As Democrats and Republicans fall all over each other trying to blame the other side of the aisle for the government shutdown, should you be concerned if you’re involved with a real estate transaction right now or in the near future? Umm – it depends.
Since the Department of Housing and Urban Development (HUD) is a government agency, any borrower who applies for or, has applied to get an FHA or VA mortgage will be impacted. Those temporary electronic highway signs on the side of the road that read, ‘Incident Ahead – Expect Major Delays’ applies here.
Since the vast majority of HUD workers were sent home early Saturday morning and they’re operating on skeleton crews, virtually no one is there to answer calls/emails, process paperwork or grant loan approvals. UGH!!! Continue reading