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This newspaper page contains 13 articles. Subscribers can read the full text of each article.
Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Sep 11, 1938
Page
16
The article explains that high Victorian era ceilings often hinder cooling and ventilation. It notes spaces above 12 inches from window heads need thorough ventilation and advocates lower ceilings for energy savings. Modern planning favors lower room heights, attic conversion potential, and FHA insured loans for modernization through the Property Improvement Credit Plan.
The National Housing Act is permanent legislation and the Federal Housing Administration a permanent governmental agency. Debentures issued against the Housing Administration's mutual mortgage insurance fund are guaranteed by the United States Treasury.
The article explains that FHA does not lend money directly. It insures loans made by private financial institutions under the National Housing Act provisions.
FHA reports 2,828 private lenders nationwide offering property improvement credits through June 30 1938. Banks lead with 1,367 national banks and 1,216 state banks and trust companies issuing notes for insurance totaling over 51 million dollars.
Farmers planning refinancing of farm property or construction or repair of farm buildings may apply for loans through private financial institutions approved by the Federal Housing Administration in its Farm Mortgage Program. Banks, building and loan associations, life insurance companies, or other lending agencies approved by FHA are in such groups.
An insert in two U S Department of Agriculture booklets explains financing repairs alterations or improvements to farm property under the Tithe 1 property improvement credit plan of FHA s farm mortgage program. It describes obtain a property improvement credit loan from FHA qualified private lenders to fund repairs alterations or new structures on farms.
Farmers may use loan proceeds from FHA insured mortgages to build or repair farm structures including houses barns sheds poultry houses and silos. Lenders approved by the Federal Housing Administration supply these loans and farm land may be financed with them.
A farmer burdened by short term high interest mortgages could swap them for a single FHA insured farm mortgage under a new FHA farm mortgage program. If the property meets FHA standards and at least 15 percent of the loan funds home or building work, the new loan may replace existing obligations.
The article states the maximum interest charge for farm mortgage loans insured by the program is 5 percent, with a mortgage insurance premium between 1.4 and 1.2 percent. Payments can be made monthly, semiannually, or annually, and loans may be repaid over 20 years. For new owner occupied homes up to $5,400, repayment can extend to 25 years.
The plan applies to loans where 15 percent or more of the loan amount funds materials and labor for constructing or repairing farm buildings, making borrowers eligible only if this share is met.
There were 6,424 private financial institutions in the United States Hawaii and Alaska financing mortgages accepted for insurance by the Federal Housing Administration at the end of June 1938. Institutions included banks savings institutions mortgage companies and miscellaneous lenders with Pennsylvania leading the totals.
A series of practical homeowner tips. Installing a bell under a dining table can use a floor button with a rug over it or a movable plate for relocation. Extra floor plugs should be installed by a qualified electrician to avoid fire hazards. Tile can replace wood paneling with proper prep.
The data shows 6 424 institutions financing FHA insured mortgages, far ahead of other groups. National banks total 2 055, building and loan associations 1 431, mortgage companies 193, insurance companies 193, savings banks 189, and all others 45.
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