Thursday, April 24 2014 3:47 PM EDT2014-04-24 19:47:30 GMT
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the government shutdown continues, things aren't looking good for people trying
to get mortgages to buy a new home.
brokers say the market was just starting to pick back up and gain momentum. They
say the biggest blow now is being felt by people who were applying for USDA
loans. That entire loaning process has been shut down, creating a big problem
in the rural community.
the city, people who used FHA loans are closing on houses in the next couple of
days. They don't have to worry, but brokers warn things could get worse.
we're really more concerned about is that this becomes a more prolonged
shutdown," said John Mangas, partner at Remax Preferred Associates. "It could
have very, very deep implications to our industry."
say so far, they haven't seen any negative effect on FHA loans, but that could
change depending on the length of the shutdown.