Shutdown could affect home buyers - News, Weather, Sports, Toledo, OH

Shutdown could affect home buyers

(Toledo News Now) -

Asthe government shutdown continues, things aren't looking good for people tryingto get mortgages to buy a new home.

Localbrokers say the market was just starting to pick back up and gain momentum. Theysay the biggest blow now is being felt by people who were applying for USDAloans. That entire loaning process has been shut down, creating a big problemin the rural community.

Inthe city, people who used FHA loans are closing on houses in the next couple ofdays. They don't have to worry, but brokers warn things could get worse.

"Whatwe're really more concerned about is that this becomes a more prolongedshutdown," said John Mangas, partner at Remax Preferred Associates. "It couldhave very, very deep implications to our industry."

Brokerssay so far, they haven't seen any negative effect on FHA loans, but that couldchange depending on the length of the shutdown.

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