Buying A Home During Governor Stay At Home Order

Buying A Home During Governor Stay At Home Order

Gustan Cho Associates are mortgage brokers licensed in 48 states

BREAKING NEWS: Buying A Home During Governor Stay At Home Order

Which means buying a house during the governor's stay

Buying a home during governor stay at home order and home and mortgage process:

  • Buying a home during the COVID-19 coronavirus outbreak can have additional hurdles
  • It seems like doing anything these days has additional rules and regulations depending on where you live
  • In certain areas of this country, there is a strict stay at home order in place
  • In areas such as the East Coast and Los Angeles county are still on very strict stay at home orders for months to come
  • While in other areas such as Texas and Florida, they are already partially open
  • In this blog we will detail the homebuying process during the COVID-19 coronavirus outbreak
  • We will also give you some pointers on how to make the transaction go as smoothly as possible
  • Gustan Cho Associates are still able to fund Conventional, FHA, VA, USDA, and (some) NON-QM mortgage products
  • We offer most loan programs without LENDER OVERLAYS
  • Meaning we can help more clients than most lenders

In this breaking news article, we will discuss and cover Buying A Home During Governor Stay At Home Order.

Getting A Deal When Buying A Home During Governor Stay At Home Order

During these times, you may find a good deal if shopping for a home.

  • Life still is going forward and people need to move for business and personal reasons
  • Even if you are simply relocating, this process can be quite strange
  • Nationwide there is a dip in home pricing turning into a buyers’ market
  • Even in areas such as Denver, Chicago, Dallas, San Diego have seen minor dips in the housing market
  • It is estimated that we will see a population shift meaning many people will move out of state as a reaction to how their state handled the COVID-19 coronavirus outbreak
  • So in the near future, we may see a shift back to a sellers’ market

If you are still able to work during these times, it may be a good time to buy a home.

Things To Look Out For When Buying A Home During Governor Stay At Home Order

Things to look out for while buying a house during this pandemic:

  • Turn times throughout the process
  • Believe it or not, mortgage companies are slammed at this moment
  • During the beginning of the COVID-19 coronavirus outbreak, interest rates took a huge dive, creating a refinance boom
  • This slowed down the underwriting process for lenders
  • Since then, business has been more than steady
  • There was then a wave of purchase mortgage loans
  • This accompanied with low interest rates is slowing down the process
  • Before the outbreak, a 30-day closing time frame was more than normal

However, with many mortgage companies and investors working remotely, paired with the increased volume of mortgage applications, there has been a slow in underwriting turn times.

Timeline To Close When Buying A Home During Governor Stay At Home Order

What is the timeline to close when buying a home while the Governor Stay at home Order

It is important to ask for 45 and even up to 60 days when entering a purchase agreement.

  • Depending on the severity of your file, your turn times will vary
  • For example, an 800 credit score 20% down payment borrower will have a faster turn time than a 580 credit score who requires a manual underwrite
  • When discussing your loan options with your loan officer, it is important to be as open and honest as possible with your current credit situation
  • In today’s mortgage climate, there are numerous third-party verification that are completed during the underwriting process
  • Meaning if you have any bankruptcies, public records, judgments, or any fraud alerts, your mortgage company will find out
  • Trying to hide something like this may end up costing you money in the long run
  • Your mortgage team will find out
  • It is in your best interest to tell your loan officer upfront before you spend money on inspections and lose any earnest money

Minimizing any hurdles for your underwriter will help the process go smoothly.

Home Appraisal Process During COVID-19 Pandemic


  • During these crazy times with everybody paranoid about germs, the appraisal process can be quite confusing
  • A lender will require an appraisal most of the time
  • There are chances you could get an appraisal waiver
  • However, those are less prevalent since the hit of the virus
  • Some conventional mortgages will allow a drive-by appraisal
  • However, those can have their own issues with value
  • Since appraisers are human beings, many of them are scared to complete inspections
  • Entering a stranger’s home during these times is something that can be stressful
  • Since some appraisers are simply not working, the appraisal process has seemed to take a few extra days in most parts of the country

This along with underwriting turn times can increase the time for closing.

Social Distancing When Buying A Home During Governor Stay At Home Order

Drive up closings:

  • The majority of title companies we have dealt with are now doing drive up closings
  • A notary will still hand you paperwork to sign, and witness you complete the signatures while you are in your vehicle
  • Legally they are still able to view you complete your signatures, so they can notarize this package
  • Doing everything possible to limit the human to human contact in a small enclosed area allows drive up closings to be convenient
  • The process is exactly how it sounds, you simply drive up, sign, fund, get the keys, and then own a new home!

These are strange times and every part of the transaction is adapting. They even encourage you to bring your own pen and wear rubber gloves.

Changes In The Mortgage Industry Due To The Coronavirus Pandemic

What changes have occurred in the mortgage industry due to the coronavirus pandemic

Gustan Cho Associates will continue to bring you up to speed on any changes in the mortgage industry. Whether they are related to the COVID-19 coronavirus outbreak or not. Our mortgage team is working at full capacity and are available seven days a week to answer your mortgage questions. Even if you have been turned down by your current lender, we encourage you to reach out to us for advice. You may be running into a lender overlay. About 75% of our clients have been turned down in the past. For any questions, please call Mike Gracz on 630-659-7644 or email

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