Government Is Closed
Here are some of the immediate realities regarding loans and real estate.
We are still selling houses and writing contracts. We will likely include longer than normal contract periods in case we need more time for the government to catch up.
If the IRS and Social Security Administration are shut down there may be longer times needed to verify credit and income for some buyers.
Rural Development loans are dead in the water until they receive new funding. Some are already approved and through underwriting so those will close, the rest are in a holding pattern for now. Most USDA personnel have been furloughed and this includes rural development. The offices in Palmer are empty.
FHA and VA loans are still moving normally…so far. The same for Fannie Mae and Freddie Mac.
Things can change as we go along and if they do I will post what I know here.
