A New Jersey real estate agent breaks down how the federal shutdown is freezing USDA loans, delaying VA loans, and blocking flood insurance. 22,000 NJ federal employees haven't been paid since October 10th. Buyers and sellers should switch to conventional loans or private flood insurance to keep deals moving.
If you're buying or selling a home right now in Bergen or Hudson county or anywhere in northern New Jersey, this video is critical for you. We're now in the third week of the federal government shutdown and the impact really is getting worse by the day. For 22,000 New Jersey federal employees are impacted. The last paychecks they got was 10-10-10 and many are now starting to miss mortgage payments. Here's a concrete problem. USDA loans completely frozen VHA and VA loans major processing delays with skeleton crews trying to get these things through. Right now, flood insurance isn't available in these areas. With the shutdown, there's a real solution available. If you're buying with FHA or VA or USDA loans, switch to a conventional financing if possible. Conventional loans are back that are backed by Fannie Mae. Freddie Mac are operating completely normally with no shutdown delays right now during this time. If you need flood insurance, private flood insurance is fully operational and accepted by the Federal Backed Mortgage program. Platforms like floodprice.com can get you a competitive quote quickly as well. Here's your action plan. If you're a federal employee, contact your mortgage service provider immediately. Please do not try to miss a payment. The shutdown doesn't have to stop you and your real estate plans. If you have the right team and strategies.
