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Show VETERANS EXEMPT FOR RESTRICTIONS IF HOME PLANNED LAST YEAR Any eligible ve'eran who, prior to Oct. 12, 1950, had acquired ac-quired a building lot with the intention of building his home on it, may be exempted from the credit restric ions imposed ! on that date for G I loan purposes, pur-poses, Veterans Adm'nistration j announced from Salt Lake this week. In such cases theve'er-an theve'er-an must meet all of the following follow-ing three condit'ons: 1. The lot must have been acquired, ac-quired, or a purchase contract executed, prior to Oc. 12, 1950. 2. There must be evidence that, as of the above date, he actually intended to build the home. Hiring of an architect to draft plans, negotiations with a contractor to build, and similar sim-ilar evidence, is acceptable. 3. He must certify 'hat the imposition of the restrictions would work a hardship upon him. Such loans, however, remain subject to the milder credit curbs placed in effect July 19, 1050. These require a down payment of a' least 5 of construction con-struction cost, including value i of the lot. Cost to the veteran in acquiring the lot may be considered part of the down payment. In addition, any recognized increase in construction costs above July 1, 1950, levels must be paid in cash The exemption remains effective effec-tive until April 18, 1951. I |