We are on the upswing of the longest government shutdown in our history, as we all know it’s caused some newsworthy articles; but more importantly it’s influenced the our lives in ways we haven’t noticed yet.  4 days ago there was a temporary bill passed by President Trump that will allow out of work employees their back pay.  The caveat is that it’s only open through February 15th 2019.  That gives each agency just under 3 weeks to sort through the last 35 days of piled up work.  There will be effects that range from people not getting pay to agencies not catching up in time before another inevitable shutdown occurs.

So, how does this affect your mortgage application?

IRS Will Likely Be Delayed On Tax Refunds and Transcripts:

Although we haven’t seen a slow down in production due to the IRS being shutdown, we likely will see a hindrance in filing (and receiving) our taxes.  The IRS was working at just over 50% capacity (without pay), and Certified public accountants will need their usual contacts in the IRS to accurately complete their clients tax returns.  Without this resource we could see delays in refunds.

The good news is transcripts are still not a problem for our loans.

Real Estate is Likely To Recover Slowly

We’ve seen a dramatic decrease in real estate production since the 35 day shutdown began.  Some areas hit harder than others, but with the uncertainty of how much back pay government employees will receive, it’s likely the confidence in the market will slowly recover.  If you have concerns about your local real estate market you can ask a realtor here.

The UP Side

Now that most people are preoccupied with the shutdown and recovery, it has slowed the real estate market, which means it’s a good time to look at real estate because when the market slows, prices drop.  Make sure you use our purchase assistant tool to get pre-approved and capitalize on this market.

What Can I Do?

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Justin Scott

Loan Officer

NMLS 878581

  1. C) 920-530-4484
  2. O) 920-490-8823
  3. F) 920-490-8967

Executive Mortgage

NMLS 271650

909 . E Walnut Street

Green Bay WI 54301