Show i Farm Housing Loans Are Now Available In Sanpete County The construction and repair of farm houses and other farm buildings may now be financed In Sanpete County by Farmers Home Administration loans the agency reports The same kind of farm housing housing housing hous hous- ing loan program is available as last year when American farm owners borrowed to construct improve or repair farm houses and other essential farm buildings or to provide water for farmstead or household household household house house- hold use Preference is given to veterans but funds are available available available avail avail- able for veterans non-veterans also There are 17 loans of this type in Sanpete County three new dwellings have been built ten dwellings have been remodeled one culinary well has been drilled drilled drilled drill drill- ed and a pressure pump installed install install- ed and eight new dairy barns or brooder coops have been con constructed constructed constructed for a total cost of 96 The borrowers have properly properly pro pro- perly judged their ability to pay and have made the necessary effort to keep their loans current current current cur cur- rent the states Farmers Home Administration loans are provided only when a bank or other lender cannot adequately serve the farm owners owner's owners owner's owners owner's own own- ers er's credit needs at the present time The agency does not compete compete compete com com- pete with conventional or co cooperative cooperative co- co operative lenders but does supplement supplement supplement sup sup- the credit services supplied supplied supplied sup sup- plied by other sources Borrowers Borrow Borrow- ers agree to repay the housing loans within the shortest time consistent with their repayment abilities but no loan schedule can go beyond 33 year years The in interest interest interest in- in terest rate is 4 percent Although housing loans go only to farm owners an owner may borrow to repair or build a house or other farm buildings for his tenants or farm labor labor- ers A borrower must be an American Any farm in involved involved involved in- in must be big enough and operated in such a way as to tobe he be considered an nn actual farm and it must produce a substantial part of the operators operator's annual annual an- an nual rual cash income Farmers cannot use farm housing housing housing hous hous- ing loans to buy land or refinance refinance refinance ance debts Loan a applicants are cautioned against starting construction work or incurring debts for work or materials be beare before before be- be fore are their loans are closed If they expect to obtain their financing financing financing fin fin- through the Farmers Home lome Administration the agency agency agency agen agen- cy warns Farmers buy their building materials wherever they please usually from local de dealers lers They obtain their building plans from any reliable source they choose The Farmers Home Administration tion has a limited number of plans that applicants may use usef If f they j so o desire During construction the agency agency agency agen agen- cy makes periodic inspections to make certain that sound construction construction construction con con- standards arc are FIlA officials state o 0 |