The midland journal. (Rising Sun, Md.) 1885-1947, 1934-09-14
HOUSING ADMINISTRATION TELLS
HOW TO SECURE REPAIR LOANS
"A Statement in Which Every Reader Who Wishes to Inn
prove or Remodel His Property
5afa4ss Will Be Interested.

| If you repay In equal monthly install.
ments extending beyond one year
from Is months to 8 years-the total
charge permitted would be at pro-
portionate rate.
10. Do pay any other charge? No.
IL. How does this cost compare?
Compared with ordinary 60 or 90 day
bank loans, 1t Is higher. Compared
with the same type of loans payable
in monthly installments, it is much
lower than heretofore available. The
reduced cost is made possible because
of the government credit insurance to
the financial Institution.
This type of loan makes 1t possible
for you to spread the payments over
a long period. You do not have to
keep money on deposit with the insti-
tuition making the loan. You do not
have to give a mortgage. You need
not have friends or others sign your
note, and you reap the benefits Of the
improvements now.
IL. How do pay the note? BY maxi
ing regular, equal, monthly payments
seasonal payments for farmers and
others with seasonal income) until the
note is paid In full.
Is. May the owner Of any kind of
property apply? Applications will be
considered for credit to improve one
family, two-family, or other residences:
apartment buildings, stores, oniso
buildings, factories, warehouses, farm
buildings.
IA. Must l use specified building
material? No, you are investing your
own money (even though borrowed)
In better housing. There will be no
restrictions on your rights as an own
er to use such materials and employ
such methods of construction as you
may decide-provided they meet the
approval Of the lending agency.
Is. May borrow to buy housing
equipment? Yes, If the equipment is
an integral part Of the improved
building. Furniture, refrigerators,
stoves etc., are movables (unless built
in) and are not permitted under terms
of your loan.
f6. Where do / make payments?
The regular installment payments will
be made in person at the place Of bust
ness Of the financial institution; or
by mail; or as otherwise arranged.
No payment shall be made to any gov
ernmental office or organization.
II. May I pay the note in full be-
fore maturity date? Yes, at any time.
no IN vryi1l no oil rnd
for prepayment, If charges have been
collected in advance.
IS. May I.pay more than one Install
ment at time? Yes, as many as you
wish, but such payments should be
in exact multiples of the agreed pay
ments-that is, if monthly payment is
$40, advance payments should total
$40. $50, etc.-not, for example, odd
sums such as $18 or $25.
10. What If am late in making my
payments? The maker must not per-
NIT his payments to fall in arrears
Should a payment be more than Is
DAYS late, the financial institutions
expense, caused thereby, may be re-
imbursed in part at the rate Of not
more than five cents per dollar for
each payment in arrears. Persistent
delinquency will make 1t necessary
for the financial institution to take
proper steps to effect collection in full.
Note: If you are not eligible for
a loan under the terms of the national
housing act, you may be eligible for
a conditioning loan from the Home
Owners Loan corporation, which has
recently established reconditioning
division. Any one Of the banks in your
community will advise you where to
make your application.
nEPr,N LnNn RI eAEEHlfAPR