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Show FHA rural housing loans available to more families Many additional families in Utah are now eligible .or rural housing loans from the Farmers Home Administration, FHA County Supervisor Don L. Rasmussen announced today. to-day. "In families where both husband hus-band and wife are employed," Mr. Rasmussen explained, "the new policy permits half of the wife's gross income to be ex-. ex-. eluded in determining whether the total family income is within the maximum limit for loan eligibility." For example, "the husband is the principal source of in-v come with $6,500. His wife earns $4,000. His entire income in-come plus half of his wife's or $2,000 total $8,500. This is with in Utah's moderate income in-come level of $8,500 so the family may be eligible for a Farmers Home Administration loan. James V. Smith, National Administrator of Farmers Home Administration, emphasized empha-sized that newly-eligible fam-"i fam-"i llies must demonstrate that they otherwise merit FHA financing, fin-ancing, and that credit is not available from regular commercial com-mercial sources. "The new policy will assist families in which the wife's income is needed to improve the standard of living. Note that if the wife is the principal princi-pal breadwinner, the rule does not apply. This change will in no way affect our expanding service to low-income famil ies," Mr. Smith said. Loans may be made to families fam-ilies that will buy or build homes in open country or towns of up to 10,000 population, popula-tion, and who are not able to secure credit from regular commercial sources. Complete information is available from the agency's county office at the Federal Building, Cedar City, Utah. |
