If you’ve been worried about the government shutdown affecting real estate, we have some good news for you today. Matt Mieras of CMG Financial talked with us about what the shutdown really means for buyers and sellers.
Government shutdowns often raise concern among homebuyers about their ability to secure a mortgage. Many people who have already gone under contract don’t know if they’ll be able to close. Fortunately, we haven’t had issues like this with the latest shutdown. A lot of loan programs rely on a transcript system from the IRS, and the IRS is still processing these transcripts.
As for loan programs, the USDA won’t provide a guarantee for their loans currently, but lenders are still closing while simply waiting for USDA to get things moving again.
FEMA is up and running now, so those who live in floodplains can purchase and renew flood insurance as usual.
Sellers may have the perception that the market has slowed because of the shutdown, but that’s not the case at all. It’s still a great time to buy and sell.
If you have any questions or need more information, feel free to reach out to us. We look forward to hearing from you soon.