Browning chief., 1948-03-05
Home Loans frightened

A total of $4,000 World War II
veterans were able to buy homes
during 1947 under the G.I. law as
compared to 100000 in 1916, a total
of 1,056,711 homes purchased since
the law was enacted.
Reviewing the past years loan
transactions VA finds that the aver
age home bought by veterans in
1947 carried price tag of $1,000.
Four of every 10 paid more than
$4,000 and one in 20 paid 81, 1000 or
more for his home.
Out of the total of homes pur-
chased, however, only about 100000
were for newly constructed homes,
averaging $4,000 each. OF the total
home loan mortgages totalling well
above six billion dollars, nearly half
of which is guaranteed or insured
by VA, claims paid to date on de-
faults total slightly more than a.
million dollars.
From federal reserve bank
sources, however, indications are
that veterans are being caught in
general credit Tightening and that
fewer and fewer 100 per cent loans
are being made by the banks and
other lenders. According to the
banks, the reason is that many vet
Grams regard these 100 per cent
loans on which they make no down
payment as rent, not buying, and
since they have no equity to protect,
they let their monthly payments
lag. Banks therefore are planning
to make veterans put up more cash.
Questions and AnsuDers
This column is indebted to T/Sgt.
H. E. Slaughter, public information
officer of the army and air force re-
cruiting station at Baton Rouge,
La, for directing our attention to an
error in a recent column. We had
informed an Orlando, Fla, wife that
her husband, who had reenlisted in
the army, was not entitled to a G.I.
loan in order to buy a home.
The facts are that any member of
the armed services who has been
separated, even for only matter of
hours, is in status by Veterans ad-
ministration as a veteran and en-
titled to all the privileges and bene-
fits of the G.I. bill even if he re-
enlists in any branch of the service.
So to Mrs. G. G. T., at Orlando,
your husband who has reenlisted in
the army for two years, is entitled
to make application for a CT. loan
for purchase of home.
q. 1 am the widow of World War
II veteran. have one little daugh-
ter, age six. I have been unable to
take care Of her and she has been
living with friends of mine a short
distance from the town in which 1
live. believe the child is entitled to
a pension for the death Of my hus-
band, hut am wondering If I can
collect this pension since she does
not live with me. Can you advise
me?-Mrs. H. G., Mineral Wells,
Tex.
A. Yes, the child is entitled to
pension payments. These payments
may be made either to you or to the
persons who have custody of the
child, preferably the latter if they
are to continue the child's care. Sug-
gest you get in touch with your
nearest VA Office, or the office you
contacted for your own widows
pension.
@. Win the subsistence allowances
now being paid to veterans taking
educational courses under the G.I.
bill be increased by this congress?
*. L. NICK, Rocky Mount, N. C..
A. AS this is written, all indica-
tions are that subsistence allow
ances will be increased, since a bill
for this purpose has been passed by
both houses and will soon 60 to the
president for signature.
@. My wife and I are homestead
ing claim near here. I am a vet
eran of World War ii with three and
half years service. My question is,
am entitled to guaranteed or in
sured loan under the G.I. bill on my
claim here?-J. J. T., Butte, Mont.
A. It would depend upon the pur-
pose of your loan. Loans may be
guaranteed or insured under the
III. biiA " q llolilSSIGduGE LIl6
loan is for operating capital for pur-
chase of farm equipment or ma.
chinery, and all ordinary farming
or business purposes. However
loans for construction purposes in.
cluding construction to farm
house or other buildings are not
available until the veteran acquires
such title as will enable him to give
valid first lien on the realty.
@. I am a veteran Of four and a
half years. Was discharged in July
Of 1945. Would l be eligible to take
music under the G.I. bill Of rights
I'm unmarried, but support my
mother.-D. A., Wells, New.
A. Yes, music can be taken undel
the G.I. bill provided the approved
schools in your area list music il
their curriculum. Suggest you get II
touch with Veterans administration
regional Office at Reno to secure 9
list of approved schools in YOU
area. Then all you need do is Il