Feds Partner With Local Lenders To Boost Homeownership

Thursday, December 20, 2012

USDA Rural Development (RD) announced its top 10 leading lenders in the Guaranteed Rural Housing (GRH) loan program in Tennessee for Fiscal Year 2012. In all, more than 150 approved lenders participated in the program and provided more than $648.5 million to assist more than 5,400 rural Tennessee households in achieving homeownership for FY12. 

"This was a record year for the Guaranteed Housing program in Tennessee," said RD State Director Bobby Goode. "The more families that can achieve the dream of homeownership, the stronger our communities become. These 10 lenders have done an outstanding job in promoting and utilizing the home loan-guarantee program to help make homeownership more affordable for families across the state."

Mr. Goode said Rural Development loan-guarantee programs help homeowners and rural businesses by working with private lenders to increase the pool of investment capital available for home loans, as well as business start-up, expansion and modernization. Direct loan and grant programs help local government and non-profit organizations build business-infrastructure necessary to support the economic health of rural communities.

The top 10 Tennessee GRH participating lenders for 2012 are:

First Community Mortgage - Murfreesboro - $71,224,483

Mortgage Investors Group - Knoxville - $47,033,145

Guaranty Trust Co. - Murfreesboro - $34,966,740

Prime Lending, A Plains Capital Co. - Dallas, Tx. - $34,636,095

First State Bank - Jackson - $26,553,035

Peoples Home Equity - Brentwood - $23,942,132

Regions Bank - Nashville - $22,236,448

F & M Bank - Clarksville - $17,775,460

Wells Fargo - Minneapolis, Mn. - $15,181,066

Patriot Bank - Atoka - $14,176,381

These 10 lenders will be recognized by RD in January for their outstanding loan activity in the GRH program.

Homeowners looking to alleviate unsafe conditions, make repairs, or add needed space may be eligible for an RD home-repair loan. The interest rate on these loans is fixed at one-percent and payments may be spread over as much as 20 years to keep the monthly payments affordable.

Home loans may be made without a down payment and eligible applicants may qualify for financing up to 100 percent of the appraised value. Depending on an applicant’s income, monthly payments may be based on an interest rate as low as one percent.  Loans are typically made for 33 years at a fixed interest rate with varying income limitations depending on the county. Rural Development staff will help applicants calculate their adjusted household income and complete the application process. Existing Guaranteed or RD Direct loan borrowers may refinance their homes under the GRH loan program.  This provides a borrower with an opportunity to obtain a possible lower interest rate.  

USDA Rural Development invests in jobs, infrastructure, community development, homeownership and affordable rental housing to improve the economic health of rural communities. During the last four years the agency has assisted at least 1.5 million Tennessee families and businesses in 158 communities, investing more than $3.3 Billion into local economies through affordable loans, loan guarantees and grants.

For more information on the meeting or USDA Rural Development programs available in Tennessee contact your local RD office or visit us online at www.rurdev.usda.gov/tn/.


New Home Listings In Chattanooga Up 5.3%

According to the Greater Chattanooga Association of Realtors, New Listings in the Chattanooga region increased 5.3 percent to 1,361. Pending Sales were up 4.3 percent to 800. Inventory levels shrank 31.6 percent to 4,378 units. Prices continued to gain traction. The Median Sales Price increased 5.8 percent to $155,000. Days on Market was down 30.5 percent to 73 days. Sellers ... (click for more)

North Chattanooga Tour Of Homes Is Saturday

Several RE/MAX Renaissance Realtors will be hosting open houses this Saturday, from 2-4 p.m. This showcase will offer a sampling of homes available in various price points. From college students to urban professionals, there will be something for everyone.  "By pooling our resources together, we are able to serve more of our firms' clients" said agent Brenda Purcell. ... (click for more)

Assessor Of Property Bill Bennett Will Not Seek Re-Election

Bill Bennett, a longtime fixture in Hamilton County government, announced Monday that he plans to retire at the end of his current term as assessor of property. Mr. Bennett said, "After careful thought, prayer and encouragement from my family, I have made the decision to retire at the end of my current term and not place my name on the ballot for assessor of property in the 2016 ... (click for more)

Funeral Service For Petty Officer 2nd Class Randall Scott Smith Is Tuesday

The funeral service for Petty Officer 2nd Class Randall Scott Smith will be held on Tuesday at 2 p.m. at First Baptist Church in Fort Oglethorpe.   Petty Officer Smith is the last of the five servicemen, and the second in Chattanooga, to be buried after the attack on July 16.   Parking at the church is reserved for family and friends of the Smith family. The public ... (click for more)

What Is #NoogaStrong

I've seen some recent posts asking exactly what Chattanooga Strong means. This week I have seen enough that I believe I can give you a definition of this glorious word.   As a city everyone will not always get along or agree. Often we may ask ourselves what is wrong with these nuts. Often we run across the rude, crude and ugly. But when tragic happens, we all come together ... (click for more)

Roy Exum: Chanie's Puzzling Poem

Ronnie Joice was in a bar in north London when he spied a poem tacked to the wall. The more he studied it, the more it revealed and, suddenly, he was floored. I don’t need to tell you it has gone viral, cheering people up particularly in England, but it is fun to know it was written by an 11 th -grader at an all-girls school in New York. Chanie Gorkin first posted it on her page ... (click for more)