Well we are facing changes again in the mortgage industry!! Suprise Suprise!! Presently the government is looking at actions that may bring things to a screeching halt for a period of time in regards to some of its past practices on what we have become accustomed to with the backing options they have offered to insure the American Dream of Home Ownership in reference to some of its programs. What could be some of the possibilities on these changes?? Here are a few for starters:
Tax transcript: If the IRS is on furlough, we will not be able to obtain tax transcripts.
Flood insurance: Borrowers may have difficulty obtaining flood insurance through FEMA during this period.
FHA: We understand that HUD may not support FHA Connection during their hiatus, and therefore case numbers may not be able to be ordered or perform other functions in FHA Connection while they are on furlough.
Rural Housing: It is uncertain on the impact to GUS since that system was created since the last shutdown in 1995. However, we should anticipate the system will not be available. In addition we will not be able to get conditional commitments during the shutdown.
VA: We should anticipate that the system by which VA appraisals are ordered will not be available.
If you are looking at buying with use of any of these programs it is highly recommended that you move quickly as the future is uncertain on the final decisions on many of these programs being interrupted. Keep your eyes opened for Articles in your local news papers & RSS news sites as there should be a lot of buzz on the details real soon! In the mean time move fast while you can!!
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