Mortgage Loan Approvals at Standstill because of Government Shut - News and Weather For The Quad Cities -

Mortgage Loan Approvals At Standstill Because Of Government Shutdown

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"The process in purchasing a home is a little more different than it used to be. We need to verify more information. The paperwork is more in depth," said Jeanne Swords with Primary Residential Mortgage.


Jeanne Swords knows all too well what's needed for the approval of mortgage loans.

"In the lending process I'm going to ask for name, address, social security, information about their employment," said Swords.

It's information that's necessary for hopeful home buyers to make their purchases.  Due to the government shutdown,  offices run by the US Department of Agriculture has shut its doors, which has brought the application process for some mortgage loans to a screeching halt.

"There will be no one to call. No one to send packages too. They're one area that we're told will be totally shut down," said Swords.

It's causing prospective home owners like Thomas Davis to worry.

"Its a little nerve wrecking I guess. I'm really hoping they get everything worked out.  I pretty much just got told by my realtor to wait for a phone call and if this government thing gets figured out they'll start processing my loan again," said Davis.

He was originally told  his move-in date was the 27th of October, but now the date has been  pushed back with no final move in day.

Davis says at this point all he wants is the keys to his new home.

" I'm looking forward to owning my first house. So, the sooner the better," said Davis.

 

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