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Show Orem-Geneva Times November 25, 1981 6-Month $10,000 Min. Deposit 11.779 Effective Nov. 24 thru Dec. 1 Federal Regulations prohibit the compounding - of interest on Money Market Certificates 30-Month $1,000 Min. Deposit 12.0 Effective Nov. 24 thru Dec. l Compounding of Interest Allowed Attention I.R.A. Depositors! IRA Deposits can be converted to this certificate cer-tificate without elfecting the tax exempt features of I R A accounts. Federal regulations require a substantial penalty if a Time Certificate is redeemed prior to maturity Z GENETS STATE RANK 140 West 800 North Orem 225-7215 Deposits insured by the Federal Deposit Insurance Corporation. VA Nome Loan Guarantees Drop Applications, appraisals ap-praisals and approvals of veterans home-loan guarantees fell sharply in Utah last fiscal year as the Veterans Administration Ad-ministration put many more acquired homes back on the market at advantageous terms for interested veteran and non-veteran homebuycrs. "With single-family housing construction in Utah flat on its face, the VA loan-guarantee program is at its lowest ebb in many years," said Kloyd Johnson, loan guaranty officer at the Salt Lake City VA Regional Office. ''We're now processing only 10 percent per-cent of our 1077 level of appraisals and loan applications. ap-plications. And our disapproval rale now is 10 times that of 1977," he continued. "The whole thing is the current, high interest rates. There's been a tremendous demand for single-family housing. I the interest rales fell just two points to, say 14 and one half percent, a lot of people would come back into the market. We'd probably triple our volume." The state's VA loan guaranty officer noted Ihatliis division handled 1,1(( (il loan applications last fiscal year ending September nearly a third less than the 2,837 of the previous year. Appraisals Ap-praisals last year totaled 4,fifi(i, well under HMO's 7,115. During fiscal 1981 VA approved 1,041 loan - guarantee applications, applica-tions, nearly two thirds under the 2,087 of the previous year. About 85 percent of those totals were for single-family homes. 'I he avu.ige loan guarantee for those homes was $57,000. Johnson noted that the fiscal year ended with 102 acquired homes on hand, triple the number at the end of fiscal 1980. He said the acquired homes are in various stages of foreclosure because veterans couldn't repay their VA-guaranteed VA-guaranteed loans. Most are along the Wasatch Front, with about 50 now ready for sale in the Salt Lake City area. Veteran entitlement isn't necessary for acquired homes, Johnson stressed. The title has been conveyed back to the VA after it has paid the bank's clainf The ,VA provides financing and of fers the home for sale at market value and at less than conventional rates. At least a 5 percent downpayment is required,. Sales are based on a 30-year contract. Johnson said that VA guaranteed loan defaults last fiscal year in Utah totaled 1,547, while the agency paid 113 claims to mortgagors. That compares with 1,426 loan defaults the previous year together with 28 claims paid to mortgagors. At the same time, portfolio loan defaults fell to 695 during the fiscal 1981 from 866 the previous year. Other fiscal 1981 VA figures for Utah (with 1980 in brackets): Subdivision Sub-division masters, approved, ap-proved, 26 (21), mobile homes approved, 19 (14), and condominiums and planned-unit developments develop-ments approved, 2 (0). Johnson said that the market in Utah for single-family single-family home construction is about 50 percent below the national level and 25 percent under that for the Rocky Mountain region. Wanted - - Person who would work Saturdays. Must be able to communicate with boys. Coll 225-1340 r P o IS xIlKxIc) AC Electronics SPECIAL! 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