What does the government shutdown mean for you? This seems to be the question of the day. With no resolution in sight, people across the nation are wondering how this will impact them, especially those who are planning to purchase a home with an FHA loan.
With limited staff, FHA underwriters are still working but other branches of the government that are currently close will limit access to important documentation required for loan approval. Most lenders require IRS transcripts and social security verification as a part of the loan approval documentation. Both of these government departments are working with limited staff.
Although the FHA is still technically working, the loan process could be delayed due to the shutdown. Regardless of this news, buying a home is still a good idea and as with any current event, the information available changes daily.
If you are interested in purchasing a home with an FHA loan, I would encourage you to speak to a qualified lender before you make any decisions regarding the government shutdown. Working with an experienced, knowledgably loan officer is imperative, especially during a time like this. If you need a recommendation, please call me today.
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