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Govt. shutdown to affect FHA loans
Posted on 4/6/11 at 1:20 pm
Posted on 4/6/11 at 1:20 pm
my boss sent out this jewel of news this morning. thought i would pass it on to the money board home shopers.
Government Shutdown Could Slam FHA, but GSEs Okay
Tuesday, April 5, 2011
By Brian Collins
The FHA has critical lending programs for homebuyers, particularly first-timers, but will have to stop endorsing new mortgages if Congress cannot agree on a budget deal with the White House by midnight Friday and the federal government is forced to shutdown.
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"FHA cannot offer endorsements for any new loans in the Single Family program and cannot make commitments in the Multifamily in the event of a shutdown," according to a memo drafted by a housing trade group.
Last year, FHA insured nearly 40% of all home purchase mortgages totaling $200 billion, according to analysts at Keefe, Bruyette & Woods.
Government Shutdown Could Slam FHA, but GSEs Okay
Tuesday, April 5, 2011
By Brian Collins
The FHA has critical lending programs for homebuyers, particularly first-timers, but will have to stop endorsing new mortgages if Congress cannot agree on a budget deal with the White House by midnight Friday and the federal government is forced to shutdown.
Like what you see? Click here to sign up for a National Mortgage News free trial and daily newsletter to get the latest feature stories, news headlines, data, and in-depth analysis on the issues impacting the mortgage industry.
"FHA cannot offer endorsements for any new loans in the Single Family program and cannot make commitments in the Multifamily in the event of a shutdown," according to a memo drafted by a housing trade group.
Last year, FHA insured nearly 40% of all home purchase mortgages totaling $200 billion, according to analysts at Keefe, Bruyette & Woods.
1
Posted on 4/6/11 at 1:43 pm to hawkeye007
I am expected to close next Friday. Everything is in the works and the I just gave my loan officer the last document they needed today - a more current paystub for the underwriter. Will this impact me?
Posted on 4/6/11 at 2:43 pm to LSUBCILUVTHEM
every lender will be different to be honest with you i dont know. about 35% of my companies loans are FHA. Most FHA loans are not purchased by Fannie Mae right away so i would think that it will not grind everything to a halt but to be safe i would talk to your loan officer about it.
Posted on 4/6/11 at 2:56 pm to LSUBCILUVTHEM
Looks like some banks may still be issuing FHA loans, but it's up to each bank (if I'm reading that correctly).
WSJ
WSJ
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