Posted at: 10/03/2013 11:17 PM
| Updated at: 10/04/2013 9:48 AM
By: Jessica Layton
LATHAM - Maple Tree Funding in Latham has several families in housing contracts that fear the shutdown will hold up their next step. So those for sale signs we see neighborhood to neighborhood may stay up longer than anybody anticipated.
The office that handles USDA loans is closed down. USDA loans are attractive to first time buyers in rural areas of the Capital Region like Washington and Warren counties. So that paper work is stopped dead in its tracks.
Maple Tree Funding President Marty Pfeiffenberger says the best he can tell his clients is to keep chugging along with what they can do and, as hard as it is, try to be patient.
"There's a lot of frustration, I would even say panic. People calling and saying 'Can we close quicker?' The problem now is you have a lot of triggers. Somebody buying somebody else's house, and that person is buying somebody else's house and someone else's and that first person in line has a USDA loan. It's going to freeze everybody along the way," said Pfeiffenberger.
He says some clients are concerned about their mortgage rates too. If you locked in a few weeks ago at a certain rate, those rates are usually good for 60 days. But if a closing is delayed long enough, the rate may change.