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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Aug 07, 1938
Page
14
FHA officials note that buyers, especially home purchasers, want clear value from FHA insured mortgages. Benefits include FHA plan inspection of new homes, location stability, and monthly payments avoiding large lump sums. Since inception, 242,220 mortgages insured totaling nearly 1 billion dollars show only 246 foreclosures, signaling strong lender and borrower protection.
The annal report from the Federal Housing Administration shows high demand for small single family homes in 1937. Ninety four percent of mortgages becoming premium paying were for single family houses with an average loan of 4157 dollars at 17 years and one month.
The Federal Housing Administration plans to participate in major fairs in 15 states over the coming months. Exhibits will show how farmers may use the FHA farm mortgage program with an FHA farm valuator available to explain it. Applications are being considered and offerings depend on unit availability.
Damp basements result from improper back filling when a foundation is refilled with rubbish. Water collects along walls and seeps through cracks into the basement. Remedy involves refilling with clean, carefully packed dirt and, in extreme cases, installing a tile drain at trench bottom.
Federal housing official Seward H. Mott urges strict zoning and frontage limits to shield residential areas from encroaching multi family and commercial development. He warns unrestricted commercial spillover can ruin land values and mortgage eligibility under the National Housing Act. Restrictions by deed or zoning help maintain or raise property values and reduce adverse competition.
The Q and A advise placing a light over the sink, near the stove, and a center light, with electrician installation. For chimneys, footings must extend below the local frost line and be designed to support the load.
A paint dealer can best assist you in choosing a paint that fits your needs for a basement concrete wall. An FHA appraisal cannot occur without applying for an insured loan.
Eligibility for a 15 year insured FHA loan depends on a property evaluation. An examination of the house is required to determine suitability and compliance prior to loan approval.
In selecting a home site, a side street is usually preferable to a main thoroughfare because it offers less noise and danger and more privacy.
Expert notes that surrounding exterior cellar walls with drain tile can help keep a cellar dry. Ensure the walls are reasonably tight to prevent moisture ingress and consider directing tile drainage into a sewer or other appropriate outlet where available.
The report notes that in over four fifths of financed houses borrowers pay under 20 percent of income for monthly mortgage payments. It also states that homes bought with insured mortgages represent less than two times the buyer’s annual income in 56 percent of cases.
Officials clarify how mortgage insurance limits are set under the FHA plan. Factors include sound risk, quality construction, good design, and neighborhood value. even small homes valued at $2,500 can qualify for 80 or 90 percent insurance if they meet criteria.
A borrower taking 20 years to pay a $5,000 loan under insured mortgage saves about 40 percent in interest versus an old form loan with renewals. At 5 percent, fixed mortgage would cost $250 in interest yearly totaling $5,000 over 20 years, while insured mortgage requires monthly payments of $33, totaling $7,920 but ending with full home ownership.
Noises in a home can be materially reduced with careful planning. Build on a solid foundation, place closets between rooms, soundproof walls, and use independent footing for boilers and AC. Water-line air chambers and duct treatment also help. Modernization or FHA credit plans can fund these improvements.
The National Housing Act is permanent legislation and the Federal Housing administration a permanent governmental agency. Debentures issued against Housing administration's mortgage insurance fund guaranteed by the United Treasury.
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