| Show Vets Administration I Information Service i Recently announced housing credit I restrictions have been adjusted to per per- permit knit mit smaller monthly mortgage payments I Ion on GI home bom loans giving the veteran 30 I I years if 1 needed to repay the loan Vet- Vet Veterans VetI Veterans I erans Administration has announced I Under original provisions of ot the new credit curbs to obtain a government II III guaranty on oil a a. home loan the veteran e eran I Iwas was required to I I I 1 Make a down payment ranging from I II on a a. home to 45 per cent centon centon centon I on a 0 home costing or more and I 2 2 Repay the loan within 20 years years' if the home cost more than within 25 years if 1 or less The amount of the down payments remains unchanged The mortgage lend- lend lender lendI I er on his own l authority may extend a maturity m up to 25 years on on- homes at nt ft I or under umer and up to 20 years ears on I those over But in the exception granted by the the adjustment for GI loans V-A V is auth- auth authorized I to approve a maturity up to 30 j years on loans of or any amount If 1 necessary necessary necessary sary to enable the veteran to meet his payments i Actual need must be b demonstrated and prior approval of V-A V is required on longer maturity periods up to the tho year 30 maximum V-A V said I The amount of V-A V guaranty on the the loan the veteran may obtain remains unchanged For veterans who have not used any part of their loan V-A V will wUl guarantee 60 per cent not cent not to to exceed of of the loan i iThe The new restrictions do not apply if it 1 The loan is for the purchase of a o. anew anew new dwelling unit not previously I 00 oc- oc i i on which construction was be begun be- be begun begun gun prior to August 3 1950 or I 2 2 A bona fide contract In writing was made prior to October 12 1950 between a builder or seller and the veteran for the purchase construction repair alteration or improvement of ot re- re j property property- or i 1 3 A request for tor determination of ot rea rca reasonable I value was as received by V-A V prior to October 12 1950 or 4 4 01 The single structure contains more than two family units or 5 5 The loan Is made solely for the replacement reconstruction or repair of Continued on Page Pago Four Vets Administration Information Service Continued from Page one residential property destroyed or or sub sub- stant ally damaged by flood or o r other similar casualty Except as listed d' d dabove above the new res res- restrictions restrictions restrictions apply to all new and ancl existing housing If It tho the veteran uses a govern govern- government ment meat guaranteed loan Tho The cash down payment may not be borrowed from any source except for tal fo re r loans against equities in life Ute Insurance e policies I Tho rho following table shows required require d de minimum down payments If It the house hous e Is to be obtained through use of ot a OI OJ O Oloan I loan I Price of ot Home Down 8 e e 00 00 00 00 00 00 00 1300 00 00 00 00 00 00 00 00 00 00 00 00 50 |
