March 4, 2013
Sequester Deadline Passes: What Effect On FHA Loans?
March 1, 2013 was the deadline for passing legislation that would ward off large, across-the-board government spending cuts known as the sequester; the country is now waiting for the effects of sequestration and many FHA borrowers or soon-to-be borrowers are rightly concerned about what might happen to their loan applications. But at the time of this writing, the FHA and HUD have issued no statements on the FHA official site warning of delays, cutbacks or other issues that might occur because of sequestration. In fact, the official site has been quite silent on the matter–leading many to believe that in spite of budget cuts in other areas, FHA mortgage loan processes may continue unaffected. One report from the National Association of Realtors official magazine, REALTORMag, agrees. An article titled, “FHA | more...