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/.


Developer Asks To Use Freight Containers As Buffer, Storage Units At St. Elmo Development

A developer is asking to be allowed to use freight storage units as a buffer and for storage at a St. Elmo development. The townhouse project is at the north end of St. Elmo Avenue behind Southern Saddlery. Collier Construction made the request, which must receive City Council approval. The buffer would be from a nearby railroad. The freight storage units would go along ... (click for more)

Corker Applauds CFPB Decision To Reopen Mortgage-Disclosure Rule

U.S. Senator Bob Corker, a member of the Senate Banking Committee, on Thursday applauded the decision by the Consumer Financial Protection Bureau to reopen its new Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule for public comment.  Senator Corker sent a letter to CFPB Director Richard Cordray in March requesting increased clarity regarding ... (click for more)

Cleveland City Schools Announces 5 Finalists For Director Of Schools

The Cleveland City Schools Board of Education announced the five finalists for the director of schools position.   The community is invited to attend the Board of Education interview session each day 6-8 p.m. at Mayfield Elementary School, 501 20 th Street NE, Cleveland. A complete schedule is attached.   Candidates:   Wednesday, ... (click for more)

Expansion By Developers Of McCallie Commons Would Raze 3 Old Houses On Oak Street

Developers of the McCallie Commons student housing at McCallie and Central are wanting to expand the project, but it would involve tearing down three old homes on Oak Street. The proposal from developer David Hudson would be an expansion of the four-story apartment building and separate parking garage with 300 parking spaces proposed that was approved earlier. The original ... (click for more)

Marvelous News From Central High School

To Roy Exum:     With all the recent news of major dysfunctions within our educational system, I thought I might alert you to something better. About a year ago you ventured up Highway 58 to Central High School to represent your late grandfather, Roy McDonald, as he was honored as a Distinguished Alumnus during the annual Senior Day festivities. I sort of expected ... (click for more)

Roy Exum: Teachers Day Tomorrow

Years ago at a ritzy dinner party in Westchester County, New York, an editor from Reader’s Digest was seated next to the prettiest woman in the room and noticed her overall glow and countenance was such that he had never noticed a tell-tale scar under her nose. After the dishes were cleared away, admit the mindless chatter, he asked if she would mind telling him about it. The ... (click for more)