October 10, 2013
Shutdown stalls rural housing loans
The shutdown of the federal government has stopped processing of loans for some first-time home buyers in rural areas of the state.
NECN reported some homeowners are waiting for the U.S. Department of Agriculture to resume processing loans through its rural development program, which allows some first-time home buyers to buy a home without a down payment. The station reported that between 5% and 10% of homes in Maine are purchased through that loan program.
Shawn Casey, president of Cumberland County Mortgage, said the shutdown puts real estate agents into “uncharted waters” and that it remains unclear what kind of backlog the regional USDA loan offices will have should federal lawmakers reach an agreement to end the shutdown.
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