Tuesday, October 8, 2013

Home Mortgages Not Impacted by Federal Shutdown Says RANLife Home Loans

RANLife Home Loans discusses the government shutdown and the effect it has on their ability to originate federally insured mortgages.

Salt Lake City, UT (PRWEB) October 08, 2013
RANLife Home Loans, a direct endorsed government lender, wants borrowers to know that the federal shutdown will not affect their ability to originate and fund all government loans.
"A lot of media wants to make us believe that FHA and VA home loans are not available, however, they are," said RANLife’s CEO, Greg Walker. Because RANLife is a federally endorsed lender they are allowed to act on behalf of the government to still originate these types of mortgages even through the government shutdown.
The result of the shutdown does impact a few aspects of mortgage market. Generally speaking, some of the services for insuring and endorsing as well as verification of income are done through government entities. Since the announcement last week RANLife has taken the appropriate measures to provide a way to verify income in house so they can proceed as normal.
As far as government loans the United States Department of Agriculture (USDA) is the only loan program that is currently unavailable to borrowers. Walker’s advice is to be patient if you are waiting for or need a USDA commitment and to set realistic expectations with your realtor and seller. "If the program you are using is USDA then you should be planning for longer turn times anyway."
For those not willing to wait for a USDA commitment and wanting to get into a home fast, RANLife offers other options. "I would do what you can to get into a conforming loan as those have not been affected by the shut down," stated Walker.
Luckily for lenders like RANLife, housing is one of the biggest sectors of the economy and places like FHA have funds set up to cover this type of event. "There won’t be a great impact on the housing market overall because there are direct endorsed lenders like us that are still able to do most government loans."
Since the announcement of the shut down last week rates have barely been affected. Both FHA and VA rates have had almost no change and Conventional rates even dropped slightly since the announcement was made.
Loan turn times at RANLife have also not been impacted. The loan procedure is continuing as normal, with the exception of USDA, and will require all the same standard documentation.
Walker’s advice is to speak with a licensed loan officer and find out the best option for you. He also recommends setting realistic expectations with your realtor or agent up front and to plan for longer turn times if you plan to use a USDA loan program. "All in all, RANLife hasn’t been hugely influenced by the shut down and everything is proceeding as usual."
At RANLife Home Loans our experienced mortgage professionals view a refinance, or purchase of a home loan, as more than just a onetime transaction. We believe it is a start of a long term relationship that can save the homeowner thousands of dollars over the life of their loan.
NMLS# 3151
Follow RANLife Home Loans on Facebook at http://www.facebook.com/ranlifehomeloans.
And stay up to date on the Home Lending Life blog at blog.ranlife.com.

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