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FHA Exhausted Commitment Authority

Posted on: September 26th, 2013 by admin No Comments

On September 16th, HUD issued a letter announcing that FHA has exhausted the $25 billion of mortgage insurance commitment authority Congress appropriated for FHA’s multifamily, risk-sharing, and health care programs for Fiscal Year (FY) 2013. However, their fiscal year ends September 30, 2013. The HUD letter states that beginning September 16, 2013 and through September 30, 2013, FHA will continue to accept and process new mortgage insurance applications under Multifamily and Healthcare programs, but will be unable to issue commitments; all transactions requesting commitment authority between now and the end of the fiscal year will be placed in queue, behind other transactions already in queue. When new Commitment Authority is made available in the new fiscal year, projects will be issued commitments in the order of this queue.

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