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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