As of October 1, the federal government has shut down after Congress was unable to reach a funding agreement. The shutdown has immediate implications for real estate programs, including the National Flood Insurance Program (NFIP), which has lost the authority to issue new policies. Existing NFIP policies remain valid for 30 days, but uncertainty increases the longer the lapse continues.
Shutdown-related disruptions may also delay IRS income verifications, FHA and VA loan processing, and federal housing program funding. These impacts could affect thousands of homebuyers, sellers, and renters.
NAR is urging Congress to reauthorize NFIP and end the shutdown. NAR has created a memo outlining how key agencies and programs are expected to operate during this period. You can access it here or by using the link below.
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