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Show AMERICAN FORK CITIZEN THURSDAY DECEMBER 4. 1975 Vets Hew House Loan Policies Create Business For Industries -T Iff M . B k The Veterans Administration's Administra-tion's new G.I. home loan policies poli-cies are creating welcome new business for the housing and construction industries according accord-ing to Elmer J. Smith of the VA Regional Office. The loan guaranty guar-anty office serves approximately approximate-ly 144,000 veterans in the state of Utah. Enactment of the Veterans Housing Act of 1974 made thousands thou-sands of veterans who served during World War II and after, eligible for a second entitlement to a VA - guaranteed home loan if they have paid off their first G.I. home loan and sold that property. In Utah, the VA has guaranteed guaran-teed more than 60,000 loans, valued at nearly $1 billion since World War II. Almost 25,000 Utah veterans have paid their loans in full and they can qualify qua-lify for restoration of entitlement entitle-ment provided they no longer own the property they bought with the original loan. In October the Loan Guaranty Office had 53 requests for restoration. res-toration. Of that number, 35 were approved. Another provision of the new Housing Act, explained Smith, allows the VA to restore a veteran veter-an - seller's entitlement and release him from liability to the VA when a veteran - buyer agrees to assume the outstanding outstand-ing balance on the property. The buyer must qualify from a credit standpoint and agree to substitute his entitlement to the same extent as the veteran -seller. The VA guarantees 60 percent up to a maximum of $17,500, which-ever is less, of home loans private lenders make to eligible military service personnel person-nel and veterans of World War II and later periods. Smith says the VA also now accords full recognition to incomes in-comes and expenses of both veterans and spouses in determining deter-mining ability to repay loan obligations, ob-ligations, making qualification easier. However, the VA is required by law to determine if contemplated terms of repayment repay-ment bear a proper relation to the veteran's anticipated income in-come and expenses before approving ap-proving the loan. While the spouse's income has always been considered, final determination determin-ation sometimes had the effect of discounting the spouse's income, in-come, he said. A veteran who buys a home with VA assistance usually finds the loan easier to obtain because the VA guarantees part of the loan. No down payment is necessary neces-sary in most cases, but may be required by the lender. If the purchase price exceeds the reasonable rea-sonable value as determined by the VA, the veteran must pay the difference in cash from his own resources. The loan may be repaid over a long period of time at a moderate moder-ate interest rate (currently nine percent), with the option of paying pay-ing off all or part of the loan in advance without penalty. The VA appraises the home to determine deter-mine its reasonable value in the market prevailing at the time the appraisal was made. Since April 1, the VA has been permitted to approve condominium condomin-ium projects for guaranteed loans without the stipulation that HUD must have previously insured loans in the same project. Better than tightly roiled newspapers for burning as "logs" in your fireplace, are paper balls. Soak the newspaper in water, roll into a tight ball. Keep adding wet paper until the ball is very large. Then let it dry thoroughly in the sun. It will burn as long as any log. When you're out in your car and expect sleet or freezing rain, wipe your windshield with a crumpled piece of newspaper. 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