Impact of shutdown on home buying in Southern Arizona - WNEM TV 5

Impact of shutdown on home buying in Southern Arizona

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TUCSON, AZ (Tucson News Now) -

The government shutdown is also affecting first time home buyers who are eligible for certain government underwriting programs.

Federal Housing Administration loans are used by many first-time buyers with low or moderate income.  Those buying a home for the first time might have to wait until the government reopens to buy a house.

The government shutdown has housing applications piling up until federal employees are able to get back to work.  Also, home loan lenders cannot confirm tax transcripts and social security numbers when trying to approve almost any type of home loan.

For those who are expected to close in the coming weeks might have to wait until the government is back up and running.

If the government shutdown goes on for much longer local real estate agents fear the effects will be damaging to the Southern Arizona housing market.   The biggest issues being consumer confidence.

Real estate agents are also concerned because if they are unable to close a deal, they do not get paid their commission.

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