EYEWITNESS LOCAL NEWSU.S. Government Shutdowns Creating Delays For Potential Home Buyers
from Eyewitness News Online
Reported by: Kennie Bass
Videographer: Troy Morgan
Web Producer: Kennie Bass
Reported: Oct. 3, 2013 6:41 PM EDT
Updated: Oct. 3, 2013 10:04 PM EDT
Charleston , Kanawha County , West Virginia
An interruption of government services means people using federal loans to help purchase their new homes are hitting some bumps along the way.
Ray Joseph, the CEO of the West Virginia Association of Realtors, said loans from Fannie Mae, Freddie Mac, the VA and the FHA are all being delayed because of a lack of workers to process the applications.
However, the federal agency with the biggest impact on home loans in the state, the USDA, is freezing its system until the crisis in Washington, D.C. is over.
"The biggest impact in West Virginia right now is USDA loans," Joseph said. "If you don't...what we've read from the release is that they are deemed non-essential so their field offices are shut down. And as such, any USDA loan in process that has not received the conditional commitment letter just stops where it is until the shutdown is over."
Joseph said the decision by the USDA to stop its loan-making process will have a major impact in West Virginia because it is the federal agency that offers the most home loans here because of the state's rural nature.
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