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Tuesday, October 1, 2013

FHA will Keep Lending During Shutdown

Although the U.S. Department of Housing and Urban Development (HUD) originally stated that it would stop working on applications for loans guaranteed by the Federal Housing Administration (FHA) if the government were to shutdown, HUD retracted its statement over the weekend and said it will continue processing loans "in order to support the health and stability of the U.S. mortgage market. Given this, applications for all government-backed mortgages will continue to be processed during the shutdown, but a limited number of FHA staff will be available to underwrite and approve these new loans.

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