Evening star., 1947-10-08
Here Are fhe Facts
About How 10 Buy
Under FILA Program
Agency Insures Looms
Of as High as 90%
Of Appraised Value

The number Of American fam
fltes wanting or needing to buy or
build a home of their own has never
been greater than it Is today, and
more people than ever before are
buying or building their homes un-
der the insured mortgage system Of
the Federal Housing Admiristra-
ton.
From the founding Of FILA In
June, 1884. through August, 1347,
more than 1,760,0 American fam
lilies had bought or built their
homes under FHA's insured mort
gage system with mortgage loans
amounting to STAT, ,000, ,O00-all cd
vanced by FHA-approved institu-
tions, such as commercial banks and
trust companies, savings and loan
associations, mortgage companies,
insurance companies and savings
banks.
FILA itself does not build houses,
nor does it lend money. The family
using the insured mortgage systems
benefits in many ways.
CHIEF Features OF Plan.
Chief features. of the FHA plan
Of home ownership are:
/. Lower financing charges.
2. Long term, large percentage
loans, extending over a convenient
period of years.
3. Repayment in monthly INSTALL
ments-about like rent-suited to
the borrowers income.
4. Inclusion Of taxes, interest and
insurance in the monthly payment.
S. Elimination of second mort
cages and the need for periodic and
expensive refinancing.
6. Protection of the lender by
FHA insurance.
7. Improvement Of housing stand
ards and conditions.
The protective features and safe
guards offered by the FILA plan
apply to any house, regardless of
cost.
Steps to Ownership.
Here are the steps to home own
ership under the FILA Plan:
l. The first step in building OF
buying a home is to decide how
much you can afford to invest.
2. The next step is to decide on the
location and the type Of home best
suited to your family needs. If
you plan to buy a home already
built, you can probably save your
self both time and effort by asking
a local builder or real estate firm
to show you homes eligible for
FHA-insured financing. If you plan
to build, it is best to get sound
technical advice at the very begin
ming. Talk things over with local
architect, builder or material dealer
8. When you have found the house
you wish to own-or when you have
a rough plan and tentative estimate
for the house you wish to build
the next step is to apply for an
FHA-insured mortgage at any FHA-
approved lending institution.
Many real estate firms, contrac-
tors or building material dealers
will help you file your application
Take the lender into your confidence
and tell him not only what youl
income and assets are, but also what
your current expenses and obliga'
tions are.
1t is necessary for him. to have
this information so he can arrange
payments which come within YOU
means and are convenient to meet.
The amount of the loan, repay
ment period, financing charges, ane
other specific details Of the trans
action are matters to be arranged
between you and the lending insti
tuition, although the lender himsel
will be guided by FILA limits.
The down payment does not hav'
to be met in cash, If you alread.
own building lot acceptable as al
or part of the down payment.
4. AS soon as the FILA commit