What does the Government Shutdown mean to you & me?

The Federal Government shutdown may affect certain home loans in the short term.

Note: The biggest issue will be with the ordering of Tax Transcripts (4506-T) from the IRS. With IRS offices closed, this will impact all loan types.

· FHA Loans: The approval process may be slowed due to limited FHA staff to respond to questions and complete reviews.

· VA Loans: With the Department of Veterans Affairs continuing to operate as normal, VA Loans will not be adversely impacted in any way.

· USDA Loans: No new loans or guarantees will be made.

· Internal Revenue Service: The IRS will not process any forms, including tax transcripts, which are required for loan closing.

· Social Security Administration: The SSA will likely not be able to verify Social Security numbers, which is required for loan closing.

· FEMA Flood Insurance: It is likely that mapping issues or amendments will be impacted.

· Fannie Mae and Freddie Mac: Fannie and Freddie will not be directly affected, except to the extent that they rely on verification and other functions of HUD, the IRS, and the SSA.