The midland journal. (Rising Sun, Md.) 1885-1947, 1934-09-14

crate promotion campaign for the re-
mobilization and repair of homes and
business property. 1t is urging the
public to make repairs or to do such
remodeling of homes as would make
them more livable. and advising the
people that the national housing act
has made it possible to finance
through banks or other financial in
situations many such repairs or remod-
elings that would not otherwise be
possible. AS a means of explaining
the operations of this act the Housing
administration has issued the follow
ing statement:
/. You may have certain property
improvements already In mind-the
small investments that pay large divi-
dends in better living. Perhaps it's
light switches, paint, plumbing, plas-
ter. or complete remodeling job. In
addition to the items you may have
planned already, check your property
against the list of repairs, alterations
and improvements suggested In this
booklet s
2. Decide what Improvements you
can afford to make now-or at least
the Improvements you cannot afford to
neglect any longer
8. Call a contractor. Off It's an
important job-an architect. Or get
in touch with your local better hous-
ing committee if there is one in your
community. Any of these individuals
or agencies cooperating with the Fed
eral Housing administration will
gladly estimate the cost.
4. Then comes the question: How
shall I pay for these improvements?
If you have the cash-cash Is the ideal
way to pay.
But If you should find 1t more con-
venient to pay out of your regular In
: come-the investment is sound one,
and now is the prudent time to go
ahead. The better housing program
has oiled the machinery of credit so
that you may pay easily and conven-
iently for property improvements
made at once.
Your contractor or supply dealer Is
d
Or you may arrange directly for
low-cost, long-payment loan with your
own local bank. building and loan as
sociatfon or other financial Institution
cooperating with the government.
The way has been smoothed-the
future of your property is up to you.
Here's What You May Be Asking
1. Who may apply? Any property
owner, individual. partnership or cor
poration, with regular income from
salary, commissions, business or other
assured source. 1t is not necessary to
be a depositor in the financial institu-
ton consulted.
2 2. To whom do l apply? To any
national bank, state bank or trust
company, savings bank. Industrial
bank, building and loan association
or finance company approved by the
Federal Housing administration; or
to contractor or building supply
dealer.
8. Do borrow money from the gov
eminent? No.
q. How much may apply for?
From 500 to $1,000 depending on
your income. for improvements on any
one property. A like amount in con-
nection with not more than five prop
critics $4,000 maximum on each(. APP
proval by the Federal Housing admin
istration, Washington. D. O., must be
secured by the lender In advance for
loans on more than FIVE properties.
3. How long may notes run? For
any number of months from one to
three years (Notes extending from 81
months to five years may be submitted
to the Federal Housing administra-
ton by financial institutions for spe-
cial consideration.)
9. What security is required? Only
that you have an adequate regular In
come and a good credit record in your
community.
z. What assurance need give?
(a) That you own the property.
(Lessees under repairing leases" may
qualify under special circumstances
which the local lending institutions
can explain.
(b) That the annual income of the
signers of the note is at least five
times the annual payments on the
note. Aa-1
.(c) That your mortgage, If any. is
In good standing, and that there are
no past due taxes, interest or liens
against your property.
(d) That you will use the proceeds
solely for property improvement.
8. What signatures are required?
Signature of the property owner; and
Except in special cases) If the own
or is an Individual and Is married.
also signature of wife or husband.
No other co-signers or endorsers are
required.
9. What is the cost of this credit?
The financial Institution may not col
lect as interest andIor discount and/or
fee Of any kind. total charge in ex-
cess of an amount equivalent to IS
per 800 of the original face amount
Ill ~..A4 t.