Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1934-09-06
A u
TELLS HOW TO SECURE
HOUSE REPAIR LOANS
A Statement in Which Every Reader
Who Wishes to Improve or Re-
model His Property VIII
30 interested

ton and repair OF homes and bust
ness property. 1t is urging the pub
lie to make repairs or to do such re
modelling OF homes as would make
them more livable, and advising the
people that the national housing ac'
has made 1t possible to finance
through their local banks or Other
financial institutions many such re
pairs or r~emodelings that would not
otherwise be possible. AS a means o.
explaining the operations OF this aci
the Housing administration has Is
sued the following statement:
/. You may have certain property
improvements already In mind-the
small Investments that pay large
dividends in better living. Perhaps
plaster. or q complete ~remodeline
Job. In addition to the items you
may have planned already, check
your property against the list OF re-
pairs, alterations and improvements
suggested In this booklet.
2. Decide what improvements you
can afford to make nOw-or at least
thu \ q yO0 HAA4O RAiOAA
to neglect m longer.
8. Call a contractor, or get In touch
with your local better housing com
mittee II there is one in your com
munity. Any Of these individuals or
agencies cooperating with the Fed
eral Housing administration Will
gladly estimate the cost.
4. Then the question. How
shall | pay for these improvements
ideal way to pay.
But IL you should find it more con-
venient to pay out OF your regular
income-the investment Is a sound
one, and now is the prudent time to
go ahead. The better housing pro-
gram has oiled the machinery OF
credit sc that you may pay easily
and conveniently for property i'm
provements made at once.
Or you may arrange directly for a
low-cost, long-payment loan with
your own local bank. building and
loan association or other financial
institution cooperating with the gov
eminent.
The way has been smoothed-the
future OF your property Is up to you.
Here's What You May Be Asking
i. Who may apply Any property
owner, individual. partnership or cor
poration, with a regular income from
salary, commission, business or other
assured source. 1t is not necessary to
be a depositor In the financial insti-
tuition consulted.
2. To whom do | apply To any
national bank, state bank or trust
company, savings bank, building and
loan association or finance company
approved by the Federal Housing ad-
min~istration. or to a contractor or
building supply dealer.
3. Do / borrow money from the
government? No.
4. How much may ] apply for!
From 800 to 5000 depending on
your income, for improvements on
any one property. "A like amount In
connection with not more than five
properties $4,000 maxim um on
each). Approval by the Federal Hous-
Ing administration, Washington, D.
C., must be secured by the lender In
advance for loans on more than five
properties.
s. How long may notes run? For
any number OF months from n TO
three years. Notes extending from
81 months to five years may be SUD
mitted to the Federal Housing admin
istration by financial institutions for
special con~sideration.)
6. What security is required! Only
that you have an adequate regular
income and a good credit record 10
your community.
Z. What assurance need give!
(a) That you own the property.
Iessees under repairing leases"
may qualify under special circum-
n which the local lending insti-
tutions can explain
(b) That the annual income OF the
stgners OF the note Is at least i've
times the annual payments ON the
note.
(c) That your mortgage, II any,
Is In good standing, and that there
arc no past due taxes, interest or
liens against your property.
(d) That you will use the pro-
ceeds solely for property improve
ment. ~.
s. What is the cost OF this credit.
The financial institution may not col
lect as interest and-or discount and
or fee OF any kind, a total charge IA
excess Oh an amount equivalent TO 70
DER 500 OF the original face amount
OF a one year note, deductfble III ad-
vance.
For example. II you need $z85 loI
housing improvements, you mlsnl
sign a note for $500 payable In AZ
equal monthly indictments. In this
case the note would not bear inter
est. because the maximum charge
permitted ($15) would be included IN
the face of the note
II you borrow a large amount, or
II you repay in equal monthly Install
ments extending beyond one year
from Is months to 3 years-the total
charge permitted would be at a pro-
p~Ortionate rate.
8. Do / pay any other chargef No.
10. How 40 / pay the note? BY
making regular, equal, monthly pay
ments seasonal payments for iarmr
ers and others with seasonal income)
until the note is paid in full.
II. May the owner Of any kind OF
property apply7 APPLICATIONS Will be
considered for credit to improve one
- A--n~r ~r nfhnr pnatAanr<