It’s official – the government has shut down.

But what does it all mean?

In the short term, not a whole lot. Long term could quickly become an issue.

Main real estate takeaways to be aware of:

• Loans could become bogged down, especially USDA and Rural housing loans.
• VA loans will continue to be operational.
• FHA loans will continue to be operational, although staffing shortages could cause delays.
• The IRS will be closed, which presents an issue for potential buyers as they will not be able to submit or receive Form 4506T (official tax return transcripts).

It’s important to keep in mind that shutdowns have happened in every presidency, with the last one occurring in 2014.