| OCR Text |
Show G. I. Loans, Unemployment Compensation Offered to Korean Veterans Under New Bill Editor's Note: This is the sec- ond in a series of three articles published by the Iron County Record to inform veterans of southern Utah of the benefits due them under the new G. I. Bill recently signed by the president. pres-ident. The loan provisions of the new GI Bill for post-Korean veterans are similar to the GI loan program pro-gram now in effect for World War II veterans. Some changes have been made, however, to protect the interests of home-buying home-buying veterans. The amount of VA guarantee on a loan is the same for both groups of veterans. Home loans may be guaranteed for up to 60 per cent of the loan, but the guaranteed portion may not exceed ex-ceed $7,500. Other real estate loans may be guaranteed up to 50 per cent, with a $4,000 top. And non-real-estate loans, such as GI business loans, may be guaranteed for up to 50 per cent with a $2,000 ceiling as to the guarantee. All such loans also may be insured. VA's direct loan program, now in effect for World War II veterans, vet-erans, has been extended to veterans vet-erans who served . since Korea. Under the program, VA may make loans directly to veterans, but only in certain areas where four per cent GI loan money is not available. GI loan safeguards, written into in-to the new law, apply both to World War II veterans and those with post-Korean service. Among them are the following: A veteran's property must meet or exceed minimum requirements for planning, construction and general acceptability. This provision pro-vision doesn't apply to construction construc-tion started within 60 days of the day the President signed the bill, nor to houses which have been completed at least a year before they were purchased with a GI loan. VA may refuse to appraise any dwelling or housing project or building by anyone who has attempted at-tempted to take unfair advantage advan-tage of veterans in the past. Ex-amples Ex-amples would be substantial deficiencies de-ficiencies in the house, failure to discarge contract liabilities, or unfair practices in regard to contracts con-tracts or marketing of the houses. Also, VA may refuse to guarantee guaran-tee loans made by lenders who have failed to service loans adequately, ade-quately, who have failed to keep adequate loan accounting records, rec-ords, who have shown poor credit cre-dit judgment; or who have engaged en-gaged in other practices detrimental detri-mental to the veteran or to the government. In the case of World War II veterans who have returned to active duty, their unused loan entitlement under the World War II GI bill will be replaced by the same amount of entitlement under the new law. The result is that they won't be bound by the GI loan deadline of July 25, 1957. set up in the earlier law; instead, under the new law, they'll have have 10 years from the end of the present emergency to obtain GI loans. The new GI bill's unemployment unemploy-ment compensation program, administered through the states by the U. S. Department of Labor, provides unemployed post-Korean post-Korean veterans with payments Df $26 a week, up to a total of 26 weeks. The top amount that any veteran can get, therefore, is $676. The unemployment program takes effect 90 days from the 'date the bill is signed. It has been tied in with the new law's mustering-out program in the following way: A veteran entitled to $100 mustering-out Day can't get unemployment unem-ployment compensation until 30 days after discharge or 90 days from the date the bill is signed the effective date of the programwhichever pro-gramwhichever is later. A veteran vet-eran who gets $200 mustering-out pay has to wait until 60 days after discharge or 90 days after the bill is signed, while one who receives $300 must wait either 90 days after discharge or 90 days after the bill is signed, whichever which-ever comes later. |
