Shutdown, Mortgage and Real Estate
If you are under agreement for a new home, have applied for a mortgage and think you are in good shape for your closing in a couple of weeks, think again.
Because of the shutdown, FHA, VA and USDA are closed and can’t issue approvals, appraisals or answers. Add that to the fact that the IRS and the Social Security Administration are closed, they can’t issue the quality control verifications that are needed on every loan.
So, what do you do? Get your real estate agent to get an extension of your agreement of sale or ask your Congressman for a temporary loan (yea, right).
The economic impact of this can be catastrophic but it will be nothing if the debt ceiling is not lifted in a couple of weeks.
Let’s get the CR done and stop playing with people’s lives.