It's finally April and thousands upon thousands of new home listings are hitting the market – but a key source of homebuyer financing, the Federal Housing Administration (FHA) program, will shut down Friday night if Congress cannot reach terms on a budget deal. 

“FHA will not be issuing any endorsements during the shutdown,” a U.S. Department of Housing and Urban Development (HUD) official told National Mortgage News. He noted that the no-issuance policy applies to single as well as multifamily product. In short, its underwriting department will shutter.

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