FHA ARM Program Suspended by HUD

September 1, 1997

The U.S. Department of Housing and Urban Development has suspended its FHA ARM program, effective Aug. 8, because insuring authority has run out for this fiscal year.

HUD says it will continue to accept and review loan requests submitted after Aug. 8 but cannot approve any mortgage insurance until new legislation is signed by the president, which is not expected before mid-September, at the earliest, according to NAR analysts.

Even so, HUD can't begin reissuing insurance before the beginning of the new fiscal year Oct. 1, NAR says.

If you have questions, please contact your local FHA office.

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