With all of the conversation going on about the Government Shutdown, I wanted to get you out a couple quick comments. (right I know…me quick…and a few comments…)
The last government shutdown took place in 2013. They are rare but there could be some affects felt on the mortgage side. Keeping in mind that we use technology for a lot of things in the mortgage business.
Here is the “rest of the story” as said:
1. Mortgage Closing time could slow at some lenders. “With IRS tax transcripts that could be delayed or rejected. ” Sandy Krestan, Certified Mortgage Planner with Evergreen Home Loans, NMLS 153369 says “We will not hold up funding for tax transcripts, some lenders might not take that stance though.”
2. For FHA financing we request a case number for the property and transaction. Sandy tells us, “HUD will have an extremely limited number of employees to answer emergency questions during the shutdown. All HUD Regional and field office will be closed with some limited exceptions…” So what does this really mean? We (as a lender) can still get FHA case numbers. If there is any assistance needed from FHA about an existing case number, that could be delayed. Also, if you are trying to get an Condominium project approved FHA, that will not be worked on during the shutdown.
If you have any questions about the government shutdown and how it might affect you and your mortgage, just know we are here to help. Call or email us we are happy to talk.
Sandy Krestan
Team Hotline at 480-420-7107 or sandy@thekrestanteam.com
