Federal government shutdown impacts local realty
SUNBURY – As the federal government shutdown drags into a second week, the real estate business is feeling the impact. Art Bowen is a realtor of Bowen Agency Realtors and talked about how they are feeling the shutdown.
Bowen said, “The program of the U.S. Department of Agriculture has shut down so there are no USDA loans, which affect some of our buyers in this area. The VA and FHA applications, they said last week, would not be impacted. They are still continuing to approve the loans but there is a form that’s needed by the USDA, which is a form that needs to be signed in order to get the tax returns. Since the IRS is shut down, you can’t get the tax returns.”
As of Friday, the VA and FHA said they would still approve loans subject to the buyer signing that form. Bowen said these loans are popular. He explained, “There are many loans that are FHA and VA because of the low down payments. So, consequently, buyers will be impacted by this shutdown.
Bowen said they still don’t know the total impact of the shutdown, because a lot of the deals have been in process and approved to a certain point. He said it’s the new transactions that come in since the government shutdown which will show how the region is being impacted. (Ali Stevens)