OCR Text |
Show FHA Loans MayBe May MayBe MayBe Be Secured ThruLocal Thru ThruLocal ThruLocal Local InstitutionIn Lt < Ltby In an lU\nounceme lU nounceme Announcement \ announc m nt mada made b bAehton by byAshton bAshton Ashton Aehton Bn Bras Bros . . , company . , P r edera ederaRotnnsing d raHowulnt ra1 ra1Hounalng Hounalng Rotnnsing Administration Admln1stration Adminlatration loans fot fotbuDding to tobuilding fcbuildinc buDding building and nmodellnr remodel1n1 remodeling ' wm w1U will be behandled b bhandled bhandled handled by that Institution . for the theAshley thi thiAshley thAshlcy Ashley Valley and Ulntah Uintah county COUntl countyarea COUntlarea countarea countareaUnder area areaUnder Under this th1a arranpment arrangement arran ement an extensive ex exfnalv . tens1ve tensive buUdlny buUcUng building : and remodeliniprogram remodel1n1 remodelini remodel1n1program rcmodellnprogram program should ft get under imd r wa1this way wa1 waythla wathis thla this ceason season season- seasonThe . . - 'I11e I11e The ' Th total carryingcharge carrying carryingchtt'ge carryincharro cht\t'ge cht t'ge tge charge \ ' for such a loan will be b five fiveand five fiveand llvand and on onhalf one-half one half -half half - per cent . . . ThIs Thl wUl wll wUlinclude wllinclude wlllnclud include five flr pT per ; : cent Interest and andonehalt andonehalf aruone-half aruone half one-halt one halt one-half half - of one on * per o cent nt mortcafInsurance mortgap mortgagl mortgaglinsurance 1 . .aurance aurance insurance premium In the case o of ofnewly 0 onwly ' newly * constructed home homea homes * securing securlny securingloans securlnyloans securmiloans loans not exceedlnff exceedlnc exceeding tMOO $5400 5400 ( $ MOO and meet- meet meeting meetIng meetInr - ing certain other conditions conditlona the thepremhun thepremium thprwoilum premhun premium rate rat * will .m m . be b one on * fourth o1one of o1 ofone oon one * percent maklnr making m ldnl ' th the * total annual an - nual carryinc ca.ny1ng cany1ng carrying . chare charge * to the th * bor- bor borrower borrower - rower fiv five and one-fourth one fourth - per centThe cent centTh . The Th * annual servtc service * chare charge o1one Of o1 oon one * half of one on * per cent which the thelending thelending th thlendtns < lendtns lending institutions tnstltutlon.s tnstltutlons . hav have been peT- peT per- per peTmitted permitted prmitted * - mitted to chart charge * under FHA F'HA ' rerulatlons rep- rep regu- regu repl'tloJul regul - l'tloJul ltloJul l ! ' ttons Will viill 'ill ill ' be b * discontinued d1sconUnuett dlscontinued on all allmortgages almorteaxes mortgages mortga for which a cOmmit- cOmmit cOmmitment commit commitment mlt- mlt mltment - - ment to Insure lnaure Is 1 & Issued hweaftex hereafter hereaf hweaftexThe , The insurance premium In the thefuture thefuture th thfutur < futur future * will wUl be b * bued based baa d upon the th * out- out outstanding outstanding out-standinc out standinc - - - standing balance Instead of the th * or-iflnal or iflnal or- or orIginal original - - Iginal face fac * valu value * of the th * mortsr mortgage mortgageas * < as provided provtded In the th * old laWElimination lawElimination law lawElimination Elimination of the th * annual service ser- ser service ser-vie ser vie - - vice * chare charge * and the reduced COIIt coat COIItof coatof cosof of the tht ' mortcay mortgage * Insurance will wDI rep rep- represent represent represent - - I repI resent a maximum max1mum aavinf savtng saving of aproximately aproxlimatelY aprox- aprox aproxImately - - limatelY Imately one per cent per annumto annun annum annumto to home horn * builders bu11ders and buyers on onneVly onnewly newly ne\Vly ne Vly ' \ constructed coostrudted coosIudted houses ho18eS . & easTy- easTy easTying carry-Ins carry Ins - - onI I Ing mortrafs mortgages of or o1 (5400 5400 MOO $5400 $ ( $ or less Onall on onall all other tnsurable Insurable mortgages morti ies VK fJ\e fJ e tine \ tinesaving fJesaving I fJeI savlnr saving wlU wID will be approximately three- three threefourths threefourths - . fourths of on one * pw per cent cant per annum annumOn annumOn j On newly constructed housei houses housesappraised housesappraised appraised at ( $ $6 6 $ COOO 000 or less theminimum the theminlmwn th < minimum minlmwn permisslbl penntsslble permissible * down payment payment pay- pay payment - ment or equity requirement will win be bereduced bereduced b < reduced from twenty per cent tc to tcten toten t ( ten per cent Thus on a $9 9 G $ $ G 000newly 000 000newly newly costructed house the th * m1n1- m1n1 mini- mini m1n1mum minimum - - mum down payment would be (600 600 $600 $ ( $ and the th * maximum Insurabti lnaurable insurable lnaurablemar insurablemortgage Insurabtimorfctacc morfctacc mortgage mar ge would be b * ( $ $ (5400 5400 $5(0 50 $5400 ( ) repre- repre representing pre- pre presentmg - - - sentinc sentmg senting ninety per cent oent of the ap- ap appraised appraised - - - praised value valueOn valueOn On newly constructed oonstructed houses appraised ap- ap appraised ap appraised - praised at (10000 10000 $10000 ( $ or less the th * insurable Insurable In- In Inarable - - arable surable limit will be nin ninety ty pei per percent cent of the appraised oppraised value up ti to $0000 0000 $0 0 $6 6 $ $ 000 plus elfhty eighty per cent oent of the theappraised th < appraised value above $6 6 $ $8000 8000 ( $ C 000 Forexample r'oiexample roiexample For ForI Forexample ' example on a newly constructed c < xistructed(10000 xistructed10000 I $10000 10000 $ 110 ( 000 house . the t.he minimum mlntmwn down downpayment downpayment payment would be $ tl400 $1ti 1ti $1400 1400 ) ( and the theInsurable theinsurable tftunsurable Insurable mortras mortgage * limit wuld w.uld would . be ta $8600 8600 18600 $ . ( 00 , . On all other homes houslni hoU81nS housing hoU81nSfrom housingfrom from one on * to four famllteK famUlet families ' the th * insurable insurable In- In Insurable - - surable mortcaf mortgage umit limit will remali remam remain remainat remamat at eirhty eighty per cent of the apratoa apraJaal apralaal apralaalvalue apraJaalvalue value valu value * but not in excess exceas of $1600under $1600 1600 $1600under ( $ lt04 lt04under under any circumstances clrcum&t.anc clrcumt.anc clrcumtanc & . - - - |