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 2nd-Quarter 2016 Home Sales, Median Price Rise 7.4%; Inventory Drops 27.9% In June

For the second quarter of 2016, Tennessee home sales rose 7.4 percent (20,191 to 21,687 sales) and the median price also rose 7.4 percent ($181,450 to $194,900) over the second quarter of 2015, according to statistics compiled by the Tennessee Association of Realtors. Meanwhile, second-quarter condominium sales were up 8 percent (1,964 to 2,113) and the median condo price ... (click for more)

Thrive 2055 Named Finalist For National Award

Thrive 2055, a collaborative regional initiative hosted by the Chattanooga Area Chamber of Commerce, has been named a finalist for a national award presented by the Association of Chamber of Commerce Executives (ACCE). Thrive 2055 focuses on proactive engagement of the tristate, 16-county region around Chattanooga to make the most of economic opportunities while preserving ... (click for more)

Chattanooga Whiskey Company To Construct Large Distillery At Former Site Of Newton Chevrolet

The Chattanooga Whiskey Company has begun construction on a larger production distillery in the former Newton Chevrolet property at the corner of MLK Boulevard and Riverfront Parkway near the Tennessee River. Once fully operational, the Riverfront Parkway facility will be capable of producing upwards of 14 (53-gallon) barrels per day, making it one of the largest craft bourbon ... (click for more)

Beck Upset By Criticism Of Late WWTA Director Cleveland Grimes In WWTA Analysis; Boyd Won't Rewrite 57-Page Report

County Commissioner Greg Beck said it was inappropriate for fellow Commissioner Tim Boyd to include articles critical of the late Cleveland Grimes in a 57-page report on the Hamilton County Water and Wastewater Treatment Authority. He said, "Criticizing a dead man - I don't know if that's appropriate. If that's Christianity, let me off the wagon." Saying the report should ... (click for more)

Judge Steelman Was Unfairly Criticized In Handling Of School Bus Driver Rape Case - And Response

We are blessed to have freedom of speech in our society, but I am always amazed at the number of folks who voice such strong antagonistic opinions about things without any apparent first-hand knowledge.   As any who wish to criticize the system should know, people get arrested and charged for criminal offenses every day.  The ultimate charge and penalty which results ... (click for more)

Roy Exum: Vote For Rhonda Thurman

After studying the Hamilton County School Board quite harshly during the last seven most-tumultuous months in its history, it is only proper that I share my belief that Rhonda is its Most Valuable Player. Four of the school board’s nine members are up for re-election, with Rhonda facing capable opponents in Jason Moses and Dr. Patti Skates in District 1, but let’s never forget that ... (click for more)