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if the government goes into default with debt, will the government remain shutdown and if so when will usda loans begin processing again?

by bigmikehazeltine1... from Flagstaff, Arizona. Oct 14th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Default and shutdown, are two separate things.. once the shutdown ends, then USDA will begin to process files, albeit with a huge backlog, so be prepared to wait.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 15th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

I don't think anyone knows what would happen. USDA loans would be one of lowest priority challenges, if that were to happen.

Oct 14th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

The government will not end up defaulting... Before the shutdown, our local USDA office was taking about 10 business days to issue a final approval on USDA loans. Once they open back up, there is sure to be a backlog. How long?? Who knows... but this is major issue to anyone in process with a USDA loan. USDA loans encompass about 2% of all loans nationwide, so this is a lot of people and a lot of loans. In MN or WI, visit www.MortgagesUnlimited.biz/USDA for more info

Oct 15th 2013
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