Fannie, Freddie, & The Crunch

No, our government did not come to an agreement but some areas are feeling a spot of relief and Fannie Mae and Freddie Mac will be allowed to process mortgage applications even though a lot of credentials will be unverifiable such as tax statements and social security numbers. 

F & F will flex their muscles and use some backdoor techniques to help you get approved for a mortgage. You will be asked for more documentation than ever such as a bank statement showing how much of a tax refund was deposited in your account the last 2 years. Years of paycheck stubs may also be required.

The FHA will not be processing applications and banks probably won’t be approving any requests either. If you are self employed or a portion of your income is from freelancing, it is a good bet you will be put on the back burner until the government is back up and running. By then, the backlog will be significant so no matter  how anxious you are to get into that new home, it will be at a snails pace.

Do not give up hope, postpone or not submit a bid for that home you want. Grab yourself a super Realtor and they will be more than happy to walk you through the delays.

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