September is National Mortgage Professional Month

When The Community of St. Therese of Lisieux reached out to United Housing in need of a space for women to rebuild their lives after being on the streets, Landmark Community Bank helped make this happen and three women are now living in a safe home in Memphis. We'd like to highlight one mortgage professional in particular who played an important role in this project. 

Landmark Community Bank Senior Vice President Bryan Jones says the bank selects opportunities to support local nonprofits each year. With this project specifically, Jones provided a low-cost loan through a state-level community reinvestment program, titled the Community Investment Tax Credit Program. 

"This initiative has such a direct impact on Memphians who desperately need the help and want to get back into society," Jones said. "We're blessed to have organizations like United Housing and the Lisieux Community in our midst, and Landmark Bank was honored to play a small role in connecting the dots and offering the financing that provided a stable home."

The house has a capacity for five women to participate in a two-year program. Everyone involved has felt the impact, and two of the community participants are starting at Southwest Community College. Thank you to Landmark Community Bank, and to Bryan Jones for positively influencing the lives of others through your work as a mortgage professional. 

United Guaranty, a mortgage insurance company headquartered in Greensboro, N.C., has designated September as National Mortgage Professional Month. Submitted in July 2015, The Registrar at National Day Calendar officially declared it soon after. The goal of this month is to honor all of the mortgage professionals who play a role in helping people finance the dream of homeownership.

United Housing Offering FHA Mortgage Refinance Opportunity

United Housing is offering refinances on all 30-year Federal Housing Administration (FHA) mortgage loans obtained after April 18, 2011. In early January, The White House announced the reduction of annual FHA mortgage insurance premiums by 0.5%, from 1.35% to 0.85%.

“The FHA’s streamlined refinance should allow for a smooth and quick transition to lower our customers’ mortgage insurance premiums,” said Priscilla Reed, Special Projects Coordinator at United Housing. “The little work required up front will in turn save borrowers approximately $80 per month, or about $900 per year, depending on where you live.”

For a borrower to obtain the FHA refinance through United Housing, they must have the following:

• A credit score of 580 or greater.
• An FHA mortgage for at least six months between April 18, 2011 and December 31, 2014.

A borrower does not need to have an appraisal or income documentation, as there are no income limits, and all fees will be added back into the loan amount. Additionally, the borrower must provide the following:

• Copy of Note
• Copy of the most recent mortgage statement
• Copy of the payoff or demand statement
• Note: Additional documents may be required.

Once United Housing obtains the borrower’s information, the organization will send it to its lender partner and fellow NeighborWorks America organization, Chattanooga Neighborhood Enterprise (CNE). A team at CNE will pull credit, providing the borrower pays the credit check fees, and then the loan will be processed. The borrower will then close with a local attorney to complete the process, which should take about 10 days.

According to the White House report, in addition to saving people an average of $900 annually, the FHA is projecting that more than 800,000 borrowers will take advantage of these lower rates in the first year alone. The lowered premiums will create opportunities for 250,000 new homeowners to purchase a home over the next three years. New home buying activity will spur more residential construction and new jobs in the housing sector, further strengthening the market. Learn more in The White House release here.

Visit the links below for more information on the FHA refinance opportunity.

• The White House Blog
• The New York Times