The federal government shutdown is delaying and even stopping some lenders from finalizing home loans. With the Internal Revenue Service closed for business, lenders are unable to obtain borrowers tax transcripts, which is a vital step in approving a mortgage. The US Department of Agriculture, which processes rural home loans is closed as well.
Babs De Lay is the principal broker and owner of Urban Utah Homes and Estates. She says lenders, buyers and sellers are panicked.