Home buyers, social security and Medicare applicants affected by shut down
OKLAHOMA CITY – Many Oklahoma home buyers will feel the effects of the federal government shutdown.
In particular, those who are ready to close on a house.
That’s because the federal employees who make final checks on borrowers’ tax returns and employment status are not at work.
They’re being furloughed because their jobs are considered “non essential.”
So with no one in the office to do these jobs, borrowers can’t get a mortgage loan approved.
But it all depends on the length of this shutdown.
“If we get things straightened out by about Friday, there should be few delays,” Movers Real Estate Broker Becky Ivins said Tuesday. “After that, it’s going to be a lot of chaos for a lot of people who’ve taken off work, changed schools, shut off their utilities.”
Also during the shutdown, loan interest rates may go up.
That could suddenly disqualify some borrowers who had hoped to have an affordable interest rate locked down.
Other effects – the Social Security Administration can’t issue new or replacement social security cards.
They also can’t replace your Medicare card until the shutdown is over.
Fred Womack with Womack Investment advisors was in our studios today with Linda Cavanaugh. He says if the shutdown does not last very long, if will have a minimal affect on businesses and investments. You can watch this entire interview here: