If you are a potential homebuyer, read below to see how the government shutdown may effect services you are interested in using to help purchase your home;
* FHA Case numbers can still be obtained – Calling for escalations or questions has been case by case according to the HOC location.
* VA Case numbers can still be obtained. If a DD214 is needed or have to escalate for any reason there is no support available.
* USDA – Not available for GUS approvals. Opening will perform all other tasks associated with this loan and continue to hold until USDA is available
* 4506T – IRS – Not available
o All loans submitted on or before, September 30, 2013 were ordered.
o All loans ordered on or after, October 1, 2013 will be processed as usual and underwriting will condition for the tax transcripts.
* Self employed borrowers: the full tax returns from the borrower must be in the file.
* SSV – Not available.
o All loans will be processed as usual and underwriting will condition.
* Written VOE’s on government employees
o Requests will still be made as some employees are working (i.e. military, essentials)
o Underwriters will use income supplied and will condition for written VOE prior to final underwrite.
* Verbal VOE’s.
o In any event if it is confirmed that the borrower is furloughed (or we cannot confirm they have not been furloughed) that income cannot be used to qualify the loan. Closing will be delayed.
* Flood insurance is required and not yet obtained the closing will be delayed until flood insurance is received
Be sure to consult your mortgage company to see how they are handling the government shutdown and how it might effect their lending abilities.