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New mortgage while furloughed from federal government?

My house just went under contract. Exciting! I have another house picked out, but have not made an offer yet. I work for the federal government and am now concerned I won’t be able to obtain a mortgage until the government shutdown is over. I “should” receive back pay, since it it signed into law, but I hear the threats. Anyone have advice?

My current home is selling for $742k. I owe around $300k. New home asking price is $725k, but it is overpriced and sitting. Both homes are in MD. My mortgage broker said I may be able to draw from my 401k ($500k+) to show income, until the shutdown is over, but I’m only 50 years old and single. Can I even do this? I have around $35k in cash, so I can afford to live for a bit.

I will have to find temporary housing until I close on a new home. I’m fortunate to have my parents nearby or could pay upfront to rent.

On a positive note, I have time to pack! 🤦🏽‍♀️ I realize I am very fortunate to be in this situation, I’m just trying to navigate where to go from here.

submitted by /u/Square-Sample-3845
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1o2y8jj/new_mortgage_while_furloughed_from_federal/
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