First the good news! VA loans will keep closing. The VA is operating and we can do these loans. If you are a veteran, your best chance of closing is with a VA loan right now.
The middling news. We MAY be able to get FHA loans closed. The FHA technology is in place for case numbers and the other stuff we need to process the loans but not many staffers are around. You may close an FHA loan, with a little luck.
The bad news. The IRS and the Social Security Administration are not supporting lending while the furlough is going on. We have NO access to them to verify tax transcripts, social security numbers as well as benefits etc. If your loan is stuck with IRS or SSA issues…you are NOT closing until the shutdown is over and the backlog caught up.
The really bad news. If you are trying to get a USDA mortgage, (you would know this if you were so don’t panic if it’s not familiar) But if you are targeting the USDA product, your not closing until the shutdown is over. Period, end of story.
If you have questions, concerns or issues about how to get your loan closed during the shutdown…
