Published: Jun 08, 2010 11:19 PM EDT
Updated: Jun 08, 2010 8:18 PM EDT

CAPE CORAL, FL- First time buyers are playing a waiting game with the government on flood insurance and it could end up costing them big money.
The government backs all flood insurance policies in the countryand the program is out of money.
The senate is taking up the funding issue, but in the meantime, you can't buy flood insurance.

"We're just excited, we want to get in the home."

Shari and Rick O'Conner have been waiting their whole lives to purchase a home. They've been renting, but now that their kids are out of the house, it's time to buy.

Rick O'Connor says, "I owe her a home...after 25 years, we've worked hard."

They thought it was going to easy. They were supposed to close on this foreclosed home today, the only thing missing? Flood insurance and their mortgage company won't let them close without it.

Shari O'Connor says, "We wanted to bail so many times, it's like it's not worth it, is it worth it? They said it's so easy, just go buy a house! It's a government foreclosure."

They are first-time buyers, and are in a hurry to get that eight thousand first time home buyer tax credit. The deadline to close on their house and get the credit is June 30th.

Rick O'Conner says, "We went and looked at new furniture, we scraped and put money down so we could cover that."

Now they're thinking, if they had to do this all over again, they'd just keep renting.