The Lexington advertiser. [volume] (Lexington, Miss.) 1904-1985, 1946-08-15
Veterans Farm and Home Purchase All OF
Mississippi Explained By Service Officer

The veteran will then mail, either
through the local service officer or
direct, to the Veterans Farm and
Home Board, Jackson, Mississippi
two copies of the application, the
certified copy of his discharge and
option.
These papers will be promptly
reviewed by the Secretary of the
Veterans Farm and Home Board
and if the veteran and the property
appear to be eligible, one copy Of
the application will be mailed by
the secretary to the Local County
Farm and Home Advisory Commit
tee. This committee, of not less than
three men, will review the appli-
cation, examine the property and
may interview the applicant If con-
sidered desirable. 1t will then pass
upon the application, recommend
ing approval or disapproval, or pos
sibly suggesting a lower price.
If the Application Is approved by
the local committee, it will be re-
turned to the State Board, which
will then order an appraisal. The
veteran will at this stage be asked
to pay the appraisal fee-the amount
will vary depending to some extent
on the location and type of property,
ranging from a low of $40 to a high
of possibly $25. Appraisals will be
made by local appraisers on the Vet
erans' Administration approved list.
(The Veterans Administration, how
ever, has no connection with the
state appraisals.)
If the property appraises for the
selling price, and there is no other
adverse factor involved, the State
Board will then approve the pur-
chase.
The seller will be notified that
the State will buy the property for
resale to the veteran. The seller will
be required to furnish title insur-
ance at his expense.
The State will pay the seller in
n lump sum for the property and
take title for it. At the same time,
the veteran will sign a purchase con-
tract will set up the complete terms
of the sale, the amount paid down
and the amortized payments over q
period of twenty years at four per
cent (4%) interest.
The veteran will pay at that time
10 per cent down in cash. In the
case of a purchase where the price
exceeds 100000, he will pay the
difference above $4,000.0 90, or ten
per cent (10%) of the total price,
whichever is the greater.
The veteran must live in the
house, or farm the farm. He must
take possession in 60 days from date
of purchase.
The veteran may pay any or all
OF the balance due at any time with
out penalty or interest. When he has
paid as much as twenty-five per
(25%) Of the purchase price
tthls will include the ten per cent
down payment) he will re-
celve a warranty deed, and the State
will take a deed of trust to secure
the remaining unpaid balance.
The State Board will not make an
advance to build new homes, nor
1T make a loan on property
already owned.
The State purchase will be limited
real estate, and will not include
personal property. 1t is expected
that legal te~chnicalities can be adj
justed in the future to permit the
veteran to use his G. I. Loan Guar
anty in the state program and thus
avoid any down payment in cash.
However, this has not yet been
worked out because of several dif-
ferences in the State and Federal
laws.
Qualified veterans of World War I
are also eligible under the State