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Show Returning Veterans Can Buy or Build Homes With Federal Aid In one section of the "G.I. Bill of Rights" congress recognized taat one of the most fundamental hopas of the returning veteran will be tor a good home. It provides that the Federal Government, through the Administrator of Veterans' Affairs, will guarantee up to 50 per cent or a maximum of $2,000 loans made to veterans for the purchase, construction, construc-tion, repair or improvement of homes or for paying off over-due debts, taxes or special assessments on homes owned by veterans. Where a veteran on his own behalf be-half secures a first mortgage on his borne from a Federal agency or under un-der Federal insurance, he also ean borrow a down-payment through a second loam up to SJ.000. fully guaranteed guar-anteed by tfee Tederal Government. The law limits the interest rates which may be charged and requires repayment within 20 years. A veteran can buy a home without having the ready money for a down payment, if he hai a job or income in-come which win nable him to repay re-pay his loan on easy terms over a long period of time. The bill also require that the purchase price and repAjment terms for homes financed under the act be reasonable, reason-able, and that tile properties be suit- I able for dwelling purposes. It is estimated that about 1.400.000 married mi en in the armed services will need houses immediately after their return to civilian life. |