How will the government closure impact purchasing a home?

As of this morning Congress failed to reach a compromise.  How could this impact your purchase of a home?

• ·         For the time being the mortgage market will continue to operate as it has, although things may be slower than usual.
• ·         The FHA and VA will remain open however there will be a pared down work force.
• ·         FNMA and Freddie Mac will continue to purchase loans. 
• ·         The USDA will shut down.  There will be no new loan approvals until a budget compromise is reached.
• ·         The IRS will shut down. Verification of tax returns will not be available. This has the potential of delaying closings.

Howard Hanna will continue to be here to help.