OCR Text |
Show Government Control Of Loans Expected ! To Conserve Material To prevent inflation and conserve con-serve building materials for defense purposes. Government controls on loans for both farm and city houses were put into effect Oct. 12, 1950. Loans cannot be made for the full amount needed for repair or construction of farm dwellings, if the amount needed is more than $2,500. Loan limits are based on a percentage per-centage oi the estinu'.ed cost of the proposed construction plus, in the ca.e of a new house, 5 per cent f the construction cost as an allowance for the building lot. Veterans may borrow a little larger proportion of the amount needed than other farm owners. For example, a veteran's maximum max-imum loan to build a $7,000 house is S6.7G2, while a non-veteran's non-veteran's loan to build a $7,000 house is limited to SC.027. Maximum payment periods on loans for more than $2,500 were shortened. Loans between $2,500 a.id $7,000 are repayable in a maximum of 25 years, and loans for more than $7,000 in not more than 20 years. Further details on how the crpdit controls affect farm housing hous-ing loans may be obtained from the Farmers Home Administration, Administra-tion, office located in Room 216, Federal Building, Cedar City. I MM MUMIIIIHIIMIIH MMM IHHUMIWN MM Ma |