The shut down has sent a huge ripple effect thru out the real estate industry. The Department of Agriculture has shuttered it’s mortgage division during this shut down. This has resulted in all USDA mortgage loans being entirely frozen.
The FHA, tho’ still operational, has drastically reduced staff, causing wide spread delays in the processing of FHA loans. And while the IRS is down, it cannot verify tax documents tied to Conventional, FHA, or any other loans. That stranglehold means many real estate deals being put on hold, or just disintegrating! This is effecting not only buyers and sellers but also title, escrow, mortgage professionals, and real estate brokers. It is a frustrating madhouse out here!
The government is suppose to be working for us—right?