Federal Housing Administration will continue to lend.
I’m sure that everyone has heard of the news this morning. With the government under a shutdown process, I decided to take a look into how that affects the current housing market.
As of Monday night, the House and Senate remained at a standstill over the funding for Obama’s new health care law, sending the government into a shutdown. Because of this shutdown, we’re seeing many federal run places take a hit. As of today, the Statue of Liberty, National Zoo, Grand Canyon and parks across the country will be closing its doors. The entire DC area is seeing massive door closings due to this indecision.
Luckily for us in the Real Estate world, it looks like the Federal Housing Administration (FHA) will not stop working on applications for housing loans like it previously said it would do. The Department of Housing and Urban Development has retracted its previous statement saying that they would completely shut down all applications. And given the fact that FHA will be working with a much smaller staff than the normal staff, 96% less actually, at least we aren’t seeing a complete shut down.
That’s all for now! Thanks for reading, and please comment!
Seabrook Island is Charleston's Truly Private Oceanfront Community. Membership in the Seabrook Island Club is required for ownership. Amenity use is for Members and their Guests Only. The Lakehouse is for use by Property Owners and their Guests as well.