What We Do

Welcome to Foothills Community Development Corporation (FCDC). FCDC is a not-for-profit business providing affordable homes for qualified low and moderate income families residing in Blount County. To help finance the agency’s new home construction activities, FCDC uses government grants, donations and government assistance to construct a variety of different-styled homes for qualified and deserving families. Additional programs include a formalized homebuyer education course, individual financial packages, personalized family counseling, below-market interest rates, and forgivable grants.

FCDC constructs modest 3 bedroom, 2 ½ bath, single car garage homes. All appliances are included along with family-selected carpet, countertops, and vinyl bathroom floors. Homes can be larger or smaller depending on family desires and financial status.

FCDC has fixed interest rates mortgages, market rate and below market rates, with some mortgages as low as 0%. The agency normally includes grants that don’t have to be repaid. Closing costs and down-payments may be paid by FCDC or built into the mortgage of the home.

 

 

Steps to Homeownership

Obtain your application from the FCDC office. Thoroughly fill out the application and return it with a $25 check, made out to FCDC. This check will be used to obtain your credit report.

 

Once the credit report is obtained, we will provide your file to our underwriters for a financial evaluation. When we obtain that evaluation, a meeting will be scheduled to review your status. If you are not evaluated as mortgage ready, we will work with you to become mortgage ready and recommend a plan to get you there. Once mortgage ready, FCDC will compile the best financing and grant package available to suit your budget.

 

You now go on the waiting list in the order that you became mortgage ready. When FCDC finds or has a lot available, we offer it to the first family on the list. If the lot is not chosen, we move down the list offering the lot in the order of the list until it is selected. The family selecting the lot is ready to begin the building process. There are two ways to jump up the list: 1) be the first family to select an offered lot or 2) already own or find a suitable lot that FCDC can purchase for you.

 

Once the lot is chosen, it will be purchased for you by FCDC. You will then select a house plan, from several that we offer, based on the lot topography and your family’s financial status.

 

At this point we will provide you with a Sales Contract stating the price for the home, the interest rates, payments (with taxes and insurance included) and all other pertinent information.

 

FCDC will then construct your home on your lot with our money. You may get to choose carpeting, linoleum, siding, shutters, and countertops from our inventory, depending on the situation.

 

We will construct the home as per the plans providing all new appliances.

 

Upon completion, you will purchase the home from FCDC at a predetermined price and loan structure utilizing the mortgage financing package we set up in advance.

 

The Process

  1. Fill out and return the pre-application assessment form

  2. Initial qualification of family is determined

  3. If you are a candidate you will be contacted to pick up your application

  4. You will fill out application and return it with a $25 check

  5. FCDC will obtain a credit report using the application fee

  6. A meeting will be scheduled to review your status and set up a plan to get your family mortgage ready

  7. Once the mortgage is ready, FCDC finds best financing and grant package

  8. The selected lender will qualify your family and provide a commitment letter

  9. FCDC buys a lot for you and finances the construction or rehab of your new home