Tom and Casey Maloy are living every homebuyer's bad dream: Though they were able to sell their too-small house in Baton Rouge, La., the government shutdown has shut them and their five kids out of a great deal on a move-up house.
"We get the phone call that, hey, you're approved, but the government is shut down, and your government backed-USDA loan cannot be processed, so you have to wait," Tom said.
The Maloys had planned to use a Department of Agriculture rural development home loan, a 30-year fixed product requiring no down payment. The program, designed to help families just like the Maloys, is now on hold because of the shutdown. No loans are being processed.
"I'm pretty stressed out, unsure of where our country is heading and how to provide day to day for our children if we can't finish our loan now, because we do have to be out of this house in a week for the new owners to move in," Casey said. "They've given us an extra week, so it's kind of stressful."