posted June 27, 2008
Rural Development Area Director Rickey Hickman and RD staff from Chattanooga and Nashville celebrated National Homeownership Month by joining Mountain Tennessee Outreach Project (Mountain T.O.P.) Executive Director Ed Simmons and others to make needed repairs for Grundy County homeowners Hubert and Zelma Fincher on Thursday.
“It’s easy to take our homes for granted, but volunteering with Rev. Simmons, his staff and volunteers reminds us what it takes for families to own and keep the roof over their head,” said Mr. Hickman. “Our mission is to increase economic opportunity and improve the quality of life for rural residents. Helping families buy and keep their homes is an important part of that.”
Mountain T.O.P. is an interdenominational Christian Mission affiliated with the Tennessee Conference of the United Methodist Church, dedicated to rural life ministry in the Cumberland Mountains of Tennessee. The organization partners with Rural Development and other agencies to assist eligible homeowners in Grundy, Marion and Sequatchie Counties with critical health, safety or accessibility repairs to their homes.
For details on eligibility or to support this and other programs, contact Mountain TOP at 931 692-3999, or by e-mail at info@mountain-top.org.
David Collett, Randy Bishop, Clay Copeland, Mary Ross and Annabel Webb from Rural Development’s Chattanooga Area Office and State Housing Program Director Don Harris and Housing Specialist Melinda Hanks from Nashville all participated in the work day.
Needed work on the Fincher home included repairs to siding, replacing interior and exterior doors, adding storm doors, and repairs to floors and a bathroom wall.
“For many Americans, owning a home represents freedom, independence, and the American dream. Homeownership enables families to accumulate wealth, stabilizes neighborhoods and promotes healthy families and strong communities,” said President Bush in proclaiming June Homeownership Month.
According to the proclamation, USDA Rural Development helped 46,338 rural families nationwide become homeowners in Fiscal Year 2007.
In Tennessee last year, Rural Development worked with more than 225 private lenders through the loan-guarantee program and invested more than $180 million to help over 1,800 families obtain affordable home loans.
“Rural Development homeownership programs help families with financing and prepares them for the financial responsibilities of homeownership before the loans are made. That’s one of the reasons our home loan borrowers have a remarkably high success rate, in fact, the default rate is less than one percent so far this fiscal year,” said Mr. Hickman.
Rural Development programs are designed to increase homeownership by assisting eligible families and individuals in purchasing or building a home in rural areas of Tennessee. Loans may be made without a down payment, and eligible applicants may qualify for loan 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. The maximum loan amount varies by county with $146,100 being the maximum in Grundy County. Monthly payment assistance may also be available for those who qualify.
Eligibility for assistance varies based on average family incomes in each county. For example, a three-person household in Grundy County with an adjusted household income up to $31,950 may qualify for a low-interest home loan through Rural Development. Rural Development staff will assist those interested to calculate their adjusted family income and complete the application process.
Additionally, Rural Development offers a Guaranteed Home Loan program to help private lenders increase the number of affordable home loans they make in rural areas. The agency also has funds available to help eligible existing homeowners make needed repairs related to health, safety and accessibility.
USDA Rural Development is committed to the future of rural communities in Tennessee by investing financial and technical assistance through housing, community and business development programs. In Fiscal Year 2007, Rural Development assisted at least 600,000 Tennessee families and businesses with more than $308 million in financial resources including loans, loan guarantees and grants.
For more information on homeownership, business or community development programs available in the Grundy County area, contact the Rural Development Area Office in Chattanooga at 423 756-2239, ext. 2, or call toll free at 800 342-3149, ext. 1492.
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