How Does The Government Shutdown Impact Mortgages?

Jon Real Estate Leave a Comment

Everyone buying or selling a house is asking me the same questions:

Will the government shutdown impact me?

Am I still going to be able to buy a house?  Am I still going to be able to sell my house?

The down and dirty:

  • FHA and VA loans are currently experiencing a slight slowdown, as long as the shutdown is short lived. If you’re on a tight timeline, this might impact when you close.
  • The IRS and Social Security Administration are not able to produce tax transcripts and verifications, this is a standard guideline on all loans.  This might impact you if you have not made loan application yet.
  • FEMA slowdown only affects map amendments or map issues.

Diana Olick at CNBC just summed it up perfectly– a quick read and/or watch, and totally worth it if you’re currently “”in process””.

No cause for alarm, but this catastrophe needs to be resolved.

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Jon

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Jon Effron is widely regarded as one of the leading Realtors in Atlanta, working with both buyers and sellers throughout the metro area to maximize their real estate investments. In 2014, Jon was the #1 individual agent at Keller Williams Intown, one of the largest brokerages in Intown Atlanta. Prior to becoming a Realtor, Jon was the Vice President of Development at Tujay Group, an Atlanta real estate development firm. His career pre-real estate included stints at ABCNews.com, eGroups (now Yahoo! Groups) and Elite Traveler magazine, where he served as the Vice President of Marketing.