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Show FHA Loans Are Avaiis'ife for Farm Building, Repair Eligible farm owners in Duchesne Du-chesne county may borrow froro. the Farmers Home Administration to build or repair houses and other essential farm bulidings, Jay S. Fitzgerald, the agency's county-supervisor county-supervisor serving local farm families fam-ilies said today. He said the farm housing loans .were made available under recent re-cent legislation: A total of $50,-000,000 $50,-000,000 has been provided for these loans. Interest on the loans will be 4 percent per year on the unpaid principal. Repayments will be scheduled over periods up to 33 years. A housing loan will be secured se-cured by a mortgage on the borrower's farm. Need Building Plans The agency expects applicants to obtain the building plans and specifications for the improvements improve-ments to be financed with the loans. To help the borrower obtain ob-tain construction that meets generally gen-erally accepted standards of soundness, sound-ness, the Farmers Home Administration Admin-istration will review the plans and inspect the construction as it progresses. The local Farmers Home Administration Ad-ministration county committee will determine whether or not an j applicant is eligible for a housing loan. To be eligible, an applicant must be the owner of a farm, be unable to obtain suitable credit for dwellings and other buildings from other lendeTs, and have enough income from the farm or from the farm and other sources to meet family living and farm operating expenses and repay his debts. Farm housing loans are made under the authority of Title V of the Housing Act of 1949, as amended. Further information on the loans may be obtained at the county (Continued on Back Page) FHA LOANS (Continued From Page 1) office of the Farmers Home Administration Ad-ministration Jocated at Roosevelt, Utah. The farm families in Duchesne County who operated their farms or bought, enlarged, or developed their farms with funds borrowed from the Farmers Home Administration, Adminis-tration, spent a total of $645,000 for farm and home operating expenses ex-penses during the fiscal year 1956, and spent an adidtional $250,000 for equipment and other capital investments needed to run their farms. This money came from their farm incomes which were made posible through operations financed by their loans, and practically all of it was spent locally. |