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BREAKING NEWS: Government Shut Down and FHA Loans - Who and what will be affected?
Government Shut Down and FHA Loans  - Who and what will be affected?
 

This is the season when the highest number of sales occur in the real estate industry.
Unfortunately, an interruption by the federal government just might happen. If Republicans and Democrats cannot come to an agreement on the budget, the Federal Housing Administration will be shut down. This shutdown would not affect Fannie Mae and Freddie Mac, but it could potentially stop FHA and other government-backed loan guarantee programs.
With the potential shutdown, the Federal Housing Administration will not be able to endorse any single-family loans, and staff will not be available to underwrite and approve new loans, thus affecting the real estate industry immensely. USDA and VA loans programs (smaller in numbers) could very much be affected too. The National Association of Realtors issued a memo saying that lenders may continue to process and guaranty mortgages through the VA Loan Guaranty program. FHA loans account for about 30 percent of the market and a long-term shutdown could batter an already weak real-estate market.
Other parts of the industry would also be affected including the Small Business Association approval of applications for business loan guarantees and direct ... more

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