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/.


S&ME To Acquire Littlejohn

S&ME, Inc., a Raleigh-based engineering, environmental and construction services company, announced its intent to purchase Littlejohn, a Nashville-based planning, engineering and environmental design firm.  Both S&ME and Littlejohn have offices in Chattanooga. The two privately owned firms have complementary services, geographic markets and work cultures. By joining ... (click for more)

Carriage Parc Apartments On Gunbarrel Road Sell For $29,275,000

Carriage Parc apartment homes at 1346 Gunbarrel Road have sold for$29,275,000. The sale was to G&I Viii Cp Llc from Carriage Parc Associates Llc. This is a description of the complex: "A lifestyle of elegance is awaiting you at Carriage Parc. Our luxurious upscale apartment homes provide a lifestyle of living that everyone deserves. At Carriage Parc experience a quiet ... (click for more)

Rite Aid Pharmacist Robbed At Gunpoint On Sunday

A Rite Aid pharmacist was robbed at gunpoint on Sunday.  At approximately 11:30 a.m. the Chattanooga Police Department responded to 5441 Highway 153 for a robbery from business at the Rite Aid Pharmacy.  The suspect entered the Rite Aid, approached the pharmacy counter and presented a note to the pharmacist.  The suspect then brandished a handgun, demanded ... (click for more)

Bobby Dodd Lawsuit Against City Moved To Federal Court

A lawsuit brought by former Chattanooga Police Chief Bobby Dodd against the city of Chattanooga and the Chattanooga Fire and Police Pension Fund over his pension has been moved to Federal Court. The lawsuit was earlier filed in Chancery Court by attorneys Jerry Tidwell and Adam Izell. The suit says former Chief Dodd opted for a plan that would have half of his pension go to ... (click for more)

Please Don't Close The Piccadilly Cafeteria At Hamilton Place - And Response

Oh, no. The Piccadilly Cafeteria at Hamilton Place is closing.  Its last day is Christmas Eve.  I will miss the great food they have there but most of all I will miss their servers, cashiers and waitresses.  They are all so friendly and accommodating.  They make it like it’s a home-style restaurant. I sure wish there was some way that Hamilton Place and ... (click for more)

Roy Exum: 10 Tasks For This Week

In 1993 a 95-year-old man named William Snell created a list called “Life’s Little Instructions.” His list has swirled around in the Internet ever since and it is, indeed, a delightful checklist to keep us focused in the right direction. Curiously, when I read over it this past weekend, it dawned on me that if each of us would try to accomplish just 10 items on Mr. Snell’s list ... (click for more)