Evening star., 1934-08-30

out the country are starting better
housing campaigns, by means OF
which the full benefits of the plan
will be made available in their COM
munities. The number of such cam
paigns getting under way is increas-
ing every day and it is evident that
within a few weeks this intensive
movement will be widespread. All
these activities are designed to bring
to the property owners of America
complete information about the plan
itself and help them to take advan-
tage of 1t Immediately.
But, you do not have to wait for a
campaign. Here is how you can pro-
ceed at once. If you own property
any kind of real property-which you
wish to improve, you should imme-
diately get estimates as to the total
cost of the work you wish to under
take. Such work may cover simple
repairs-a leaking roof, some new
paint, carpenter work and similar fix
up jobs, or. perhaps you want to alter
your building to increase its comfort
or rental value. A house may be made
more efficient in arrangement, an
Office building may need elevators, a
store might be improved with new
and larger show-windows, or, perhaps
you want to add new heating plant
or bathroom or enlarge your home
to take care of larger family: or
if you are a farmer, perhaps you
want to add a silo or a new farm
building. No matter what work you
want to do, as long as it is an i'm
provement to your property, if you
have not sufficient cash, under this
plan you may borrow the money to
do the work from a local approved
bank or other financial institution or
from your local contractor or building
| supply dealer who has made the
necessary arrangements.
Now assume that you have your es-
innate and know what the work will
cost. What do you do then? Go
to any approved financial institution
and fill out the credit statement they
will furnish you. On this state
ment you will be asked to give in
formation about the ownership OF
your property, your income and other
similar facts. They will investigate
your statement and If your credit
qualities under the regulations of the
Federal Housing Administration and
their own credit judgment, they will
approve the loan.
Regulations Are Simple.
These regulations of the Federal
Housing Administration are very SIM
pie. While no approved financial
institution is required to make a
loan, the Government will insure the
institution against loss If the loan
is made and the following require
ments are met. First, the property
owner must own the property on
which the improvements are to be
made. Second. there must be no tax
liens or other liens against the prop
erty. Third, the mortgage, If there
is mortgage on the property, must
be in good standing. This means
that the terms Of the mortgage are
being carried out In accordance with
the arrangements with the holder
of the mortgage. Fourth, your an
nual income must be at least five
times the amount of the annual pay
ments you agree to make.
That is all-except that you must
agree that the money borrowed will
be used exclusively for repairs, altera-
tions and improvements to your prop
erty and not for any other purpose
and you must repay the loan in
monthly installments, unless you are
a farmer, in which case arrangements
can be made to pay off the. loan when
you receive the proceeds from the
sale of your crops or live stock.
The regulations do not require that
you put up any security, or have any
friend sign your note or that you
keep deposit with the financial in
stitution. Although a financial In
stitution may in their discretion ask