Shutdown impacting Toledo area housing market
Maumee, Ohio (WNWO)-- The government shutdown has impacted at least thousands across ohio from food assistance to national parks.
In the beginning it also presented a problem for those in toledo area's housing market, like Danberry Realtors.
"Originally the biggest concern is that we weren' t our clients weren't going to be able to get flood insurance issued," said Dan McQuillen, with Danberry Realtors.
Most lenders have simply bypassed the need of certain documents, like flood insurance. It allows those currently in the home buying process the ability to close.
This also applies for other documents such as tax transcripts said greg cepek with Fifth Third Bank.
"Most lenders will require IRS tax transcripts prior to closing to verify w2 tax information customers provide thats the same thing on file with the irs. we actually due ot the shutdown have suspended that," said Greg Cepek with Fifth Third Bank.t
Though some exemptions have been made for many residential property owners, for those not in residential areas, there are some roadblocks lender's can't avoid.
"USDA loans, which are zero down which are more for rural areas you cannot get a loan for that if you're purchasing a home right now," said Mcquillen.
However, officials say the issue is only with those trying to buy new property, not those already starting the closing process before the shutdown began.
For employees currently impacted by the Shutdown Fifth Third does offer assistance.
For more information head to the bank's website.