fha financing: Could a Govt Shut Down Impact YOUR Sale or Purchase? YES.
- 04/08/11 09:47 AM
The answer, sadly, is yes. According to THIS DOCUMENT summarizing the expected consequences to the real estate and loan industry of a government shut down, the following programs could be impacted as explained: FHA (Federal Housing Administration): No new loan commitments will be issued nor will FHA closings be authorized during the shut down. I am particularly interested in this since so many FHA buyers are working hard to get homes under contract so that new loan commitments can be issued before the FHA mortgage insurance cost increases (set to increase 4/18). My guess is that if you don't have your loan commitment issued … (0 comments)
The answer, sadly, is yes. According to THIS DOCUMENT summarizing the expected consequences to the real estate and loan industry of a government shut down, the following programs could be impacted as explained: FHA (Federal Housing Administration): No new loan commitments will be issued nor will FHA closings be authorized during the shut down. I am particularly interested in this since so many FHA buyers are working hard to get homes under contract so that new loan commitments can be issued before the FHA mortgage insurance cost increases (set to increase 4/18). My guess is that if you don't have your loan commitment issued … (0 comments)
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