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.

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