USDA mortgage loan on hold due to gov't shutdown - WFXG FOX 54 - News Now

USDA mortgage loan on hold due to gov't shutdown

AUGUSTA, GA (WFXG) -

As the partial government shutdown stretches its tenth day, some people in the CSRA who are trying to buy and sell homes are in limbo.

When the government shut down, it ended United States Department of Agriculture home loans.

"I would describe it as a hassle and a headache. You've got a buyer who intended to close October 10 but he's not able to," said president of Augusta Mortgage Larry Moss.

Buyers relying on USDA loans haven't been able to close deals on homes for about a week and half now.

Moss says the hold on USDA loans will have a trickle down effect.

"Some of these home sales that were planning on USDA financing might be connected to other sale transactions that will also be halted," Moss, said.

He says the disruption to the housing market will be felt the strongest in communities outside Augusta.

"It will affect economies of rural areas like Burke County, Aiken County, Appling and some of those areas," he said.

The mortgage loan is only available in rural areas. It doesn't require a down payment and allows a buyer to finance 100% of the property value.

Moss says he's working with several people who are stuck in the holding pattern and he hopes it won't last too much longer.

"Sit tight, I think we'll have this resolved in hopefully less than 30 days," he said.

If the shutdown drags past 30 days, Moss says buyers will have to start looking for other ways to finance their homes.

  • NEWSMore>>

  • 'Papa! Papa!' Audio of children stokes rage over separation

    'Papa! Papa!' Audio of children stokes rage over separation

    Tuesday, June 19 2018 1:20 AM EDT2018-06-19 05:20:32 GMT
    Tuesday, June 19 2018 2:23 PM EDT2018-06-19 18:23:35 GMT
    (U.S. Customs and Border Protection's Rio Grande Valley Sector via AP). In this photo provided by U.S. Customs and Border Protection, a U.S. Border Patrol agent watches as people who've been taken into custody related to cases of illegal entry into the...(U.S. Customs and Border Protection's Rio Grande Valley Sector via AP). In this photo provided by U.S. Customs and Border Protection, a U.S. Border Patrol agent watches as people who've been taken into custody related to cases of illegal entry into the...
    An audio recording that appears to capture the heartbreaking cries of small Spanish-speaking children being processed by U.S. officials stoked the uproar over the policy of separating immigrant children from their...More >>
    An audio recording that appears to capture the heartbreaking cries of small Spanish-speaking children being processed by U.S. officials stoked the uproar over the policy of separating immigrant children from their parents.More >>
  • Compulsive video-game playing could be mental health problem

    Compulsive video-game playing could be mental health problem

    Monday, June 18 2018 5:20 AM EDT2018-06-18 09:20:00 GMT
    Tuesday, June 19 2018 2:23 PM EDT2018-06-19 18:23:06 GMT
    In its latest revision to an international disease classification manual, the U.N. health agency said Monday that classifying "Gaming Disorder" as a separate condition will 'serve a public health purpose for countries.' (Source: Pixabay)In its latest revision to an international disease classification manual, the U.N. health agency said Monday that classifying "Gaming Disorder" as a separate condition will 'serve a public health purpose for countries.' (Source: Pixabay)

    The World Health Organization says that compulsively playing video games now qualifies as a new mental health condition, in a move that some critics warn may risk stigmatizing its young players.

    More >>

    The World Health Organization says that compulsively playing video games now qualifies as a new mental health condition, in a move that some critics warn may risk stigmatizing its young players.

    More >>
  • S. Korea: Joint US drills suspended to aid talks with North

    S. Korea: Joint US drills suspended to aid talks with North

    Tuesday, June 19 2018 1:50 AM EDT2018-06-19 05:50:33 GMT
    Tuesday, June 19 2018 2:14 PM EDT2018-06-19 18:14:39 GMT
    (AP Photo/Ahn Young-joon). A photo showing U.S. President Donald Trump and North Korean leader Kim Jong Un is displayed as a member of People's Democratic Party stands to oppose military exercises between the United States and South Korea near the U.S....(AP Photo/Ahn Young-joon). A photo showing U.S. President Donald Trump and North Korean leader Kim Jong Un is displayed as a member of People's Democratic Party stands to oppose military exercises between the United States and South Korea near the U.S....

    South Korea says a joint military exercise scheduled with the U.S. has been suspended to support ongoing talks both countries have with North Korea.

    More >>

    South Korea says a joint military exercise scheduled with the U.S. has been suspended to support ongoing talks both countries have with North Korea.

    More >>
Powered by Frankly