Goverment Shutdown- what about FHA?

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Government Shutdown...What hapens to my FHA closing Tuesday? Let’s pretend that it does not matter which side of the isle you are on. This is not left or right, red or blue, democrat or republican. This is our collective government and I keep hearing both sides say this is what the people want. What the people want is for those elected to show up at work and do your job. What the people want is to not be told what they want. Grow up, shut up, and show up at work to do what you were elected to do. Keep the government running! As my blog is primarily a real estate/mortgage message I take this opportunity to make you aware of what is possible in a shutdown means to real estate agents and their clients. Fortunately while 90% of all loans are backed by the federal government a great portion of those are backed by Fannie Mae and Freddie Mac and while those two entities are government run they are funded from the fees they charge. Unfortunately The FHA does not work the same way and while the number of FHA loans have fallen off recently the FHA accounts for a large percentage of the loans currently being processed (roughly 60,000 per month). During a shutdown the FHA will be unable to insure loans and their staff will be unavailable to underwrite and/or approve new loans. According to HUD in the event of a shutdown only 350 of the 9,300 employees would be available to work. This so called economic recovery is being pushed (not pulled) by a small housing recovery. Maybe, just maybe we could stop pointing fingers and laying blame based on party affiliation and not snuff out the small flame by delaying closings on FHA loans in the coming week. If you have an FHA loan closing be prepared as I am not certain anyone currently knows what to do. Created by Peter Buchsbaum on 09/29/2013 06:47 AM Comments (82) in the Channel fha, government shutdown, economic recovery Originally posted at: Abington,PA Mortgage Banker: Government Shutdown...What hapens to my FHA closing Tuesday? Generate short URL 82 Comments on Government Shutdown...What hapens to my FHA closing Tuesday? 20 Most Recent Comments Displayed Show All « 1 2 3 4 5 » SEP 30 2013 It IS high time we get the Government OUT of the Home Loaning business Atlas Mad 8:18am • #63 I Agree the government needs to keep running by doing what they are" supposed to do". But at the same time they need to be fiscally responsible. My Biggest concern is debt limits. there is 17 trillion in debt and 308 million people in the US. That is over 50k for every man woman and child. But back to the subject how will it effect your closing Is delay. We have had Government shutdowns before... We had one with Bush and it really did not effect they way they want to to beleive. They don't stop everything... they slow down. so the 4506 T will take 4 days instead of 1 or 2, that close may have to be extended a week. But does it mean it won't close? Absolutely not! I know I'm so happy with our Government that I'm going to write a check to the president for 157,000.00 to cover my families share of the debt. Then I'm going to give a second Blank one to Reid Pelosi feinstein and Boxer so they can cover what they waste in the next six months. Some make Snide remarks about Cruz for reading Dr Suess But Actually i think he referenced it so more misinformation. But he is fighting for people like the 3 clients I just lost... because there hours were cut at Walgreens and other companies due to Obamocare. They no longer Qualify for a loan! Will your client be next? People need to look at the BIG picture and not the BS the Media presents us that we a so Gullible to believe. If you want to drive that Bus over the cliff, go for it. But let me off first.

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