The recent buzz from the recent remarks that HUD Secretary Shaun Donovan made at the NAR Real Estate 
Summit has evidently been revoked, before it was implemented. The Mortgagee Letter has been pulled from HUD's site.
When the news story broke, and it is all over the internet world, there did just not seem to be enough time to implement the plan. The tax credit expires in November.
It now appears that Sec Donovan's remarks were premature. There is some discussion now about why the plan was apparently pulled. I just think it was a great idea that was announced before it was fully considered. What would be the impact? How would it be implemented? How would it be managed? How much would it cost?
Monetize the Tax Credit - Use for your down payment now
For Tennessee first time home buyers THDA still offers a second mortgage program that will effectively monetize the tax credit.
We already have some purchase applications started that are taking advantage of this great program opportunity.
For details on how the THDA Tax Stimulus program works, visit my previous post here.
Habitat for Humanity for Greater Chattanooga has been active in 2009. They have just announced the
winner of the ReStore Donation Drive, Stuart Bickley, from Lookout Mountain and owner of Rain Dance Property Solutions. He received $1000 Home Depot gift card.
The ReStore was opened in 2004 and resells new and "gently"used items that have been donated by individuals and businesses. All proceeds are used to build Habitat homes in the local Chattanooga area.
This Saturday, May 16, the ReStore will celebrate its 5th anniversary with a huge parking lot sale. Prices to be reduced by 50 to 75% from the already low ReStore prices.
In April the first LEEDS Habitat home was completed and dedicated. Habitat is excited to add this accomplishment to its efforts to improve Chattanooga and the environment.
Restore Hours are Wednesday through Saturday 9am to 4pm. You can call the ReStore at 423-634-1004.
First time home buyers are impacting the housing market much more significantly that in previous years. 
The first and most obvious reason is the $8000 first time home buyer tax credit. This should be incentive enough to get any potential buyer to start their look.
Additionally many existing home owners are having difficulty selling their homes because of lowered home values. Either they cannot sell or they have decided not to sell at this time, hoping for greater equity when home prices rebound. As existing home owners are choosing to remain in their homes, the first time buyers take a larger share of the market.
The key word is home affordability, a combination of price and interest rates. For the qualified home buyer, home affordability is greater now than ever.
A word of caution though for potential buyers - it is probably not the time to wait.
The tax credit expires on November 31. I expect there will be a massive rush to close purchases in November, with many simply missing the cut off just because lenders will be backed up. In Tennessee, for qualified buyers, using a no-interest rate second mortgage from THDA, credit from the tax incentive can be applied when the purchase is closed.
Don't wait.
Home values will at some point start increasing. The goal of many is to purchase that low priced foreclosure and get a "real deal." Anticipate immediate repairs, possible condition issues with the appraisal, as well as the likelihood of major unknown problems in the future. That foreclosure may not be a bargain. For existing non foreclosure properties, prices have probably come fairly close to their bottom. When the market turns, it will turn quickly
Don't wait.
Interest rates have never been lower. In fact the reason for these low rates is that the Federal Reserve is acting in the mortgage market to purchase mortgage loans. This gives an additional significant buyer for mortgage backed securities. Their role in the market has created an artificially low interest rate environment. When they begin to sell their mortgage securities, the interest rates will increase. When the general market thinks the Federal Reserve is changing direction in this regard interest rates will increase.
Don't wait.
Home affordability has never been better, especially for the first time home buyer.
Red Bank held it 30th Jubilee today. 
The crowd was good despite the threat of rain.
Today's events began with a parade featuring Red Bank High School band and JrROTC, several local dignitaries, including present and former mayors, the Rivercity Corvette Club, representatives from the fire and police departments, and several teams from the local Dixie Youth Baseball league.
After the parade, the Jubilee featured many vendor booths from local businesses, Scout troups, and schools. Live music was provided by the Statoblasters. And all enjoyed the fabulous antique car show.
Despite the rain, everyone had a great time.
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The Colonnade in Ringgold, GA held a open house this week. Several of its vendors spread their wares. It was all good food. The crowd was steady and had a great time.
The Colonnade is a fantastic venue for gatherings, events and plays.
The updcoming programs in the theater include:
| Southern Jesters | 05/22/09 |
| 1st Baptist Church of Ivy Gap | 06/05-13/09 |
| Brothers of St. Benedict | 06/19-27/09 |
Auditions are being held for several performances, including The Clumsy Custard Horror Show, teenager only, June 1&2; Steel Magnolias, June 8&9; Cotton Patch Gospel, June 29&30.
Here is a link to their newsletter with details on the upcoming programs and auditions.
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Participating Vendors were:
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Cranberry Cupboard |
423-580-8453 |
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The Chocolate Fountain |
423-304-4464 |
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Oakwood Café |
706-529-9664 |
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706-866-5543 |
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Chick-fil-A |
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Darr's Chow-Time |
706-866-7770 |
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423-894-0098 |
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Sticky Fingers Catering |
423-265-7333 |
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423-595-2380 |
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706-866-2203 |
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Rib & Loin |
423-499-6465 |
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The right Home Loan for you. American Acceptance Mortgage. Chattanooga, TN. Conventional and government home loans and mortgages in Tennessee, Georgia, and Alabama. Purchase, refinance, renovation.
Home purchases and home refinances for Tennessee, Georgia, and Alabama. The right real estate loan for you. That is 
what American Acceptance Mortgage is all about. Each mortgage loan officer at American Acceptance is focused on providing the service you need. I have over 20 years experience as a mortgage loan officer. We have been making mortgage loans in Chattanooga, TN since 1994.
We know real estate finance. And we provide top service to each locality in our 3 state service area of Tennessee, Georgia, and Alabama.
Purchase Loans - We offer loans designed to keep your down payment low. These include conventional, FHA, VA, and Rural Development loans. We participate in the FHA approved down payment assistance programs and other nonprofit grant programs. By offering loan programs from several top national lenders, you can be sure that you can get the best approval terms around. Our promise is to get you to the closing table on time and with no surprises. We have real estate agent contacts in every area and can recommend agents that provide you with excellent service.
Refinance Loans - Understanding your refinance objectives is critical to obtaining just the right loan terms. Making certain that your goals are achievable before we even begin the process saves time and money. Working with me means that you will be fully informed at each step of the process.
Construction Permanent - With builders finding construction lines getting tight, experienced construction permanent lending is needed to get you your new custom home. We offer construction permanent loans through 5 different national lenders. This means that you get to choose the best options for you - fees, draws, construction interest, permanent lock in terms.
FHA Renovation - In today's market, you may find that a renovating your home is a good option. With an FHA renovation loan you get excellent terms. Also the FHA loan amount calculations typically allow you to receive more money for your renovations, meaning that you may very well get all the work you want.
If you are interested in a government loan, FHA, VA, or Rural Development, go to an experience lender. We have offered government loans since 1994. Our lender relationships and experience will make a difference for you. We close many loans that others cannot.
We are experienced with HUD foreclosures, and working with other foreclosure companies.
Relocation is made smooth with our local contacts and use of internet technology - secure online applications, toll free fax number, secure website user accounts, daily status reports, and the informative lock recommendation. Your move will be the happy experience it should be, because you will not be worrying over the financing of your new home.
Local focus - you can find ready resources to learn about the local communities in our service area.
Credit repair - You will not find better credit consultation anywhere. If you need professional assistance to repair your credit, you will know exactly what they need to do for you. For the most part you and I can work through credit issues. We even offer a service to help you build a credit file from scratch.
American Acceptance Mortgage, Inc
Home Office
I am active with the Red Bank Lions club and have served serveral terms on the board of my church, the Chattanooga Community Kitchen, and the Episcopal Commission of South East Tennessee. I am active with the Chattanooga Chamber of Commerce, and serve proudly as one of their ambassadors.
Currently, I am a committee chair with the Women's Council of Realtors, a member of the Chattanooga Association of Realtors, the Home Builders Association of Southern Tennessee, the mortgage brokers association,and the mortgage bankers association.
My goal is to WOW you.
We specialize in FHA, VA, and Rural Development mortgage loan programs. We offer these programs along with the traditional conventional mortgage programs. We are experienced FHA lenders, with proven results in credit repair and credit building. We take pride in serving our customers and have developed excellent reputations and relationships with our lender partners.
My real estate agents know they receive my full commitment and the commitment of my staff. I stay fully accessible. I return phone calls. I tell the truth. My clients and partners are kept fully informed of the status. My experience both as a mortgage loan officer and as a mortgage lender helps me to identify potential loan approval issues early in the process. This allows my clients to have right expectations about their home financing transaction. I know the financial goals of my clients and work hard to develop a lasting relationship with them.
Recently I have become involved with the Chattanooga Office of Multi Cultural Affairs. This is a group of local 
professionals from government, private, and industry entities who are working to educate consumers and businesses about discrimination and minority opportunity. I am very excited about this effort as a way to increase home ownership potential in Chattanooga.
Credit repair and credit building have become increasingly important in today's market. We have demonstrated results for many of our clients in helping them improve their credit histories without using for fee credit repair companies. In fact, we have been helping our customers with their credit for several years. In today's market, good credit management can have a significant impact on loan approval and loan terms. We are credit management experts, and we take the time to review, explain, evaluate, and advise.
FHA home loans have always been a specialty of our company. Even when FHA was losing market share to subprime and Alt A mortgages, we were closing FHA mortgage loans. Other brokers steered borrowers into subprime loans. We worked with borrowers to get an FHA home loan approved. We gained considerable processing experience with the art of manual underwriting and full documentation. Processing can make all the difference in getting a loan approved.
We are closing FHA loans that other lenders cannot. We prove that every day.
We put technology to work for you. This makes your loan process smooth. You know the status. You have the information. You can make the informed decision. Lending is local. We use technology to give you local service - right where you are.
"Richard is a professional and I would recommend him to anyone needing sound advice about their mortgage." BH Chattanooga, TN
"This is my first purchase. We just had a baby last year. And we are so excited. Richard has keep us informed of the status with daily emails. He always makes sure that we know what to expect next. On top of that, during the loan, my wallet was stolen. Richard came in over the weekend to help with all things I needed to do about indentity theft and to notify the charge card companies and the credit bureaus. He really helped." CK East Ridge, TN.
"My loan went well, really quickly. But there was a problem with the lender taking the appraisal. Richard stayed in touch continuously. I always new what was next. He worked with the realtor and with the appraiser and got the loan done. Even going to another lender, he kept my rate and still closed quickly. " RH Chattanooga, TN
"Richard is one of the most professional and knowledgeable broker/bankers I have had the pleasure of working with, it is refreshing to see his commitment and dedication to our industry." ST Nashville, TN
"I needed to purchase the salon where I worked. It was a great opportunity. Richard told me what needed to be done, but another lender kept making promises. Those promises were never kept. Richard was patient. He told me to keep working with the other company as long as I thought things were going to go through. He would keep my loan ready if I needed it. Well, I needed it. Now I have my salon and it is going well. Richard knew how to get it through." Cleveland
"Richard has been great to work with. I love it when my clients take charge of their advertising campaigns and want to be personally involved to really make it their own. He worked hard to personalize his commercial and has worked to keep his website up-to-date. Thanks Richard for making it easy to work with you and being a man of integrity. If you're interested in making your dreams come true and having financial freedom, Richard is the man to talk to to!" GH Chattanooga, TN
"Richard works hard for my buyers. I know that. He calls me before I call him most of the time. I love the daily updates. He sends weekly articles about changes and other news. I really feel like I know the status. And when something comes up, I know he is giving me the right information. That really is important to me." LP, Chattanooga
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