With the government shutdown, obvious I am curious as whether it will freeze the FHA completely. Logic tells me that since FHA is a federal program, with the government shutdown, it would probably be suspended. I suspected all the FHA loan processing would probably be stalled. Someone told me that for those loans that had already been in the processing stage, FHA will complete the loan process; but for loans that had not been submitted before the shutdown, they wouldn’t be processed.
Well, the truth is, luckily, or unluckily depending on how you look at it, the FHA will still endorse now loans, but at a slower pace. According to NAR (National Association of Realtors), FHA loans will still make commitment to new loans in the single family program (but not in the multi-family program) during the shutdown. It will also maintain operational activities including paying claims and collecting premiums. But out of approximately 9,000 employees working in the HUD, only 350 are working at this time – things got to be much slower nowadays.
People always say that money is money; it doesn’t matter whether the bank pays it or you pay it from your pocket at closing. Well, for sellers who wish to sell their houses at the best price within the shortest time, a cash sale has never been as sweet as it is in these days.
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