Thanks to Mike Lamka of Freedom Mortgage for coming on the show this morning to discuss the current state of the lending world during our most recent government “shut-down”. The biggest issue was the announcement by FEMA stating no flood insurance would be issued during the shut-down. This didn’t last long as FEMA almost immediately retracted that statement and now will underwrite flood insurance while the shut-down continues.
The lender always check with the IRS with a form 4506 verification of IRS Tax Returns. This is NOT being issued for most lenders are working around this. Freedom Mortgage stated they are NOT requiring this and providing a waiver. VA loans seem to be o.k. but FHA may be a bit cloudy. I’d check with your lender if you are either within an escrow with FHA financing or considering going this route. USDA Loans are not being written but the application of this loan type is somewhat rare in our high priced area.
So caveat to all of my listeners and clients who are getting ready to write an offer–make sure your lender can process and FUND your loan! Thanks Mike for coming onto the show this morning to keep us informed during the current government “Shut-Down”. Mike can be reached at 707-494-4026
NMLS ID: 714616
Loan Officer Licensed in: CA
3333 Mendocino Avenue, Suite 110, Santa Rosa, CA 95403
I’m delighted to have old friend and tried and true Lender, Denise Stiles on my show for the first time! She brings a wealth of knowledge and experience having worked with some of the largest loan originators in the business. She is passionate about her work and it shows with her excellent customer care. Welcome Denise to the Real Estate Hour, Sunday, December 2nd. Usual hours! 9 to 10am pst. Tune us in at KSRO, 1350AM, 103.5 or 94.5FM or www.KSRO.com. And don’t forget–if you missed any words of wisdom or just like listening to my sonorous voice here’s a link to our “Ask the Expert” page on the KSRO web site–CLICK HERE!
For Denise Stiles, the greatest joy of working in the mortgage industry is helping her clients achieve their homeownership dreams. She understands that owning a home is the first step toward true financial freedom and will do everything she can to make the homebuying process as easy as possible. Specializing in new construction loans, Denise also possesses a deep knowledge pertaining to jumbo, conforming, FHA and VA loans. She especially loves helping our nation’s veterans own their dream home.