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How the Government Shutdown Affects the FHA

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Despite the furlough of over 96% of its staff members, the U.S. Department of Housing and Urban Development stated that the Federal Housing Administration will continue to process applications for single family home loans.  This information corrected an earlier statement by the HUD which said that the plan would be to cease working on applications for these government-backed mortgages in the case of a shutdown.

The underwriting and approval process is expected to be significantly slower than usual.  Regardless, the HUD notes the importance of loan processing in the midst of a shutdown.  Just last year 45% of all mortgages used to purchase homes were from loans backed by the FHA as well as the Veteran's Administration and the U.S. Department of Agriculture.  They declare they will remain active "in order to support the health and stability of the U.S. mortgage market."

To view the article that inspired this post, click here.

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HUD announcement to make the home-buying process more efficient.

HUD announcement to make the home-buying process more efficient.The US Department of Housing and Urban Development announced last month that it would allow electronically signed documents in transactions involving home loan guarantees by the Federal Housing Administration. This includes signed documents from third parties --- ie: sales contracts.

This agreement will greatly speed up the home buying process while making it easier on buyers, sellers and agents. We proudly welcome HUD into the digital age and look forward to this and future announcements that will enable us to continually serve our clients to the best of our ability.

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