rural development loan, government shutdown
The ongoing shutdown of certain federal government functions will affect housing and home builders. In most cases, the short-run impacts will be minor. A long-run shutdown, lasting several weeks or a month or more, could have significant impacts on mortgage accessibility and reduce housing demand. And over the coming weeks, the shutdown could merge with the issue of raising the debt ceiling, which could have very significant impacts on interest rates, as well as monetary and fiscal policy.
Compiled by NAHB, the following is a list of government programs that could affect home builders and housing stakeholders under the current shutdown.
Department of Housing and Urban Development
- FHA-insured single-family loans will continue to be endorsed in the near term, although some delays in processing and closing should be expected.
- FHA multifamily insured projects with firm commitments and scheduled closings may go forward, although no new firm commitments will be issued.
- Section 8 Project Based Rental…
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