Will The Government Shut Down Affect My Mortgage Loan Approval?
It may. It could depends on how long the shut down lasts, but it could also depend on lender underwriting verification requirements.
Though the loans are underwritten and funded by the individual lender and not the individual government offices, their approval, as well as that of conventional financing may be delayed, but probably not for what you think.
Most lenders require tax transcripts to verify income, and verificiation of Social Security numbers to verify identity.
IRS and SSA services are unavailable. These services will remain offline as long as the government shutdown is in force.
If your lender has not already received these reports on your loan, the loan closing may be delayed.
Check with your lender to determine their requirements and progress on your loan file.
Will the government shut down affect my mortgage loan approval It may.
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.