Impact of Government Shutdown on Lending
There are several impacts on lending due to the government shutdown. For the most part, lenders will keep operating with business as usual on Conventional, FHA, and VA loans. The biggest impact is that lenders will be unable to order IRS transcripts during the shutdown.
These IRS transcripts are required on every single FHA/VA/Conventional/Jumbo loan (it "proves" that the borrowers tax returns and w2's are legitimate). Most good lenders (including VIP) order these transcripts at the beginning of loan processing so it should… Read more