HERE IT IS!

The Smith's new home in Martin, Tennessee. After a lot of work by a lot of people (Smiths, Jones, et al) it all came together in August 2001. The Smiths are now HOME OWNERS!

HISTORY - The Smiths told us they wanted a house with a basement or a storm shelter, they're afraid of storms. That's a tall order, there not being many basement homes in Martin. But guess what? They found one. It's near downtown where most folks don't want to live but they do. You can see the Police Station from the front door.

The owner was asking $56,000 but accepted the Smiths' $47,500 offer. They went to the bank to apply for a loan. The bank did not take a complete application but took notes on a post it pad, stopping after jotting down their income.

We sent a 4 page fax to the bank explaining the program and what we, the family and the community were willing to do to assist the Smiths in accomplishing their goals. Then the bank called the Smiths asking them to come back in to do a complete application.

We were a little shaken when told the $10,000 grant from Nashville might not be available. No, no. None of that Nashville, not unless you want World War 3.0 and a butt kicking on top of that. If the bank approves the loan, the 10,000 WILL BE AVAILABLE! Then the Smiths would have a $37,500 mortgage. JCIL and the family and the community will assist with the closing costs. At last report, the bank (Union Planters ) has approved 25 year loan at 9 percent. Is not that a little high, UP?

June 15 UPDATE: The Smiths came to Jacksn for credit counseling and we had lunch at Suede's. We learned that Billie is a Carl Perkns fan and knew Carl was from Tiptonville. So is Billie. A few weeks ago the Smiths had to make a difficult choice between UP's 9 percent money or waiting 3 months for a 3 percent Rural Development loan. They chose the 3 percent of course because they were assured they would get the loan. Now there are complications with Rural Development. Don't worry. It will work out OK. It had better!

We hear the Rural Development has been approved.

Thanks to Mrs. Parrish, the real estate agent, and everyone for working so hard on the Smith project.

July 26 update: We saw the Smiths at the ADA celebration and they report the closing on the home is expected to be in August.

BACK