Show Better Housing Program Operation Is Explained Explain d dI I What Is the Better Program now being sponsored by minded community Salt Lake City citizens So many persons have nave such a vague idea of this federal program for financing improvements on homes and providing a means of financing the building of new homes that The Salt Lake Tele gram presents the following summary I This program is handled through the federal housing administration which mak makes no loans to the public itself itsel and should not be confused contused with the Home Owners Loan corporation which is authorized to refinance mortgages mort mortgages gages on distressed homes The functions fune of ol the federal housing administration adminis adminis- divide themselves into two distinct parts 1 A short term program of housing houseIn hous house In lag ing renovation and modernization 2 A long term plan of or complete home financing Title I Qu Questions and answers regarding the property improvement or modernization modernization mod mod- plan follow Who is eligible eli ible for the improvement improvement improvement improve improve- ment loans Any owner or lessee of city or farm property To whom should one apply To any financial organization approved by the federal housing administration or or to an any reliable contractor or supply dealer How much may one apply for From to 2000 depending on the borrowers borrower's Income for lor improvements on any anyone one property What security is required Only an adequate income and a good credit record in the community No mortgage mortgage mort mort- gage age has to be given nor given nor is it necessary necessary sary the secure for lor the pa paper per How iJ is the note paid On a e monthly payment plan from any number num awn ber of months to live five years What is the cost of ot this credit Compared with the same type of loans payable In monthly instalments it is the lowest ever offered The r reduced re reduced cost is made possible b because of or the government credit insurance to the financial institution Title TUle J 11 The long term plan of ot complete home financing is open to any owner I of or property as in the first plan Its purpose is b to stimulate building through the reconstruction of the national na nap na- na home mortgage debt burden upon a sound basis bash so o that normal real estate values may be recreated The maximum loan on any anyone one single single sin sin- gle Ile property is Loans may moy maybe be made up to 80 per cent of ot the appraised appraised ap ap- ap- ap praised value of the property properly The mortgage may have a term not notto notto notto to exceed 20 years ear The mortgages as provided by the federal housing administration provide for payment of or principal Interest the premium for mortgage insurance fire rire insurance service enice charge if it any and taxes allin allin all allin in monthly instalments 0 |