In recent years, over 2 million people with subprime loans have lost their homes to foreclosure, and many more are expected in the near future. That means that one in five subprime mortgages originated in the past two years is likely to end this way. In the State of Tennessee, over 45,000 individuals and families lost their homes last year. Shelby County, Tennessee has four times the national rate of housing foreclosures. These foreclosures cost homeowners as much as $164 billion in lost equity, which many times is a person's greatest financial asset.
FIRST Homes is a United Housing, Inc. program that acquires these foreclosed properties, renovates them, and resells them to individuals and families who have a particular interest in the area. The intial area targeted withthe FIRST Homes program is Frayser in north Memphis. The project works to build housing around community partnerships including those with churches, schools, and community-based CDC's.
The FIRST Homes program adds another layer of outreach to the United Housing service offerings. Through homebuyer education, one-on-one credit counseling and unique lending products, UHI may be able to help you:
- Find Affordable Housing
- Buy Below Current Market Value
- Build Wealth for Yourself
- Assess Your Credit
- Revitalize Our Neighborhoods
Click here to download more information.
For more information about FIRST Homes, contact our FIRST Homes program staff!
Craig Locke
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901.728.6927
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