Government shutdown hurting Oklahoma home buyers
OKLAHOMA CITY – Here at home, 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.
Becky Ivins with Movers Real Estate said, “So if we get things straightened out by about Friday, there should be few delays. 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, load interest rates could go up.
That could suddenly disqualify some borrowers who had hoped to have an affordable interest rate locked down.
Other affects, the Social Security Administration can’t issue new or replacement Social Security cards.
They also can’t replace your Medicare car right now.