Government Closes!!!Now What?
The impact of the government closure is not entirely known. National Parks, Government Buildings, IRS, Veteran Affairs, and FHA are those that immediatly come to mind, some will be closed entirely others will have skeleton crews to attempt to offer the bare minimum of services. Whether you agree or strongly oppose what has happened in Washington sadly we will all be affected, I am personally hopeful that this will be resolved quickly for a myriad of reasons. As mentioned the full impact of what has happened is not know I would however like to address how this closures may affect the real estate market:
Real Estate will not be impacted immediatly. Homes will still sell and be placed on the market for sale, but there are issues that could delay home loans being approved that I have outlined below.
Will VA loans be adversely affected in any way? Answer = no
Will we be able to obtain a conditional commitment? Answer = No
Can we close a loan without the conditional commitment? Answer = No
Can we close a loan if we have the conditional commitment? Answer = Yes
Internal Revenue Service (IRS)
Can loans close without the tax transcripts? Answer = No
Social Security Administration (SSA)
Loans can not be closed without verifying the social security number? Answer = No
Fannie and Freddie
They are however going to be impacted by the closure
Consumer Financial Protection Bureau (CFPB)
FEMA Flood Insurance
Will I be able to get flood insurance? Answer = yes
If the subject property is not yet mapped by FEMA and needs research by FEMA will my loan be affected? Answer = yes
Can I close the loan if mapping research cannot be completed by FEMA? Answer = no
I hope that this information is helpful. If you have any questions please give me a call or email. There are a lot of things that are up in the air, but just because the government closes doesn't mean we stop working, living, eating or sleeping.
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