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/.


Planning Agency Staff Recommends Denial Of Request For Doctors Office, Pharmacy On Shallowford Road

The Regional Planning Agency staff is recommending denial on a rezoning request for a doctors office and pharmacy at 7683 Shallowford Road. Wanda Threat is making the request. The staff said it is not in accord with the Land Use Plan. The approximately 1.2-acre site would only have access from Shallowford. The plan is to use an existing building for phase 1 and eventually ... (click for more)

8 Apartments, Commercial Space Planned At Corner Main Street, Central Avenue

A developer is proposing eight second-story apartments and 7,500 square feet of commercial space at the northeast corner of Main Street and Central Avenue. The site being developed by Richard Zavala is just over half an acre. The main entrance will be on Cemetery Avenue and secondary access through an alley. The two-story building will front both Central Avenue and East ... (click for more)

Criminal Defense Attorneys Seek Chest X-Ray, Barrel As Evidence In 34-Year-Old Murder Case

In the 34-year-old unsolved murder case that recently spotlighted Billy Hawk as the prime suspect, criminal defense attorneys are seeking forensic proof, which does not change with time, to prove Hawk’s innocence. During Monday’s discovery motion, filed on behalf of the defense to obtain certain evidence, defense attorney Jim Logan requested the victim’s chest X-ray be submitted ... (click for more)

Brandon Bettis, 25, Arrested For Home Invasion; 2 Other Suspects Being Sought

Brandon Bettis, 25, was arrested after a home invasion early Monday morning, and two other suspects are being sought. Chattanooga Police responded to the 1100 block of Thomas Lane at 6:30 a.m. on the report of a home invasion robbery.  The suspects entered the home of the victims, James Shrum, 47, and Hillary Schooley, 25.   The victims were wakened and threatened ... (click for more)

The City Failed To Watch The Chattanooga History Museum Dollars - And Response (2)

The tell tale signs of the History Museum's folly have been evident for years. When I was a former member of City Council I interviewed Dr. Daryl Black, Ph.D. to determine if I should argue for or against the annual funding of his organization. His interview, the multi-year history of administrative non-performance (despite consistent repetitive funding), and a review of the organizational ... (click for more)

Roy Exum: Greenholtz: A No-Brainer

I am going to make this as simple as I possibly can. There are three fine lawyers now running for Criminal Court Judge and anywhere you go there will be people who like and admire Tom Greenholtz, Boyd Patterson and Mike Little. But when we select a judge, it should never be based on popularity. That’s why Gov. Haslam picked Greenholtz over both Little and Patterson this summer to ... (click for more)