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