- Flood Insurance
- No new policies and/or
renewals will be processed. Therefore, if a loan requiring flood
insurance does not have the proper insurance in place, it cannot close under
any circumstance.
- If the policy was paid before the shut down or is not yet due for renewal, there is no impact. The shut down only impacts the issuance of new and/or renewal policies.
- No new policies and/or
renewals will be processed. Therefore, if a loan requiring flood
insurance does not have the proper insurance in place, it cannot close under
any circumstance.
- IRS Transcripts
- Most likely unavailable or significantly delayed.
- USDA
- No new commitments and/or loan guarantees can be issued.
- If a commitment has already been issued, it will be business as usual. If a commitment has not been issued, the loan cannot close until commitment authority is restored.
- FNMA/FHLMC
- Completely unaffected by the shutdown.
- FHA, VA & GNMA
- Most staff will be
unavailable – however – it should be business as usual.
- Loans will not be insured/guaranteed, but that will not impact production.
- Any properties that requires government staff intervention (example condo approvals) will be on hold as staff is unavailable.
- Most staff will be
unavailable – however – it should be business as usual.
If you have any questions regarding your mortgage financing, where it stands and how we can assist with getting you to the closing table; call Zach Larichiuta today!
Zach and the Lucy Lending Team
843-469-9010
www.charlestonmortgagelender.com
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