Mortgage Issues with Government Shutdown

Mortgage Issues with Government Shutdown 

IRS Tax Transcripts

 We have been advised that if the IRS is on furlough, you will not be able to obtain tax transcripts. Tax Transcripts are required in order to verify the information provided by the buyer.  Final loan approvals will be delayed until the transcripts can be received.

 FHA

According to information provided by FHA, FHA Connection will be operational to issue case numbers.  This should avoid a delay in ordering appraisals.  However CAIVRS' checks or obtain insurance endorsements (including lender insurance) will not be possible.  Without CAIVRS's clearance, a loan cannot obtain final loan approval.  

 USDA

 USDA has advised us that lenders will be able to close loans for which they had already received a commitment. During the shutdown, USDA will not issue any new commitments or Loan Note Guarantees for closed loans.  Unlike FHA, USDA will not operate GUS, its automated system, during any shutdown. They are currently closed now.

VA

VA has indicated that they will continue business as usual during the shutdown.

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