The Daily Alaska empire. [volume] (Juneau, Alaska) 1926-1964, 1945-05-15

WASHINGTON didn't mean
to slop over again into this space
with more about CT Bill loans, but
there wasn't enough room last time
to say anything about farm loans.
Row Hayes, a veteran in Cali
County. Texas. took cut the first CT
farm loan. If you're an ex-service
man, you've surely heard OF Texas.
At any rate, down in You Know the
State, Roy was practically knocking
on the door of the Dallas Office OF
the Veterans Administration before
it opened. 1t opened January 10;
and by January %, Roy had his
loan guaranteed by the V. A. P. s.
He bought the farm.
To be eligible for farm loan, you
meet the same eX-service require
ments needed for a home or business
loan. And to get it, you follow along
the same procedure I've previously
outlined. When the V. A., through
appraisal, is wised up to the fact
that the money a future farmer is
going into hook for is to pay for
farm property or repairs, that the
place will be operated and supervised
bv the veteran, that the chances OF
success are reasonable, and that the
cost is about normal, then the loan
will be OK'd
They tell me over in the De-
partment of Agriculture that, in the
operation of farm, the idea is to
he able to open up your bank book
in November and see a balance that
will cuddle you through the cruel
winter. Evidently it isn't easy. But
it has been pointed out that the
average veteran has educational
rights under the CT Bill So if he
is set on being farmer, why not
first study farming for a year or
SO at some agriculture school? The
v. A. uses the facilities of the Farm
Security Administration to appraise
farm property. 1t uses the FILA
for home loan appraisals and both
the Reconstruction Finance Corpora
ton and the Smaller War Plants
Corporation for appraisals of bust
ness loans
Under the CT Bill guaranteed loan
scheme, the veteran can't be charg-
ed more than 4 percent interest.
The first years interest due on the
part guaranteed by the v. A. will
be free to the veteran-the V. A.
pays it. All loans have to be re-
paid within 20 years-with only one
exception. Amounts borrowed UNI
der the guaranteed plan to buy farm
machinery, Business equipment and
supplies won't be allowed to go un-
repaid beyond the accepted useful
life of the property"
Reports are frequent about how
loan benefits Of the CT Bill aren't
giving much of lift to the EXCL.
The kicks may come from the 664
veterans who failed to get a loan
guarantee certificate.
Later figures than I quoted a
few columns back show that 1888
veterans have loan guarantee certifi-
Gates. These are divided for homes
-3237; business loans-108; farm
loans-44. AS the Veterans Admin
istraticn denied guarantees to 664,
this gives rejection rate of 1879 per
cent, l don't know whether that's
high or not, considering the prices
people are calmly asking these days
for property and things. It's mostly
wild prices that cause the VA. to
refuse lean guaranty certificates.
The CT Bill actually says that the
purchase price paid or to be paid by
the veteran shall not exceed a "rea-
sonable normal value" So, if the
appraiser of the property reports it
exceeds normal value, the V. A.
would be breaking the law if it went
ahead with a guarantee
To remedy this, Representative
Rankin dem. Miss and Senator
johnson Dem COLI have introduc-
cd identical bills in the house and
Senate which would allow veteran
to pay out Of his own pocket the diff
ference between the cost Of the prop