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  • Government Shutdown Impact on Biz

    Are you seeing the impact on your business?

    So Fannie and Freddie will still process your loan, but I have a government employee who required a delay in closing because the lender could not verify employment! It is possible that the loan could ultimately be denied, but hopefully not.

    FHA loans closings can be delayed because of lack of staffing, but VA loans are on time.

    USDA loans will not be processed, so put your USDA buyer's on hold until the shutdown is resolved.

    If you are a Realtor, you are familiar with the Form 4506-t that a lender requires before closing. This form enables the lender to request a transcript of tax returns. The IRS is not processing transcripts during the shutdown. Fortunately, lenders are not can obtain transcripts after closing, so this might not delay closings.

    A lender also requires verification of a social security number, which completion is requiring significant delays. Some government agencies are relaxing their rules about this a bit, but check with your Buyer's lender to see if this might impact their ability to close on a house they have in escrow.

    Flood insurance is not impacted, Fema is still approving new policies after the National Association of Home Builders led the charge for lawmakers to extend funding for the National Flood Insurance Program.

    Are you anticipating any problems with your closings?

    Kim Knox
    Principal Broker, Owner, ABR, GRI, PME, A-REO, REDCpro,
    Licensed to conduct Real Estate in the State of Oregon
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Kim Knox Principal Broker serving Jackson County Oregon. Find out more about Kim Knox

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