Homebuyers Education Classes Begin On Sept. 12

Tuesday, August 27, 2013


The Federal Housing Administration is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday.

The Partnership’s Consumer Credit Counseling Services will offer a required eight hour pre-purchase class starting on Sept. 12 through Oct. 3, from 6-8 pm. Partnership’s CCCS program wants to make consumers aware of these changes, as a greater understanding of the FHA loan process increases the likelihood of the consumer being able to get approved for an FHA loan.

The new set of guidelines includes the following:

· Borrowers who experienced a foreclosure must wait at least three years before getting a chance to get approved for an FHA loan, but with the new guideline, certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.

· Borrowers who went through recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

· In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond their control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

· According to the letter, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.

· Borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling.

· The new guidance is for case numbers assigned on or after Aug. 15, and is effective through Sept. 30.

For help or to learn more contact a trained and certified counselor at Partnership’s Consumer Credit Counseling Service at 423 490-5620 or 800-459-2227 or www.CreditHelpToday.org.


Buffalo Valley Celebrates Opening Of Veterans Housing

Buffalo Valley, Inc. cut the ribbon on four new rental homes today in Chattanooga that will be used to provide housing and support services for local homeless veterans.  Chattanooga Mayor Andy Berke joined representatives from Buffalo Valley, the Tennessee Housing Development Agency, and the Federal Home Loan Bank of Cincinnati at Friday morning's ceremony to commemorate ... (click for more)

New Partner Family Chosen For Home At Habitat For Humanity Of Catoosa County

At Catoosa Habitat a new partner family has been chosen for a home.  A single mother named Janelle and her two children (ages 5 and 8) received the news two weeks ago that, after several years of waiting, they will receive the chance to have their very own home. “My kids always tell me ‘When are we going to our home?’ and I say I’m working on it.” said Janelle.  After ... (click for more)

Special Equipment Used To Pinpoint Fire Inside WRCB TV Transmitter On Walden's Ridge

Special equipment was used to locate a fire inside a WRCB TV transmitter on Walden's Ridge on Tuesday morning. At 6 a.m ,, an automatic fire alarm notified the 911 Center of a possible fire at 2306 Fairmount Pike. Walden's Ridge Emergency Services responded and arrived on the scene reporting no visible signs of smoke or fire showing at this address. WRES Fire Chief ... (click for more)

Fire Destroys Commercial Building On Dodson Avenue

Chattanooga firefighters responded to a commercial fire shortly after 1 a.m. Monday.   Captain Wadie Suttles with Engine 4 said heavy smoke and flames were visible when the first of four fire companies arrived on the scene at 3019 Dodson Ave. As firefighters forced their way inside to began an interior attack, Captain Suttles called for a second alarm response to bring ... (click for more)

What We Owe Our Veterans

As our church, Warren Chapel AME Church  paid honors to the veterans and my viewing of the PBS feature,  Sunday , evening, I began to feel and think differently than before. Each year to sort of "go all out" celebrating Veteran's Day.  WE provide flags, certificates, notes of appreciation and acknowledgements.  My  brother, father and grandfather were ... (click for more)

Roy Exum: The Good, Bad & Ugly

Last week I came across a wonderful story about one of my favorite personal causes – preventing suicide – and the response to the article (“A Suicide Letter”) was heavy. Many people appreciated what I had gleaned from the “I Am Second” website and, among the emails was a plea for help from a single mother, desperate to help her son. I immediately passed her email “up the ladder” ... (click for more)