Government shutdown would create mortgage roadblocks

Frederick Bass | Getty Images

A looming shutdown could create headaches for homebuyers and sellers.

Mortgage applications could be delayed if the lender can’t verify IRS data.

Some lenders may even need to verify your Social Security number.

By John W. Schoen | CNBC.com

If ongoing congressional budget battles force a government shutdown next week, homebuyers and sellers could be subject to more headaches than usual before their deals close.

That’s because buyers looking for mortgage approval could hit paperwork roadblocks if the shutdown furloughs workers at the IRS or Social Security Administration.

That’s what happened in October 2013, the last time budget gridlock forced a 16-day shutdown that sent millions of government workers on furlough and gummed up the works of the U.S. housing market.

Here’s how another shutdown could make buying or selling a home even more stressful.

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