How is the Government Shutdown Impacting Home Buying?
How is the Government shutdown impacting home buying? With no end in sight, the now thirty day Government shutdown has people wondering how this is going to impact the purchase of a home, using an FHA loan.
The Federal Housing Administration (FHA) is continuing to issue FHA loans during the shutdown, however, there are challenges that both borrowers and lenders will face during the loan process.
The primary challenge is a delay in closing, due to limited staff working at FHA as well as other government branches like the IRS. Most lenders require IRS transcripts and social security verification as a part of the loan approval documentation. Both of these government departments are operating 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.
The Voss Team
20241 N 67th Ave A1
Glendale, AZ 85308