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Home buyers should know that the mortgage market is not exempt from the impact of a possible government shut down, which the U.S. faces perhaps as soon as Tuesday if lawmakers do not agree on spending cuts.

On a positive note, home owner who are pursuing mortgages bought and backed by Fannie Mae and Freddie Mac can feel relieved. Those mortgages would not be affected because those companies rely on fees from loans to keep their operations going, not on government money. Luckily, Fannie Mae and Freddie Mac-backed loans comprise the majority of loans as of late.

However, home buyers pursing loans backed by a government agencies like the Federal Housing Administration should keep a sharp eye on government decisions this week. Any of these loans that…

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