Federal Government Shutdown: Impact on Home Mortgage Programs
Minnesota Housing is committed to providing information on the federal government shutdown as it relates to home mortgage programs. Below is a summary of impacts identified to date.
U.S. Bank HFA Division Lender Operations Updates (LOU)
- U.S. Bank's tax transcript requirement
- Social Security Number Verification
- Verification of Employment (VOE)/Verbal VOEs for federal employees
- Rural Development (RD) loan purchase
- FHA/HUD operations
- VA operations
- FEMA Flood insurance
Start Up Borrower Tax Transcripts
Minnesota Housing's requirement that Start Up Borrowers provide a three-year history remains in place. While tax transcripts may be unavailable during the federal government shutdown, borrowers may continue to provide copies of their federal income tax returns.
The guidance provided in U.S. Bank's LOU L-2018-076 on the temporary change to U.S. Bank's tax transcript requirement does not impact the Start Up program three-year tax history requirement.