Shutdown leads to likely delays in government home loans

GREEN BAY (WBAY) — Democratic leaders expressed concern on Tuesday night about families across the country unable to get approved for mortgages during the government shutdown.

However, the Realtors Association of Northeast Wisconsin says the impact has not been felt locally yet.

The government shutdown is happening during what local real estate agents call one of the slowest buying times of the year.

“I know there’s a lot of negative opinion out there that this is going to last for two months. I don’t see that happening,” said Judd Stevenson, president of the Realtors Association of Northeast Wisconsin. “I think our Congress and our President will finally work together by the end of the month.”

The U.S. Department of Housing and Urban Development is one of the federal agencies currently closed.

“HUDs contingency plan states that the FHA will endorse new loans and single family mortgage loan programs,” said Stevenson. “It will make new commitments in multi-family and it will maintain operational activities.”

Local mortgage brokers say one type of government loan financing has come to a halt.



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