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Government shutdown could impact home buyers

8:07 PM, Oct 2, 2013   |    comments
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GRAND RAPIDS - Count people hoping to close on home sales as among those rooting for a quick solution to the government shutdown.  

Anthony Bird, owner of Riverbank Finance in Grand Rapids, said Wednesday:"We actually have clients right now that are waiting to close, first-time home buyers that are being directly affected because they can't close their loan until the USDA reviews it."

Those clients are taking advantage of the zero money down USDA Rural Development Loan program, but Bird says all kinds of loan requests stand to be delayed if the government shutdown extends a few weeks.

"It could impact all loan programs with the IRS verifications, the third party verifications, social security administration verifications those are important verifications that we have to do to close all loan programs."

The problem is -"non-essential" government workers in agencies like HUD, FHA, VA, USDA are on furlough, and can't process the information needed to close mortgages.

Bird says the best thing home buyers can do is "Keep a great line of communication with your loan officer and real estate agent during the government shutdown. If any documents or requirements are needed for loan approval, be sure to provide the documentation as soon as possible so further delays are not created by you."

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