Homebuyers waiting on news about their mortgage applications might have to sit tight, thanks to the federal government shutdown now in its third day.
About 3,500 federally backed mortgage loans per business day could face processing delays due to the legislative impasse in efforts to fund the federal government, according to Zillow Research.
The Senate reached a deal mid-Monday to end the government shutdown until Feb. 8, with a House vote expected later in the afternoon.
If the shutdown ends, it would be good news for mortgage applicants. A shutdown lasting as long as the last one — Oct. 1 to Oct. 16, 2013, covering 12 business days — would mean that upwards of 42,000 would-be buyers would see their mortgage applications take longer to process, Zillow said.