We have heard about the national parks losing 750 million dollars since the government shutdown, here in Washington it was reported on a local news station that there has been a loss of 70,000 visitors at the Olympic National Park. Imagine the economic impact. What about the economic impact on the housing market? Have mortgage rates been impacted? Many of our loan products involve the government. According to the Daily Real Estate News, the answer is yes. Depending on the type of loan rates are hovering between just under 3% to just above 4.5%….
and last year we thought it could not be any lower. What about government lending? One client who I have had the privilege of helping is buying her new home with an FHA loan and she has not suffered any delays as of yet. We are told that with the IRS not presently verifying tax documents this could be a delay, in some cases. Personally, my spouse and I are purchasing a home with a VA loan and our awesome lender, Michael Dormer with Top Flite Financial, has seamlessly navigated any unexpected waters with this loan. hMichael has always impressed me with his level of expertise in the lending process and takes the time needed to answer any questions or address any concerns which we may have. I feel very confident referring clients to him because I have first hand experience with his exceptional level of customer service and level of expertise. Not only do we have a great agent who explains each step of the way, we are extremely pleased with our interest rate and really will just have a few more pieces of paper to gather and sign due to the government shutdown. We were relieved that it will not delay the closing of our home.
Unfortunately it seems that those buyers using the USDA loan products have not fared so well. According to a Blog Post discussing the impact of politics on real estate business this has hurt buyers (and sellers) around the country.