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Page: of 12
THE NEVADA COUNTY NUGGET — Thursday, July 1, 1976 — 9
Dear ¢
" ja “ -"Votingest Cty" Challenge
~ for a Mortgage : chi pes thus far well with. the challenge,”
_states to
_ Special Assistant to the President 62 pelition a:
a oe nee ei mae Me
hc -Brobaby-the biggest question ented in buying4 a:
Te Monae is ree the-money: te pay for it: Since most
. h to pure!
: “ments that we can afford. as
2 t-just-aa tt pays to shop around for'the belay angtene a
you want, it’s.also.a good idea to shop for ‘a mort-*" . Erager. of
a While you may ‘be able to get a mortgage loan
a ee ak it may. .0f, the 1
y Ld the most fivoralie financing you: -ectared
* ipatoaiiy thers are lise
types of mortgage loans:
1. VA loans in which the
mortgage is partially guarranteed by the: Veterans ‘Administration (VA).To get
this kind ‘of loan, you have to
be a qualified veteran of military service. There is no
maximum mortgage amount;
, the sale price of the home
and your income determine are arranged through private n Fortney H.
‘the limits, lenders such as: commercial — gtark of California, in whose
2, FHA: loans that are banks, mortgage companies, the challenger city of
insured by the Federa] Hous‘mutual savings banks and Alameda lies, said: “If I judge
dng Administration’ (FHA). savings and loan associathe enthusiasm and =
Anyone can apply for ‘an
FHA mortgage and. can borrow up to $45,000 with 3 to
10 percent down payment. of the home you seek to buy fall one by one and a new sense
8. Conventional’ mort-~ (as established by an ap0f civie pride will underline ©
gages that involve no govern__praisal,): the real meaning of the
/ ment backing. Generally, To get a mortgage loan, . Bicentennial birthday
conventiozial loans are more
plentiful than government. backed loans. They now account for about 80 percent
ofall home financing. Anyone can apply to borrow up.‘ the home’s. value appraised
to $55,000. in this kind. of before you are told if your _ Tepresent 4 4 million oor
“mortgage loan froma Fedapplication has — been’ a ‘quite an involvement a
eral insured ane institution, «+
to ace and time tb times: in
The main advantage of VA
and FHA loans is that they
sometimes permit . smaller
down payments and longer’
“periods to repay, up to 30°
or 35 years. However, they
are not as plentiful as conventional loans and usually
take longer to get.
All three types of loans
tions. However, the amount
of the mortgage will be
limited. mainly by the. value
go to a lending institution;
ask to see a loan officer and
fill out a loan application.
Your income, credit and-ref-erences will be checked and
proved.
For more information .on
Congressional Record,
Ruth M. Drosel, chairman of
the ‘‘Alameda-Vote. ©’76’’
committee, says, “
challenges ‘arrive’ daily,
“Interest: tates on VA.and home financing Housing and _ that figure is going up.”
~ (PHA loans"are regulated by Urban Development Dept. tition is open to cities
. the government — currently (HUD) has published several of any size. The smallest entry © sf
‘the maximum is 8.5 percent booklets including Wise ~~ Maryiand with a DON'T MISS ny ISSUE:
‘> for “single-family homes — en awey Fie D) cue Men’ of-ASi soa
while rates on. conventional ome Buying Veteran. ee fe
loans are determined by conD) which are both meesiatle Oakisns. sata sag fe) ph on CALENDAR ?
ditions in the money market free from Consumer InforSHU, oe
and can.vary from place mation, Pueblo, CO. 81009. . largest challenger: ht x) LOCAL wees SUMMARIES
w t gos”
. dealers ih fine Art
265-4111
go ey
Ce
OPEN DAILY 10 to 5
r . s PT TT BBAREA PROFESSIONAL ARTIST ry) ial = .
FeaturingCAROL MATHIS
Original Paintings = a
AS MRONDATERL: :
Tf "EXCEPT. TUESDAY: & WEDNESDAY © (
PTT Tt ee aud
Vaan ve
aa ee ae
, “Challenges
received: to: dete Lint April);
‘people —.
° FEATURES ON LOCAL PEOPLE