How would this effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky?
A federal government shutdown could impact your first mortgage loan closing through Kentucky FHA, VA, USDA and Fannie Mae Home Loans
Kentucky FHA and VA Mortgage loans and Government Shutdown
- Loans will be able to close as normal and access to FHA Connection and VA’s WebLGY system will be available. However, any function that requires staff involvement may be impacted by a shutdown.
- Loans will be able to close as normal.
- Lenders will not be able to purchase or close a loan without the RHS Conditional Commitment and tax transcripts.
- Housing Education and Counseling Services should continue as usual.
- Most Lenders will require a VOE 10 days prior to closing.
- The only exceptions for conventional loans:
- The military can use Leave and Earnings Statement (LES).
- Employment was validated by DU service and follows all conditions.
- The only exceptions for conventional loans:
- The National Flood Insurance Program (NFIP) expires at 11:59 p.m. September 30. As a result, KHC will follow agency guidelines in place during the federal government shutdown.
- If federal tax transcripts or validation of social security numbers are required per underwriting or listed as an AUS finding, then they will be required prior to closing or purchase of a loan. SSA Form 89 is used to validate social security numbers.
Please stay tuned for further updates on this topic. These policies will be enacted only if the federal government shuts down and will remain in effect throughout the period of shut down.
Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky
Joel Lobb Mortgage Loan Officer
American Mortgage Solutions, Inc.10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
NMLS ID# 57916, (www.nmlsconsumeraccess.org).
