Wednesday, October 9, 2013

Mortgage Relief For Shutdown Workers

The Government Shutdown and debt ceiling deadline crisis poses the biggest threat to U.S. economy and could shake and rattle financial markets to the limit, yet there is some light at the end of this tunnel.

Bad economic news spells good news for homebuyers as mortgage interest rates continue sliding down to summer levels making this a homebuyers market -in the mortgage market that is. 

In an effort to keep the mortgage market moving Freddie Mac issued a Single-Family Seller/Servicer Guide Bulletin which provides guidance to its lenders and servicers covering temporary workarounds for loan origination processes hindered by the impasse. What does that mean? Even if the borrower is not receiving a paycheck because of the shutdown lenders can deliver mortgages to Freddie Mac.

Borrowers affected by the shutdown can take advantage of Freddie Mac's mortgage relief policies.  In addition, qualified homeowners who are employed in the public or private sector, can be granted forbearance from loan payments up to 12 months.

Find low rate home mortgage loan offers and more news about low rate home financing.