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Show Home Modernization Loans Liberalized Under Title 1 Plan Home modernization will enjoy en-joy a"heaithy..lncrease in southern south-ern Utah as a result of more liberal terms on loans Insured! under FHA's Title I program, ac : cording to W. Arthur Jones, of Cedar Lumber and Hardware Co.. local retail lumber dealer and member of the Pacific Affairs Committee of the National Re-, tail Lumber Dealers. Assn. "Recent changes in the national na-tional housing law permits home owners to borrow more for repair re-pair and modernization work, and monthly payments on larger Jobs are lower than ever before because be-cause owners can take longer to repay a loan if the amount ex-jceeds ex-jceeds $600." Mr. Jones said. I "Monthly payments on major improvements can be as much as 35 per cent lower than under the old law. For example, a loan of $1000 can be repaid over a 5-year 5-year period at the rate of $20.79 per month, whereas a monthly payment of $31.94 was required when the maximum amortization period was three years. "FHA now will Insure nrooertv Improvement loans as large as $3500, as compared with the previous pre-vious limit of $2500. and the rate of interest is lower on amounts over $2500. "In addition, buyers of newlv. built homes now can take advantage ad-vantage of FHA loan Insurance earlier than before. The waiting or occupance period on loans to owners of new homes now Hom not apply on work costing $600 or less, and has been reduced to 90 days on larger loans. "The home ownr has the enoice of repavin FH -""' loans in a shorter period than five years if desired, and amount" as m'l as $100 can be borrowed und' th nlsn. "Th lncr"e In th maximum maxi-mum amount that can be insured insur-ed will be of special Interest to owners wishing to underak tensive improvements on oMpi homes or wanting to add extra rooms to newer dwellings." |