Good Day Explores Housing During The Gov. Shutdown
As the government shutdown continues, more and more people are feeling the effects of it. If you're looking to close on a home or trying to get a loan or good mortgage rate, are you out of luck?
Vince Ingui from Annie Mac home mortgage was on Good Day to give us some advice.
According to Ingui, the government shutdown could stall sales because lenders can't use IRS documents to confirm borrower qualifications. Most lenders use IRS transcripts of borrowers' tax filings to confirm their income and ability to pay. That's too much risk for many lenders to not have these documents.
Ingui also told Good Day that FHA and VA loans are safe for now, but USDA loans are in limbo.
If possible, Ingui recommends to close on a house now and get the mortgage rates locked in. They're currently pretty low. If Congress fails to raise the debt ceiling by Oct. 17, mortgage rates could skyrocket (100-200 basis points, according to Ingui). You don't want to buy a house then.