How does the Government Shutdown Affect Your Loan
That is a good question and not too many answers for it. The shutdown is going to affect loans in many ways. The impact of this depends on how long the government will be shutdown. If there is a short shutdown, a week or less, it will be minor. If the shutdown is longer than that, then it will become more difficult to close the loans. If the process for getting the information is an automated one, then there won’t be too many problems. If they can’t get it from the automated system, then there will be some delays.
Here are some items that will be affected:
*Ordering a FHA loan (getting case numbers)
*Appraisals can’t be performed without case numbers
*IRS Tax transcripts can’t be ordered (4506 T) (NOT on an automated system)
* USDA Rural Housing loans –getting the commitments issued
*Loans about to close can’t get re-verification for government employees
*No social security verification can happen
*No flood insurance certifications will be issued
*FHA/VA loans that have closed will be waiting to be insured
This information has come from my lender partner Home Savings & Trust.
For more information about the mortgage process, please contact Lisa Ray, Home Savings & Trust 703-819-7166.
Click here for more information on homes in Woodbridge.
If you are interested in buying a house or selling a house, please call Stephanie and her team at 703-472-9633.