Rockwood, TN New Home Financing in Tennessee
Somerset Investors Corp. can find Rockwood, TN residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Rockwood, TN residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Rockwood, TN residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help you match your needs with a loan you’ll love for as long as you own your home.
Fixed Rate Loans
Several categories of conventional loans exist, the most common and familiar being the fixed rate mortgage. In the cases of fixed rate mortgages, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at that interest rate every month until the mortgage is paid off. The most typical term of a fixed rate loan is 30 years, though fixed rate mortgages can also be obtained for much shorter terms, the primary difference being in the size of the monthly mortgage payment.
Conforming Loans
Other conventional loans are known as conforming loans. In these cases, an arrangement is made between borrower and lender that comply with the stipulations of two federally run mortgage trading companies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).
Fannie Mae and Freddie Mac do not directly approve or deny loans. They buy and sell home mortgages, working with lenders to make home ownership easier for people to attain. Lenders like to sign up borrowers with conforming loan, because they can then sell these loans to Fannie May or Freddie Mac in order to more quickly receive the funds coming to them, and use those funds to make other investments. Fannie Mae and Freddie Mac, in turn, then repackage these loans to sell to investors as securities.
The current guidelines for a conventional Fannie Mae loan set a maximum purchase price for a single-family home at slightly above $415,000 (though residents of Alaska, Hawaii, or Guam may be able to qualify for an even larger loan).
The interest rate as well as the short- and long-term pricing on a conforming loan is determined primarily by the type of loan applied for. Also taken into consideration will be the amount of funds you already have to contribute to closing costs, your credit rating, credit score, and credit history, your employment history, and the type and location of the home in question.
Jumbo Loans
Other forms of conventional loans are nonconforming loan instruments that do not meet Fannie Mae or Freddie Mac loan qualifications, such as jumbo loans, or loans so large they fall outside the Fannie Mae and Freddie Mac loan limits (or purchase limits). Jumbo loans are provided by private investors and as such ordinarily come with much higher interest rates than conforming loans.
FHA Loans
Government entities from a local to a federal level and private entities alike have worked to develop loan programs that make home ownership a reality for many people considered under-qualified for traditional mortgages. These include loans for first-time homebuyers and people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA).
HUD and the FHA do not make loans directly, rather they insure loans, meaning that the lender still gets paid back even if you default on the home loan. Often, FHA insured loans are available with d
Return to new home financing in the state of TN
| Rockwood, Tennessee News |
Deputies stumble onto meth lab; nab Florida fugitive
Cumberland County Sheriff's Deputies who traveled to a Westel area residence in search of a man wanted by an outside jurisdiction instead nabbed a woman wanted in Florida and arrested three people after finding ...
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Jury Selection To Start Wednesday in Rocky Houston's Trial
Rocky Joe Houston's on-again and off-again double-murder trial is on again. Houston's lawyer, Randy Rogers, made a bid today to throw out the jury pool for a second time but was rebuffed. Special Judge James "Buddy" Scott dismissed the first jury in November when the defense showed that court officials had summoned no one under the age of 40 or anyone from Houston's community south of the Tennessee River as part of the Roane County Criminal Court jury pool. Rogers' objection to the jury pool came this time because no one in the jury pool was under the age of 25. He argued that eligible jurors under age 25 might be more likely to question authority, particularly police, than older jurors. He called Adolphus Pelley, an assistant professor of psychology at Tennessee Wesleyan College, to testify about that. "They are more skeptical of authority," Pelley said. Scott declined to dismiss the jury pool. "You're guaranteed a fair trial not a perfect trial," he said. The judge also ruled that Roane County Sheriff Jack Stockton will not be allowed in the courtroom during the trial because Houston has summoned him as a defense witness. Rogers said his client wants Stockton to testify about what he describes as a years-long pattern of harassment that culminated in the May 11, 2006, shootout that killed Roane County Deputy William Birl Jones and his ride-along friend Gerald Michael Brown. The shooting started when Jones and Brown drove onto Clifford Leon Houston's property, where former Sheriff David Haggard said they were going to serve a warrant on Rocky Joe Houston despite being told not to do so. Jury selection begins Wednesday morning. The trial could last as long as two weeks.
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Round Two: More Allegations of Jury Tampering In Roane County
For the second time in less than a month, Rocky Houston's attorney has asked that the jury pool drawn for his murder trial be dismissed. Houston, who is charged with murder over the May 2006 death of Roane County Sheriff's Deputy Bill Jones and his friend Mike Brown, noted that none of the 600 jurors is younger than 25. He contends the selection does not reflect the population of the county and therefore cannot be random or fair. His motion to quash the jury pool was filed Nov. 26. A hearing has been set for Tuesday to discuss the allegation. On Nov. 13th, a pool of 600 potential jurors was dismissed because none were younger than 40. It was also noted that few of those prospective jurors lived in the rural areas of Roane County, and few if any were from the area "south of the river" - a reference to the Ten Mile area where the Houston brothers reside. The trial was delayed when defense attorney Randy Rogers and special prosecutor Kenneth Irvine Jr. agreed that the jury pool might not pass legal muster. Judge Scott ordered a new pool be summoned to report Dec. 1st. Once again, it is alleged that the jury pool is being tampered with. In the previous jury pool dispute, Roane County circuit court clerk Angela Randolph was summoned to the stand. She testified that the jury pool was a totally random selection, and apparently took the position that the ages and northern-Roane urban residences of the jurors was purely coincidental.
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Developer Bankruptcy a Hardship For Property Owners
Serenity Drive runs through the Docks at Caney Creek subdivision. But for one lot owner, there's little serene about the subdivision near Rockwood these days. "I think it's just some unfortunate circumstances, and we just happen to be caught in it," Alfreeda Steele said. Steele is not alone. The developer of the subdivision, Land Resource LLC, has numerous upscale properties throughout the Southeast that are not finished. Whether those properties will ever be completed remains to be seen. Land Resource is in disarray and recently filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Florida. Kenneth Ritchey, president of the Docks at Caney Creek homeowners association, said property owners have been left looking for answers. "We don't know where we stand with the legalities of the bankruptcy and how that's going to affect us," he said. To build in Roane County, the developers had to put up a $1 million bond. County Attorney Tom McFarland said the county is now trying to collect on the bond because the developers are unable to complete their obligations in the subdivision. Those obligations include building the roads to county specifications.
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Man Wanted For Raping Six-Year-Old Girl
Have you seen this man? Dayton Police are searching for him, for allegedly raping a 6-year-old girl. His name is Jorge Velasquez Ventura, age 36. He is 5 feet 1 inch tall and weighs 135 pounds. A warrant has been issued for Ventura's arrest for rape of a child, a Class A felony. Anyone with any information on Ventura's whereabouts should contact the Dayton Police Department at 775-8403.
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County Talks Property Tax Math Over More Jail Staff
Sheriff Stockton's liaison committee got a quick lesson in property-tax math Tuesday night: "Keep this in mind," Roane County Executive Mike Farmer said. "Every new hire over at the jail is a half penny on the property tax rate. Get one, half a penny. Get two, full penny." Officials don't appear to know yet exactly how many additional employees will be needed to run the new jail. One thing seems certain, though. It will take more than the 20 currently on staff. The new positions may have to be funded with a property tax increase. "We're all working to a certain number that will justify our officer safety and will be acceptable to the public, where we have to raise taxes to cover it," said Commissioner David Currier, chairman of the liaison committee. After hearing last month that the sheriff's office could need an additional 20 to 25 employees to operate the new jail, the committee scheduled a meeting with the jail builders and the County Technical Assistance Service. The county's current facility, which is supposed to house 57 inmates, is overcrowded and under decertification status by the TCI. The new 172-bed jail is scheduled to open sometime next year. Jim Hart of CTAS said he did an analysis earlier this year and concluded the sheriff's office would need an additional 23 employees to operate the new jail. That figure was rebuked by Farmer. "We, as a county, cannot afford that," he said.
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New TVA Scrubber Will Mean Cleaner Air
Technology that will reduce air pollution across East Tennessee is scheduled to start working at the Kingston Fossil Plant about a year from now. "We're on schedule to be on line in early to mid-November '09; we'll actually be scrubbing flue gas," said Robert Rehberg, an official with the Kingston plant. The result will be that the emissions seen leaving the new shorter stack will be more visible - a big, white steam cloud - but that cloud will be cleaner. "We're going to be removing 95 to 98 percent of the sulfur dioxide from the flue gas," Rehberg said. The scrubber also is supposed to remove much of the mercury from the emissions. "We want to make it clear we're spending $500 million to clean up the environment. It is not a bad thing, but it is clearly a visible thing," TVA spokeswoman Barbara Martocci said.
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Man Indicted For Rockwood Crime Spree, Thanks To Evidence He Produced
By Jamie Satterfield, News Sentinel Never post a photograph of yourself on MySpace brandishing a gun you will days later use to shoot someone. Richard Eugene Davidson allegedly did just that, giving ATF Agent Jackie Herndon a literal portrait of proof against him. Davidson, 28, was arraigned Tuesday before U.S. Magistrate Judge Clifford Shirley on a nine-count indictment that details a months-long crime spree in Rockwood that included a shooting, an attempted shotgun blast to the face and an assault by automobile. An affidavit alleges that Davidson had been under probe by the Rockwood Police Department and Tennessee Bureau of Investigation for dealing crack and powder cocaine since at least March. The ATF was drawn into the probe when Davidson allegedly shot accused drug dealer Jerry Wayne Randall in April at a house in Rockwood. A gun believed linked to the shooting was found in the nearby home of Davidson's uncle. It had been disassembled, wrapped in a jacket and hidden in a washing machine. The photograph remains posted on Davidson's MySpace page. His alleged crimes include trying to shoot a woman in the face with a shotgun and then striking her with his car.
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Man Arrested for Bringing Guns & Ammo on Tenn. Technology Center Campus
Harriman police arrested a male student Wednesday for carrying a weapon on the campus of Tennessee Technology Center. Jacob Jones is the suspect. He's been expelled from the school. Police were called to the campus around 10:35 a.m. Wednesday. They say a student heard Jones make threats and told an assistant dean who called police. Officers found a SKS assault rifle in the tool box of Jones' truck, along with about 100 rounds of ammunition, brass knuckles, a knife and a type of nunchuck.
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Fire destroys Rockwood business
Fire broke out at Wayne's Cafe on Spring City Highway in Rockwood just before 11 p.m. Saturday night.
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Rocky Houston Murder Trial Delayed, New Jury Pool to Report Dec 1st
The trial of a Roane County man accused along with his brother in the fatal shooting of a lawman and his ride-along was delayed today. Special Judge James "Buddy" Scott said potential jurors in the trial of Rocky Joe Houston will be summoned to report for the initial phases of jury selection on Dec. 1. The announcement came after defense attorney Randy Rogers and special prosecutor Kenneth Irvine Jr. agreed the current jury pool may not have passed legal muster. Rogers earlier had challenged a jury pool that consisted entirely of Roane Countians over the age of 40 and only a small percentage who lived in the rural regions of the county. Circuit Court Clerk Angela Randolph denied intentionally manipulating the list, saying she merely plugged numbers into a program that culled a database of driver's license holders for potential jurors. Houston is accused along with brother Clifford Leon Houston in the May 2006 shooting death of Roane County Sheriff's Department Deputy William Birl Jones and his ridea-long, Gerald Michael Brown, a former lawman.
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Former Roane Judge Thomas Austin Moved To Knoxville Halfway House
Former Roane County judge Thomas Alva Austin has been released from federal prison. He's now assigned to the Midway Rehabilitation Center, a halfway house in Knoxville. According to the Federal Bureau of Prisons, Austin was transferred to the halfway house on Oct. 15. His projected release date is April 13, 2009. U.S. District Court Judge Thomas Phillips had originally sentenced Austin to 42 months in federal prison, The government asserted that he used his position as General Sessions Court judge to engage in unlawful activity. Austin, after spending nearly three decades on the bench, was indicted by a federal grand jury in January 2006 on seven counts of extortion and one count of money laundering. He later worked out a deal with federal authorities and pled guilty to three counts of extortion.
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Rocky Houston Jury Selection Delayed Over Potential Jurors' Ages
A special judge this afternoon sent potential jurors in the Rocky Joe Houston case home until Friday because of a dispute over their ages. Judge James "Buddy" Scott has set a Thursday hearing to decide if Houston is being denied the right to be tried by a jury culled from a cross-section of the community. Defense attorney Randy Rogers' chief beef with the list of 192 potential jurors who showed up today is that none are under age 40. In fact, he noted, no one on the initial list of 600 jurors in Roane County Circuit Court was under 40. He wants time to get expert testimony on the differences in attitudes and beliefs between people on either side of that age 40 dividing line. Special prosecutor Kenneth Irvine Jr. contends age is not a distinctive dividing line that would bar Houston from getting a fair trial. But he also sought time to beef up his argument. Rogers blamed Circuit Court Clerk Angela Randolph and sent her to the witness stand this morning to explain how she chose those on the list of 600. Randolph insisted the process was random and the list was culled from a database of driver's license holders. "Just the numbers is all I put into the system," she said. "I really don't know how the program works," Randolph responded. "I don't know where it starts (in the database)." Randolph also conceded that half of the jurors summoned were incorrectly instructed to appear at 8:30 p.m. Rather than 8:30 a.m. Scott took a recess at mid-morning to tell those potential jurors who did show up today but are being kept out of the courtroom while Rogers quizzes Randolph that a motion is being heard and, therefore, delaying the start of jury selection. Houston, 49, is accused, along with brother Clifford Leon Houston, 47, in the May 11, 2006, shooting deaths of Roane County Sheriff's Department Deputy William Birl Jones, 53, and his ride-along pal Gerald Michael Brown, 44, when the pair showed up at Leon Houston's home in the Ten Mile community. Prosecutors contend the law enforcers were ambushed by the Houston brothers, who have been involved in a years-long war with Roane County authorities over allegations of corruption. The brothers contend the deputy and his ride-along opened fire on them as they sat on the front porch, and they fired back in self defense.
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Elderly Couple Die In Roane County Car Crash
A husband and wife died Saturday in a car crash. Altha Turlington, 84, was driving south on North Gateway Avenue around noon when she tried to turn left onto East Dunn Street, police Sgt. Kelly Pittman said. She turned her 2001 Chevrolet Impala into the path of a 2003 Humvee, and its driver, 36-year-old John Booth of Rockwood, couldn't stop in time, police said. The impact hurled Turlington and her husband, J.L., age unavailable, from the car, killing them, Pittman said. Neither wore a seat belt. Booth wore a seat belt and survived with injuries that didn't appear to be life-threatening, police said.
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Election 2008 Preliminary Results
The GOP picked up seats across the state, including the 12th Senatorial District, where Republican Ken Yager defeated Democrat Becky Ruppe. "I am humbled by the widespread support that I have received across the district," Yager said in a campaign statement. Democrats took Yager to task about his record on taxes and jobs, referring to him as the "Tax Man" and "Job Killer" in TV ads. But Yager was victorious in five of the district's six counties, winning 51.2 percent of the vote compared to 44.1 percent for Ruppe. Independent candidate Christopher Fenner received 4.7 percent of the vote. In Roane County, Yager received 11,329 votes compared to 10,123 votes for Ruppe. In Rockwood, it was a close vote for sales of packaged liquor and liquor by the drink. A referendum permitting retail package stores to sell alcoholic beverages was voted in. Voters in Rockwood cast 929 votes for the sales, with 731 against. Similar votes were recorded for liquor by the drink, which voters also approved. Those votes were 881 for and 747 against. Running unopposed in House District 32, Dennis Ferguson won another term. He received 18,920 votes. In Tennessee's 4th Congressional District, Republican Monty Lankford's partisan strategy was unsuccessful. Incumbent Democrat Lincoln Davis won in a landslide, capturing 58.8 percent of the vote compared to 37.8 percent for Lankford. Lankford based a large part of his campaign on Obama's unpopularity in Tennessee by trying to tie Davis to Obama. Republican Zach Wamp won big in the 3rd Congressional District, receiving 69.4 percent of the vote.
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Car accident in Rockwood kills two
A car accident in Roane County killed an elderly Rockwood couple Saturday afternoon.
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Rockwood Voters OK Liquor Sales
It was a close call, but the votes are in and Rockwood will now allow liquor package stores and liquor by the drink in the city limits.Residents voted in favor of liquor stores 929 to 731. They also voted for liquor by the drink 881 to 747.Restaurants are already allowed to serve beer. The passage of the referendum will enable them to serve liquor as well. The referendums were placed on the ballot after petitions were circulated in August and gained the required 128 signatures.Harriman and Kingston already allow both. Councilman James Neal said this might prevent Rockwood residents from purchasing outside the city. "I don't want to injure other cities, but I felt Rockwood needed to get in on that revenue," Neal said. Now that the referendums have passed, it is the city council's duty to establish rules and regulations.
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Pumpkin chuckin' at Rockwood High School
When you mix a trebuchet, a pumpkin and a teenager you better get ready for some fun! Seniors from Rockwood High School invited their peers from the cross-county rival, Roane County High School, for a good old ...
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Ninth Judicial Watch: Man Gets 90 Days for Raping 14-Year-Old Step-Daughter
Just how serious is the statutory rape of a 14-year-old girl? Opinions will vary. Form your own, and I'll save mine for the blog. Ninth Judicial District Criminal Court Judge Eugene Eblen has sentenced a man to 90 days in jail, followed by supervised probation for the balance of two years, for the statutory rape of a 14-year-old girl who was his stepdaughter. For the victim, former stepfather Kevin M. Spurling remains a "monster" who continues to haunt her daily thoughts. As a result of the incidents, she went into a deep depression. "I would cut my arms or sides to let out some of my suppressed feelings of hurt," according to her statement. According to the Knoxville News-Sentinel one person has objected that this sentence is unjust! To Roane County Public Defender Walter Johnson, the judge's decision was too harsh and a likely subject of appeal. Mr. Johnson had requested judicial diversion for his client, which Judge Eblen denied. One more item: The victim's mother is apparently pleased with the sentence, saying she was surprised that Spurling got jail time. DAG Russell Johnson said state officials assured him Monday that Spurling is also a candidate for the state's sex-offender registry. Thus, I have no problem with posting his picture here.
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Liquor by the drink fares well in election
Liquor by the drink now is an option for Knox County businesses that are outside incorporated areas.
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"I prayed day and night for a miracle...In less than a week, (Somerset) was able to stop the foreclosure and get a new mortgage for me. It was the best of times...I have Somerset Mortgage Lenders to thank until eternity for the miracle they were able to make come true." - Diane B.
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