The government shutdown is affecting everyone and since there is no real end in sight, I thought it would be important to highlight how the shut down may impact real estate closings. * FHA (Federal Housing Authority), Fannie Mae, and Freddie Mac are open and processing loans. * VA (Veterans Administration) is also open and processing loans * USDA (United States Department of Agriculture - the department that processes rural loans in areas that are defined and approved as rural areas) is closed and is not processing loans currently * The IRS is also closed which means that for new loans they are not issuing tax transcripts but loans that are already in process should not have any problem. (In some cases, they are allowing this to be temporarily waived) The good news is that rates have actually improved and are the best that we have seen since May. To bottom line the situation, it is not an ideal state of affairs, however, everyone (banks, governmental agencies, etc) needs to do business so across the board concessions are being made in order to process loans and transact business. Hopefully the situation will be over soon.
Posted on: Fri, 04 Oct 2013 17:08:07 +0000
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