What Does A Government Shutdown Mean For Your Mortgage Approval
Hancock Mortgage Partners, LLC
Information credited to MortgageNewsDaily.com and Apartment Therapy
A shutdown of the federal government — which will occur if Congress can't approve at least a temporary funding bill today, an increasingly likely scenario — could throw a monkey wrench into many corners of our economy. And if you're getting ready to close on a house, look out, because one of those wrenches might be headed your way.
That's because some government agencies are involved in the mortgage process, and they're generally of the "non-essential" variety. The good news is, most home buyers (probably) won't be affected. Mortgage giants Fannie Mae and Freddie Mac aren't pure government organizations, and they'll keep right on going approving loans during any potential shutdown.