Buyers and Sellers be PREPARED! Below are some ways that your transaction MAY be delayed or cancelled due to the government shutdown. Make sure you are speaking with your mortgage processor and REALTOR to be sure where your loan stands!
Verifications of Employment – A furloughed government worker must be back to work before the loan can close. Additionally, in the case of government workers, all government workers must be back to work/on the job through verification before the loan can close.
Social Security Number Verification – Any loan requiring SSA 89 cannot close until the completed form is received.
Tax Transcripts – IRS will be unable to provide tax transcripts due to the shutdown. Loans requiring tax transcripts will be handled on a case by case basis. Closings may be delayed.
West Penn Financial is an Affiliate Company of BHHS The Preferred Realty and is on top of what can and can’t be processed. Here are some insights into some government programs.
FHA – If your lender is a Direct Endorsed lender of FHA loans, the impact will be minimal. West Penn Financial has the ability to acquire FHA case numbers, remit FHA premiums and receive FHA mortgage insurance certificates.
USDA Loans – Commitments will not be able to be issued during the shutdown. Accordingly, loans that are not approved by USDA prior to the shutdown cannot close until approved by USDA.
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