name and detailed information about such listings includes the name of the listing brokers. Data provided is deemed reliable but is not guaranteed.
Listing information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Copyright 2016 Northeast Florida Multiple Listing Service, Inc. All rights reserved.
The information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us), we can not represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and can not be verified. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.
This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.
Click 'Save' to add a property to this list.
Register / Login
New & returning visitors please enter your information to login.
Questions? Comments? Complaints?
This message will go directly to the head of our team.
Location & Address
1544 County Road 220, Suite 102 Fleming Island, FL