**Shutdown Effects on Real Estate - Some real estate news that may affect any of you in the middle of a transaction or looking to transact! -The IRS has suspended all 4506T (Request for Tax Transcripts) processing. Currently loans cannot be closed without the 4506T in the file to confirm Tax Returns and W2’s . We have not heard from any of the Agencies on how this will be rectified. -USDA commitments ceased Wednesday morning and any USDA loan in the system without a commitment issued will not be able to close. -FHA - Will continue insuring loans and Lender Insurance & FHA Connection will be operating -VA - Business as usual; minimal disruption -For borrowers who are government employees, verifications of employment may be delayed or impossible to obtain during the shutdown. Those government employees who are furloughed will not be able to close on a mortgage until the government is up and running again, as final verbal verification of employment is required right before closing. Information provided by Lisa Nichols at Movement Mortgage in Stafford
Posted on: Thu, 03 Oct 2013 15:31:04 +0000
Trending Topics
Recently Viewed Topics
© 2015