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.


Tennessee Housing Development Agency Awards Habitat For Humanity With State Funding

Habitat for Humanity of Tennessee, an organization supporting 50 Habitat affiliates serving 62 counties throughout Tennessee, received a $500,000 grant from the Tennessee Housing Development Agency’s Housing Trust Fund toward the construction of 30 homes statewide.   Locally, Habitat for Humanity of Greater Chattanooga Area was  given an allocation of $15,500 ... (click for more)

Chattanooga Collaborative Senior Housing Concept Presented Thursday

The Chattanooga Collaborative Senior Housing concept was presented outlining a model for a shared lifestyle in an urban setting to a group of senior citizens at the Mean Mug Coffeehouse on Thursday.  The group seeks additional seniors (55 and up) to join with them in establishing a model in Chattanooga that encourages community engagement and longer life by design.  “What ... (click for more)

Downtown Chattanooga Apartment Complex Fetches $15 Million

Walnut Commons, the first downtown apartment complex built in many years, sold for $15 million, one of the developers said. John Clark said the initial estimate on the project was $11 million and it wound up costing around $12 million to build. "We're very pleased with the sale," he said. Mr. Clark, along with partners David Hudson and Bob McKenzie, are selling their stock ... (click for more)

Hamilton County Principal Ronald Hughes Named Tennessee's 2014-15 Principal Of The Year

A Hamilton County elementary school principal and an Anderson County supervisor have earned top honors for their work in Tennessee education. Ronald Hughes, principal of Apison Elementary School in Chattanooga, was named Tennessee’s 2014-15 Principal of the Year. He has served as principal at Apison Elementary for the past six years, and spent three decades working in Tennessee ... (click for more)

Congratulations To Ron Hughes

Hearty congratulations to Ron Hughes for being selected as Tennessee State Elementary Principal of the Year for 2014. Wherever Ron has been assigned as principal, he has exhibited strong leadership both academically and morally. His faith in God and his love for the students of Hamilton County have guided his actions and everyone that has benefited from the excellent education ... (click for more)

Roy Exum: Brittany’s Days Dwindle

So here we are, facing what is known as “Devil’s Night” before Halloween comes, and the almost macabre news now comes that Brittany Maynard, the beautiful girl who has chosen to end her life as soon as Saturday, is struggling to meet her own deadline. She has inoperable brain cancer and, at best, only months to live. The 29-year-old, who was married shortly before her devastating ... (click for more)