Despite plans to the contrary, the Federal Housing Administration (FHA) today said that FHA loans will continue to be processed during the government shutdown.
Originally, FHA said that they would not be able to process loan applications due to the fact that 96% of their employees will be furloughed, according to an article by CNNMoney.
It won’t be business as usual due to the limited staff, so those using FHA insured loans to buy houses, and the sellers whose buyers are using those loans, should expect significant delays.
Recently, lenders I have worked with have asked for 45 days to close an FHA loan. I wonder how long they will need to close an FHA loan now.
FHA buyers and sellers whose buyers are using FHA-insured mortgages will need to be patient and understanding with each other and the process. There isn’t anything the buyer could do to change the circumstances. At least loan applications will continue to be processed.
Photo courtesy of EyeLens via freepikTags: Federal Housing Administration, FHA, FHA mortgage, Government shutdown, mortgage