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/.


Crye-Leike’s CIO Gurtej Sodhi Promoted

Crye-Leike announced the promotion of its chief information officer, Gurtej Sodhi. Two years into being assigned the role of the chief strategist in addition to being Crye-Leike’s chief information officer, Mr. Sodhi has been promoted to the position of chief information and operations officer for the Crye-Leike Group of Companies. In his new role, Mr. Sodhi is chartered ... (click for more)

Chattanoogan Kathy Tucker Elected 2017 Secretary-Treasurer For Tennessee Realtors

Kathy Tucker, managing broker of Crye-Leike Realtors in Chattanooga, was installed as 2017 secretary-treasurer for the Tennessee Association of Realtors at its fall convention. She will serve in this key role as part of the statewide association’s 10-member executive committee. Ms. Tucker , CRS, GRI, is a veteran of 38 years as a realtor. She is a member of the Greater ... (click for more)

Commissioner Smedley Comes Up With Another $25,000 To Do Away With Porta Potties At East Hamilton

County Commissioner Sabrena Smedley has come up with another $25,000 to try to do away with porta potties at East Hamilton Middle/High School. She earlier pulled $100,000 from county funds for the project. Commissioner Smedley said the initial projected cost was $100,000, but the price tag has gone up. The money would be used to build a restroom facility and concession ... (click for more)

Investor Sues Dyer, Brennan For $37,500, Plus $1 Million Punitive Damages

A man who said he invested $37,500 with Douglas Dyer and James Brennan is suing them for that amount, plus attorney fees and $1 million punitive damages. The complaint in behalf of David T. Hardegree was filed in Circuit Court. Also sued were Alison Dyer and Carole Brennan as well as Broad Street Ventures. Mr. Hardegree said he turned over the money to the men for the purchase ... (click for more)

Jimmy Templeton Will Be Missed At The City Yards

If only we had known about the Chattanooga City Council's planned retirement send off for Jimmy Templeton of Public Works, the room would have been filled to overflowing with his friends and admirers - including me.   I have had the honor of knowing and working with Jimmy since the 1970's (and also knew his father "Big Jim").  Jimmy was a strong right hand for whoever ... (click for more)

Roy Exum: Vin Scully’s Last Time

It is said that the opening paragraph of my favorite ode to baseball should be the centerpiece for the canon of sports literature. It was written by former commissioner Bart Giamatti in "The Green Fields of the Mind,” a most marvelous essay to the last day of the regular season in the major leagues. “It breaks your heart. It is designed to break your heart. The game begins in ... (click for more)