The recent government shut-down can effect the mortgage application and home closing process. Suspended government agencies and administrations limit necessary form processing that is required for certain cases of home lending and home ownership. Government agencies and administrations effecting the home ownership/lending process include:
The IRS has suspended processing of all forms, including requests for tax return transcripts (including Form 4506T), which can cause delay if the shutdown continues.
2. Social Security
The Social Security Administration is closed and has reduced its customer service functions. It is not able to verify Social Security numbers during the shutdown, which is problematic during the mortgage application process.
The HUD offices are operating on reduced staff. Processing of FHA files will likely to be delayed until the shut down is lifted.
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* This information is not intended to be legal advice. This information is subject to change, please contact us for more information.