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Posted on October 7, 2013 by angela
What does the Federal Government Shutdown mean for you?
The Federal Government shutdown may affect certain home loans in the short term.
Note: The biggest issue will be with the ordering of Tax Transcripts (4506-T) from the IRS.
With IRS offices closed, this will impact all loan types.
· FHA Loans: The approval process may be slowed due to limited FHA staff to respond to
questions and complete reviews.
· VA Loans: With the Department of Veterans Affairs continuing to operate as normal, VA
Loans will not be adversely impacted in any way.
· USDA Loans: No new loans or guarantees will be made.
· Internal Revenue Service: The IRS will not process any forms, including tax transcripts,
which are required for loan closing.
· Social Security Administration: The SSA will likely not be able to verify Social Security
numbers, which is required for loan closing.
· FEMA Flood Insurance: It is likely that mapping issues or amendments will be impacted.
· Fannie Mae and Freddie Mac: Fannie and Freddie will not be directly affected, except to
the extent that they rely on verification and other functions of HUD, the IRS, and the SSA.
If the government shutdown lasts only for a few days, the above scenarios may have little
to no impact on lender’s operations. A shutdown of longer than one week, however, will
have a more significant impact on how lenders conducts business.
Don’t hesitate to contact us with any questions and we can help direct you to the most
up to date information.
Category: News and Events, Salt Lake City Life Tags: buying a home, government shut down, news
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