Housing Act Details on Loans Jor Prop ertv lmprovements

Here are some of the questions property owners will be asking regarding loans for modernizing, remodeling and improvements under the property-improvement provisions of the National Housing Act. This information is explained in a booklet just published by the Federal Housing Administration. The questions and answers follow: standing, and liens against for property

(1.) WHO MAY APPLY? Any property owner, individual, partnership or corporation, with a regular income from salary, commission, business or other assured source. It is not necessary to be a depositor in the financial institution consulted.

(2.) TO WHOM DO I APPLY? To any national bank, state bank or trust company, savings bank, industrial bank, building and loan association or finance company approved by the Federal Housing Administration; or a contractor or building supply dealer.

(3.) DO r BORROW MONEY FROM THE GOVERNMENT? No.

(4.) HOW MUCH MAY I APPLY FOR? From $100 to $2000 depending on your income, for improvements bn any one property. A like amount in connection with not more than five properties ($2000 maximum on each.) Approval by the Federal Housing Administration, Washington, D. C., must be secured by the lender in advan,ce for loans on more than five properties.

(5.) HOW LONG MAY NOTES RUN ? For any number of months from one to three years. (Notes extending from thirty-seven months to five years may be submitted to the Federal Housing Administration by financial institutions for special consideration.)

(6.) WHAT SECURITY IS REQUIRED? Only that you have an adequate regular income and a good credit record in your community.

(7.) WHAT ASSURANCE NEED I GIVE?

(a) That you own the property. (Lessees under "repairing leases" may qualify under special circumstances which the local lending institutions can explain.)

(b) That the annual income of the signers of the note is at least five times the annual payments on the note.

(c) That your mortgage, if any, is in good that there are no past due taxes, interest or your property.

(d) That you will use the proceeds solely improvement.

(8.) WHAT SIGNATURES ARE REQUIRED? Signature of the property owner; and (except in special cases) if the owner is an individual and is married, also signature of wife or husband. No other co-signers or indorsers are required.

(9.) WHAT rS THE COST OF THrS CREDTT? The financial institution may not collect as interest and/or discount and/or fee of any kind, a total charge in excess of an amount equivalent to $5 per $100 of the origin4l face amount of a one-year note, deductible in advance.

For example: If you need $285 for housing improvements, you might sign a note for $300 payable in twelve equal monthly installments. In this case the note would not bear interest, because the maximum charge permitted ($15) would be included in the face of the note.

If you borrow a larger amount, or if you repay in equal monthly installments extgnding beyond one year-from thirteen months to three years-the total charge permitted would be at a proportionate rate.

(10.) DO I PAY ANY OTHER CHARGE? No.

(11.) HOW DOES THIS COST COMPARE? Compared with ordinary sixty or ninety-day bank loans, it is higher. Compared with the same type of loans payable in monthly installments, it is much lower than heretofore available. The reduced cost is made possible because of the government credit insurance to the financial institution.

This type of loan makes it possible for you to spread the payments over a long period. You do not have to keep money on deposit with the institution making the loan. You do not have to give a mortgage. You need not have friends or others sign your note, and you reap the benefits of the improvements now.

(12.) HOW DO I PAY THE NOTE? By making t'bgular, equal, monthly payments (seasonal payments for farmers and others with seasonal income) until the note is paid in full.

(13.) MAY THE OWNER OF ANY KIND OF PROPERTY APPLY? Applications will be considered for credit to improve one-family, two-family, or other residences; apartment buildings, stores, office buildings, factories, warehouses, farm buildings.

(14.) MUST I USE SPECIFIED MATERIAL? NO, you are investing your own money (even though borrowed) in Better Housing.. There will be no restrictions on your rights as an owner to use such materials and employ such methods of construction as you may desire-provided they meet the approval of the lending agency.

(15.) MAY I BORROW TO BUY HOUSING EQUIPMENT? Yes, if the equipment is an integral part of the improved building. Furniture, refrigerators, stoves, etc., are movables, (unless built in) and are not permitted under terms of your loan.

(16.) WHERE DO I MAKE PAYMENTS? The regular installment payments will be made in person at the place of business of the financial institution; or by mail; or as otherwise arranged. No payment shall be made to any governmental ofifice or organization.

(17) MAY I PAY THE NOTE IN FULL BEFORE MATURITY DATE? Yes, at any time. A reasonable rebate will be allowed for prepayment, if charges have been collected in advance.

(18) MAY I PAY MORE THAN ONE INSTALLMENT AT A TIME? Yes, as many as you wish, but such payments should be in exact multiples of the agreed payments-that is, if monthly payment is $10, advance payments should total $20, $30, etc'-not, for example, odd sums such as $18 or $25.

(19) WHAT IF I AM LATE IN MAKING MY PAYMENTS? The maker must not permit his payments to fall in arrears. Should a payment be more than fifteen days late the financial institution's expense, caused thereby, may be reimbursed in part at the rate of not more than 5 cents per dollar for each payment in arrears' Persistent delinquency will make it necessary for the financial institution to take proper steps to effect collection in full'

Note: If you are not eligible for a loan under the terms of the National Housing Act, you may be eligible for a conditioning loan from the Home Owners' Loan Corporation, which has recently established a Reconditioning Division. Any one of the banks in your community will advise you where to make your application.

BACK FROM

Chicago

C. W. Broback, of the sales department, Union Lumber Co., San Francisco, returned August 19 from a lGday business trip to Chicago.

McCormick. Vhen you need unusual dimension, fast delivery' good lumber, it will pay you to considerdslivsled via McCormick.

A JE\,iIEL

There is a jewel which no Indian mines Can buy, no chemic art can counterfeit; It makes men rich in greatest poverty; Makes water wine, turns wooden cups to gold, The homely whistle to s$reet music's strain: Seldom it comes, to few from heaven sent, That much in little, all in naught-Content.

-[nqnyrngus.

Thoughts

You never can tell what your thoughts will do in bringing you hate or love, because thoughts are things and their airy wings are swift as a carrier dove; they follow the law of the universe; each thing creates its kind and they fly o'er the track to bring you back, whatever went out of your mind.

-Anonymous.

Wise Baby

Fond Mamma: "Now, dear, you are going for a ride with a perfect stranger. All I can say is, be wise."

Daughter: "f will, Mamma."

Fond Mamma (next day): "Were you wis€, dear?"

Daughter: "I am, Mamma."

Two Natures

It is the animal nature of man that prompts him to shun difficulties, to take the easiest way around obstacles, to dodge duties and to play truant from the obligations. It is the divine nature within us that finds pleasure in toil; joy in conquest; happiness in tasks well done and peace in squared accounts.

-Nuggets.

Woodrow Wilson On Liberty

The history of Liberty is the history of the limitation of governmental power, not the increase of it. When we resist, therefore, the concentration of power, we are resisting the processes of death, because concentration of power is what always precedes the destruction of human liberties.

The One That Appealed To Him

Teacher: "And what parable do you like best?"

Boy: "The one about the multitude that loafs and fishes."

Case For The Undertaker

First Aid Instructor: "What would you do if a man was pale, sweating profusely, unconscious, bleeding from the mouth, eyes and ears, and had a fractured skull and arrn?"

Student: "I'd bury him."

Good Training

He: "Would you scream if I kissed you, little girl?"

She: "Little girls should be seen and not heard."

SAID MACAULEY 1OO YEARS AGO:

Our rulers will best promote the improvement of the nation by strictly confining therirselves to their own legitimate duties-by leaving capital to find its most lucrative course, commodities their fair price, industry and intelligence their natural reward, idleness and folly their natural punishment-by maintaining peace, by defending property, by dim'nishing the price of law, and by observing strict economy in every department of the state. Let the Government do this-the People assuredly will do the rest.

THE WIFE'LL BE GLAD TO MEET YOU

Midnight was striking as the householder crept down the stairs. His eyes fell on a burglar tampering with the safe. "Jove, a real burglar !" he smiled. "Wait a minute, will you?"

"While you call a cop, eh?" said the burglar. "Not me!" "No," said the householder, "wait until I call my wife. She's heard you every night for 15 years, and it'll be a real pleasure to her to see you at last."

Hills And Valleys

Look backward for inspiration; look forward for progress; look around you for material for stepping stones to higher things, and never despair. A man's house should be on the hilltop of cheerfulness and serenity, so high that no shadow rests upon it, and where the mgrning comes so early and the evening tarries so late that the day has twice as many golden hours as those of other men. IIe is to be pitied whose house is in the valley of grief between the hills, with the longest night and the shortest days.