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Show ! U f: i V i j i Volume XVI 4 IV.1' (m ,y.'U-- t . . t, ggggf! SHOWCASE OF PRACTICAL HOMES OPENS SATURDAY EBB FHA f" Explains 235 Applications ' ' i . IMPORTANT POINTS TO KEEP IN MIND IN THE CONSIDERATION OF 235 APPLICATIONS! 1. Program designed to assist lower Income Families In Acquiring Homeownershlp or Membership In a Cooperative Association. For this purpse, a family means: a! Two or more persons related by blood, marriage,, or operation of law, who occupy the same unit; b. A handicapped person who has physical impairment which is exptected to be of continued duration which substantially impedes his ability to live independently and which would be improved by more suitable housing; c. A single person, 62 years of age or older. The mortgage amount cannot exceed $16,000.00 2. MAXIMUM MORTGAGE AMOUNTS. nor the FHA estimate of value. Large family Allowance: a. Eligibility Guidelines, Four Bedroom Dwellings - - An increased mortgage allowance, for large families of 5 or more people, up to $17,500 may be authorized on conditional o r firm commitments for either proposed or existing properties containing four or more completely finished bedrooms. The principal requirement Is the provision of additional space in order to accommodate a large family. 3. MINIMUM DOWN PAYMENT. a. $200.00 minimum down payment is required which can be used for closing costs and or prepayables. b. More than $200.00 can be paid down, but the excess over $200.00 must be used to reduce the mortgage amount not the sales price. 4. REFINANCING ANDOR ELIGIBILITY OF EXISTING HOMEOWNER. FHA regulations prescribe that Section 235 assistance payments may not ne used by a homeowner to refinance an existing indebtedness on his home. cannot 5. ELIGIBILITY. To be eligible for this program, the adjusted family income Lake Salt below for exceed the upper income limits as listed County. Other counties have a slight variation of these figures. There is also a rather liberal asset limitation. SALT LAKE COUNTY 1 2 3915 4590 2 5400 6 5 4 6210 6750 7290 8 7 8100 7830 9 8370 10 8640 Adjusted Family Income is figured as follows: Gross Income less 5 (for social security, taxes, etc.) less $300.00 per minor child (any rome earned by a minor child is not counted in the gross income.) All other family income be reported. The homeowner is rquired to pay at least 6. MONTHLY MORTGAGE PAYMENT. ox his adjusted monthly income toward the monthly mortgage payment to the mortgage interest paid by the homeowner can be reduced down to a minimum of 1 The len dept ding upon his financial capacity. The term of the mortgage may run up to 40 years. It is ex7. INCOME CHANGES. which is recertified every two years, or the size or composition the that income, acted biyers o. the family will change during that period. When this happens, the Federal payment is adjusted accordingly. The buyer continues to pay 20 of his adjusted monthly Income. 8. APPLICATION. Application for a home loan is made through a regular The lender asks for information on income, assets, and family lending institution. to determine and size composition eligibility, and processes the application through the nearest FHA insuring office. The credit of the prospective mortgagor must be reasonably 9. CREDIT RATINGS. a good showing general history of responsibility toward his obligations and the ability to on a continuting basis. payments mortgage pay There must be an indication that the gross income Is stable in 10. GROSS INCOME. assurance that the buyer is capable of earning a contina reasonable and nature there is income. uing As in aU FHA programs, strict adherence to the equal 11. EQUAL OPPORTUNITY. and in employment will be required. housing opportunity requirements Section 12. ASSISTANCE FOR PURCHASERS ASSUMING 235 INSURED MORTGAGES. behalf to in made be 235 has now been amended to permit homeownershlp assistance payments 235 assistwhere under Section insured a assumes who homeowner of an eligible mortgage ance payments had been made to the previous owner. Further Information can be obtained by contacting your local lender or the local FHA Office. . FHA-ap-prov- ed . Utahs Largest Mall Now The new Valley Fair Shopping Center in Granger is one of the largest shopping malls in Utah. Ipened several months ago a wide variety of merchandise. Anchored by ZCMI and Penny Dept. In addition area shopping centers are located in Kearns, Granger, Hunter and Taylors- ville. Skaggs Drug Center and Albertson Foods will open this fall in a new complex located at 3500 South and 4000 West. Little League Sponsors Sale The Kearns American Little League Baseball Auxiliary is sponsoring a White Elephant Rummage sale Sept mber 19th, 1970 from 10 a.m. to 4 p.m. at 4216 West 5740 South. Please support this worthwhile cause and donate all white elephants, clothing, etc. Please bring all items to: 4216 W. 5740 S. or 4198 W'est 5740 South or 4242 W. 5655 South. The proceeds from this garage sale will go towards helping to run the little league during the summer. NOTICE: Professional Basketball comes to Kearns. Utah Stars intra squad game at Kearns High school Wednesday September 23rd at 7:30 p.m. Admission $1.00 for adults and 50$ for children. Midwest Construction Company; L. to R. Carl Ohran of Carl Ohran, Inc. LeRoy Anderson, President of Anderson Lumber Company, developer; Milt Fullmer of F.H. A. and Gayle Nielson of Security Title Company. Robert Graham, builder, was absent when picture was taken. Showcase oi Practical Homes Opens Saturday Sponsored by the Home Builders of Greater Salt Lake and the Federal Housing Administration, Department of Housing and Urban Development, 22 model home constructed under the FHA 235 program will be presented to the public SaturdaySeptember 19th. The majority of these homes are eligible for sale under this program. Official opening ceremonies of the Show case of Pracis set for 10 tical Homes a.m. next Saturday at the subdivision, Spring Valley 4650 South 2200 West. Officials of the U.S. Department of Housing andUrbanDevelop-mewill preside. The project has been produced as a public service so the people looking for a home may see the outstanding design and quality of construction available under the Taylorsville Chosen For Display Homes nt program. The show will be open daily from 4 p.m. to dark and weekends 12 noon to dark thru October 4th. No admission will be charged to visitors. Gary Palmer, president of HBA said Our organization is proud to be a part of this FHA program. We feel this is an outstanding program to assist families in obtaining adaquate housing. We thank FHA for asking us to part- icipate. According to Mrs. Connie Thomsen, president of the Womens Auxiliary a booth serving donuts and drinks will be manned by her group. This is mutual effort to display the quality homes being produced by the building industry in Utah under the Federal housing Administration Section 235 program to provide home ownership for lower Income families, the Home Builders Associaton of Greater Salt Lake in con- junction with the FHA, mortgage companies, and other members of the industry. The Spring Valley Subdivision is developed byAnderson Lumber Company with 22 HBA Builders participating. Most of the homes shown are available for sale under the UFA 235 Special Assistant Taylorsville was chosen as the location for the first concerted effort to display homes built under the governments 235 program. Twenty two builder members of the Home Builders Association of Greater Salt Lake and the Federal Housing Administration, Department of Urban Development cooperated in this joint effort. Anderson Lumber Company is the developer of the subat 4700 South and 2200 West. located division Gayle Smith, Milt Fulmer and Robert Graham form the committee in charge of the project. Kearns Cobras Wins Games Kearns teams in the Ute Conference Junior Football emerged with six wins in the ten games played on September 12. The most decisive victory was in the Juniors game against Murray where the Cobras capped a 53 to score. In other scores, the Kearns Junior Mighty Mites No. 1 6 beat Cyprus 20 to 0. The Junior Mighty Mites No. 2 from Kearns beat Grangers Then HighNo. 2 team 27-lands No. 2 team on the Junior Mighty Mite took a win over Kearns No. 3 team. Cyprus defeated the Kearns The MidMighty Mites 13-1 team popped up to No. get deat Cyprus 27-- 0 and the Midgets No. 2 team from Kearns Woops! beat Skyline 0. 6- -0 0. 7-- Granites No. 2 0. team took Kearns Midgets No. 3 by the score of 50-The Cobras Bantams took The Junior Cyprus Bantams also whipped Cyprus 0. 16-1- 28-1- 3.. 2. Four games are scheduled for the Kearns team on Sat., September 19. The Juniors will play South at Kearns at 10:00 a.m. At 9:00 a.m. the Kearns Junior Mighty Mites No. 2 will be at Brighton. The Cobra Junior Mighty Mite No. 3 team will play Easts No. 2 team at East at 9 a.m. Kearns Midget No. 3 team will meet Murray No. 2 team at Kearns at 9 a.m. The young gridders at be will Kearns earning extra money again this yeav by selling Tummy Money Coupons for hamburgers at any Dees Drive-In- s Books in Utah. are 5 for $1.00. Gale Searle head of the local league, urges support to the project which s. will be aided by Mike -- Kel-alde- breakfast is being planned Kearns Junior League football backers for the near future, according to John Driggers, publicity director. A by the |