OCR Text |
Show New VA Housing Act Controls Loan Discount Charge Fermlssable discounts on GI home loans, ranging from 2 Mi to 5tt points according to locality and amount of down payment, have been announced by the Veterans Vet-erans Administration. VA control of discount rates on CI guaranteed home loans Is directed di-rected in the recently enacted Housing Act of 1957. The new controls ' will apply to all G I homes for which appraisal requests re-quests are received by VA on and after Aug. 5. VA said discounts cannot be charged to a veteran buying a home under VA guaranty, but muts be absorbed by the builder build-er under the GI Bill. No allow ance for the discount rate paid by thi builder will be made by VA in appraising GI homes, the agency said. However, in accordance with the new law, VA said it will limit the fees and other charges payable by the builder in obtaining obtain-ing construction financing. Both builders and lenders will be required to certify they have not and will not impose any charges, fees, or discounts in excess of those permitted by the agency, VA said. |