Evening star., 1938-12-10
F. H. A. Insures Loans
OF Over S40,000,0O0
For Washington Area
1888 to Top Any Of Three
Preceding Ones, Says
Head of D. c. Office

Loans for more than $4,000 900
for home financing, property i'm
provement and rental housing con-
struction in the Washington metro
politan area have been insured by
the Federal Housing Administra-
ton, Henry H. Dearing, director of
the District of Columbia office, said
today
Insuring of home mortgages in
the District area has progressed
at an accelerating pace, Mr. Dearing
said, and 1898 will far exceed any
of the preceding three years in the
volume of this business handled by
the F. H. A. for the region. He
said the rapid increase this year,
especially since the National Hous-
Ing Act was amended in February,
indicates growing acceptance of the
F. H. A. home financing plan by
the public and by lending insti-
tutions.
The most significant development
of 1888 has been a sharp gain in
the proportion of mortgages for
financing new homes constructed
under F.. H A. inspection. Approx
mately 50 per cent of the mortgages
selected for appraisal in 1888 have
been for new F. H. A.-inspected
homes, COMPARED with only Is per
cent in 1887,
Mostly Small Homes.
Of the aggregate volume of in
surance written by the F. H. A.
through November, $2l,236. 800 rep
resents small home mortgages. In
addition, II rental housing projects
have been financed, under the in
sured mortgage system in the Dis
trict and the adjacent counties of
Maryland and Virginia. providing
1908 residential units and involving
mortgages totaling S1O,355 900. AS
OF the close of business october 81,
the latest date available, 1881
.modernization notes. amounting to
So 1895 600. had been insured for the
improvement of property located in
the same area.
The largest part of these F. H. A
insured loans have been made by
commercial banks and trust COM
panies, savings banks, mortgage
companies and life insurance COM
panies transacting business in the
District.
Figures for the month of Novem-
ber, which have just become avail
able, show that 231 small-home mort
cages were selected for appraisal
by the local F. H. A. Office in the
amount of $l,276,OOO. This COM
pared with only 66 mortgages for
1899 600 in November, 1887. Mort
cages accepted for insurance during
the month totaled 178 in the amount
Of S990,400. compared with 54 for
S302, 200 in November, 1887.
Rise for November.
For the II months through No.
vember 3055 small-home mortgages
were selected for appraisal. totaling
SIT $4,000. This was an increase of
1854 per cent in number and of 152
per cent in dollar volume over the
same period of 1887. when 1855 ap-
plications totaling $6,949 800 were re-
ceived.
Small-home mortgages accepted
for insurance this year through
November totaled 1891 amounting
to S7,8900Oo, an increase of Sc per
cent in number and of so per cent
IN dollar volume over the 1887 pc
riod, when 1872 mortgages amounting
to s5,258,800 were accepted for in
Surance.
Mr.. Dearing pointed out that of
the current years total of mort
cages selected for appraisal, $4,2l6,-
600 represents applications for con-
ditlonal commitments on 1893 houses
which are being built under F. H. A.
inspection. The practice of obtain
ing F. H. A. approval by builders is
becoming increasingly prevalent in
this area, Mr.. Dearing said. Condi-
tional commitments to insure are not
included in the total of MORTGAGES
accepted for insurance until the in
dlvidual home purchaser is approved
by the F. H. A., fact which accounts
Tor part Of the spread between ap-
pllcations and acceptances.
Calvert, Charles. Montgomery,
Prince Georges and st. Marys Coun-
ties IN Maryland and Arlington,
alexandria and Fairfax Counties in
virginia are serviced by the District
OF Columbia insuring Offices. They
account for substantial part of the
business handled by the F.. H. A..
locally,