Government Shutdown and it’s effect on FHA loans
30 Monday Sep 2013
Warning: Missing argument 2 for wpdb::prepare(), called in /home/content/p3pnexwpnas07_data03/15/2631715/html/wp-content/themes/chateau-2.0/functions.php on line 91 and defined in /home/content/p3pnexwpnas07_data03/15/2631715/html/wp-includes/wp-db.php on line 1291
90% of all loans are backed by the federal government.
FHA loans account for a large percentage of the loans currently being processed (roughly 60,000 per month). During a shutdown the FHA will be unable to insure loans and their staff will be unavailable to underwrite and/or approve new loans. According to HUD in the event of a shutdown only 350 of the 9,300 employees would be available to work.
This so called economic recovery is being pushed (not pulled) by a small housing recovery. Something to think about . . .
– See more at: http://activerain.com/blogsview/4206032/government-shutdown-what-hapens-to-my-fha-closing-tuesday-#sthash.ZwJz91nR.dpuf