The Daily Alaska empire Newspaper, August 7, 1936, Page 4

THE DAILY ALASKA EMPIRE, FRIDAY, AUGUST 7, 1936. THE DAILY ALASKA EMPIRE. FRIDAY, AUGUST 7, 1936. |II}I\I\IIHHI}I\Ill}I\Imill]Iml\IIIIIIIIIIIIIIIIIIIIKIIIIIll‘lVI|I|I|IJI1I1|1|1IIIIIIImIlllllIml{llIlllllI\IlI\Illllll|I||||Il||III!IlllllllhIIIIIlIIIII‘|III|[IIIIIlIIII|IIIIIIHHI\IIIII||I||||||||Nl\I\}I\Ilkl\I\ImllIIII!Imlmlrl!liI|I1I|IIIIIm|||||||||1|||l||Iilml}IVIIII!III\IlflIlll||||KIlll!IlillI|IKIIIIIIIIIIIII}I\ImHHI\I\HIml\IIIIIKIIII|I|I|IlI!IlIIIlIIIItIlImg 0 0000000000000 0000000 Now You Can Have New Building Activity Will Make Alaska History HOME OWNERSHIP MADE SAFE— ECONOMICAL-—CONVENIENT THIS is & new home year! Families like payments arc figured to come well all over America are finding that NOW thin your income and may be extend- fi the time to build! Thousands of new cd over a period as long a3 20 years, home owners are taking advantag toduy's moderats costs for material and lal W 'the cost of sound fik: fneing for new construction hus never 5 today SINGLE MORTGAGE SYSTEM * SINGLE MORTGAGE SYSTEM 000 acheohan s of homs owher The ABC of HOME OWNERSHIP under the INSURED. MORTGAGE PLAN e A A. WHAT IS THE jINSURED MORT J. WHAT DO THESE MONTHLY PAY Q. IF MY FUTURE CIRCUMSTANCES cations drawn by a competent architeet and i GAGE PLAN? MENTS COVER? PERMIT, CAN I PAY OFF THE estimates made by one or more competent g § ne I offored by progressive A e tane ssstef ereated under the Interest on the outstanding balance of the TIRE MORTGAGE IN FULL and Tesponsible contractors. With these 7 ‘and other financial institutions b B e mortgaye loan, payment on account of the principal of 1T MATURES? Drepared, you should then make & formal iisured by the Fedoral Housing Ad- i National Housing Actimder which morlkass —(1"ion. the service fee, and the estimated Yo Tortgage application. ninistration. We i explain how vou A e e auiies fund abpiyiny to Monthly proporton of the annua wxes and —”CAN 1 SECURE AN EE el ey Can built now and pay for Your home i i 4 O e ome mortyate lend, insurance prmiums on the property and L X WUAT HAPPENSNEXT! e tlle v e gl e e e 3G PROPERTYY mortgags applcaton. are. spproved by the ol B. WHO CAN BORROW UNDER THIS [ il & i deral Housing Administration, it will give BUILD NEW SYSTEM? Mutual mortgage insurance (the busia of " pogg - firm commitment to the lending institution onsible person wich a steady income this new plan) and "]“ R oL PO EY UN that it will insure your mortgage when the Cood eredit record, pérty insurance as the mortgales may v MOk Job. and" transactions. are complete. With Mortgage—up to 80 per cent of the TO WHOM DO I APPLY? e e O et tna. Intarasts of 'the No. It s private money, loaned by approved fhis commitment made, you or vour, con appraised value of the property. Ulike o the tirms below, approved by the Federal iincr, 'Sk Brotects Bie e No. Lt in private money, loaned by 4pbioRed tractor can secure a_ conitruction loan and the old style mortgage, the ' Inured Tousias Administration to take' lnaured 1067 88 el 88 the BTORS ONLY TO o are simply seneflcariey procoed with the erection of Your home. Mortgage is reduced by cqual monthiy x f our c mortgage loans. . DOES THIS PLAN APPLY ONLY 10| T Tlomiap Al Y WILLHAVINGANDTNSUE B AT instalments — which include. fnterest, t of us live da 1 3 e T KIND OF PROPERTY MAY BE NEW DWELLING CONSTRUCT T y instalments = which ‘include e E PREVENT ME FROM SELLING axes, and everything._unti the hon ANCED BY AN INSURED MORT MY HOUSE? completely cleared of debt. These rent GAGE LOAN TOR WARL This sensible, modern method of pay pay for real hon 4 would pay rent, in easy monthly in The modern, practical way to home ownership i% with an FHA Tnsured Noj it applies equally to present dwellings hforming to the standard requirements T. WHAT SHOULD I DO TO REPLACK under this new plan My PRESENT MORTGAGES WITH On the contrary, it will be of real assistance Any property primarily to be used as a resi v AN INSURED MORTGAC In the near future, when more people like you TYPICAL CAPE COD oo thts e oy of o rinds. Yoo oo oy AT e Lo WITH FIVE GENEROUS ROOMS G : W e e e s, Thio 4 . prospctiv Buvers of your houwse Wil b Rood, and type of construction. It may be LAN IFONE Ok MOREOLD STULE stiballon DromphacRedert, bl (o on decached, sem-detached, one of u row, or & : SR TR R R 2 this house. built under the Federal Duiiding ‘providing for hot. more. than four that inatitution; seeure a mortgage spplics: LCAL MY dministration ‘appraisal and - s i building and et caterily wpaced o oAt gt s s & smalier st floor, seven. fesk, six. nches JUNEAU-YOUNG HARDV JUNEAU LUMBER ML\ HARRI MACHINE || THOUSANDS of people, all over the hing on this u're making jare experiencing the borrowing. families, MUST THE BORROWER LIVE IN THE HOME TO SEURE AN INSURED MORT s plan makes possible the building to rent to others, for investment? I IS THE MAJOR REQUIRE- MENT AS TO LOCATION? It must be in an urban community, prefes ably with such services as water supply, Sewerage, and paving. It must be in & re Sonably stabilized section, and the property must conform reasonably to the general character of the neighborhood. G. WHAT TYPE OF CONSTRUCTION WILL BE APPROVED? A construction typical of the locality in which it is to be used will be aceeptable ger erally, if constructed of materials and met] ods of proven durability and suitability New ‘materials and methods will not neces- It chang o incanvenient sums or one lumiy sum at ma- turity date, nto an oblightion o pay off in ayments over 4 term ly longer than provided in your present mortgages It Makes possible the merging of & first mort- with the sccond mortgage if there is Gne at present upon your homgghus elimin- ating the danger to You in 6wing money to two or more Jenders whose interests may conflict, Tt eliminates the necessity for re- financing your mortgages at more or less frequent intervals. It provides for regular payments well within your income. It re- duces the cost of your mortgage financing. 0. HOW DOES IT REDUCE MY COST OF MORTGAGE FINANCING? By setting maximum permitted rates of in- ficers of the institution will help you com- plete this form. U. WHAT HAPPENS NEXT? When approved by the lending institution the application will be submitted to the Fed: eral Housing Administration for its approval. i ‘the loan meets the requirements of the Federal Housing Administration, the insti tution will be authorized to complete the with you. SR THE NEW Y ONLY WHAT 1 NOW OWE UNDER MY PRESENT MORTGAGE DEBT Not necessarily in many cases it will be pos- sible to borrow enough more to provide .y for modernizing your home, or for purposes. W. IF I WANT TO BUILD A NEW HOME WHAT DO 1 D0? spection system 1 HAVE $1,500 CASH, $200 A MONTH INCOME, AND THE HOUSE I WANT T0 BUY IS WORTH $5,000. WHAT SORT OF A DEAL COULD I MAKE? Your $1.500 cash will provide a 30% down payment on a $5,000 house. This will leave 53, financed. ~ Interest, repayment of principal, mortgage insurance premium, and service fee will average a little over $25 a month over a period of 20 years. Taxes d ard” insurance prem- ary with the t " in which the house is located, and other i mstances. For the average family it is ‘considered food budgeting if shelter does not cost more than 25% of income. There is more than an_ adequate margin between monthly payments af about $25 and 25% of income (350 per month) to cover taxes, in- Sarly be excluded, but will be approved upon terest for the type of transaction you con- See a cooperating builder, or discuss the surance, and a generous amount for main- Satisfactory evidence of dorability, ete. fermalate and méimum other fees which the matter in general with an approved lending tenance. : 3 Jonder may charge you: also by eliminating nstitution. Tell them how much cash you S X Do you know tha the mocessity for recurring appraisal and e can invest in the deal and the value of the & WHY WAS THIS NEW SYSTEM NOT o A i Ipes of credit arrange newal fees now necessary when refinancing lund if you already own it. ~Indicate about _ESTABLISHED LONG AGO? the full 80% of your FHA appraisal? Many ; the old-style mortgage the price of the hotise you wish to build, and BeGause never before have such large num- i " us to handle all de the property, land and dwelling included, and P, HOW MUCH TIME AM I GIVEN TO how much you can afford to pay each month. bers of both lenders and borrowers realized ments are at your disposal and you can depend i not more than $16,000 in any case REPAY THE INSURED MORTGAGE? With these tentative figures they can de- the fundamental faults of the old system, for you to delay a 1. HOW MUST THE MORTGAGE LOAN ~ Whatever time is reasonable under the termine whether such a loan would be ac- and recognized through their Represent BE REPAID? e i In vour case up to a to- ceptuble to-them from o credit standpoint. tives in Congress the necessity for a N us. Now money is In equal monthly amounts. Sl i pormitted period of 20 vears. If 5o, you should have the plans and specific tional answer to a National need. ...ALSO.... LOANS UP TO $50,000 TO MODERNIZE Apartments . . . . Multiple Family Dwellings . ... Hotels..... Stores . . . . Shops . . . . Hospitals ... .. Schools . . .. Manufzct- uring and Industrial Plants thrill of building their own homes on the basi i oney is availdble to 41, and 5% m o o the hose, can vary G wlls or pine. valls sy e s s o Thia attra arnshed. are all possbilies in the ew Interior woodwork and. hardvare o ‘which B 30 well o the set. o i g The Ting. The Colonia inluence s tails to your best inter minute longer than absolutely necessary t hen you deal with us workmanship and and inexpensive to cheap and convenient and you are assured thc If You Want a Better Home . cut out the coupon below. Fill in your name ‘and address, and mail o the Juneau-Young Hardware Co. or Juneau Lumber Mills i i Mantes, sae e, Soroer all costs will be held to a minimum although qus e A place and good light and venti- available, and would be most 0 from the cateide to the tath ppropriate for a house of this FIRST FLOO: ‘hall ls convemient for the sma- Eraeae e e EEEREE JUST CONSULT Foom, dining room, halls and bed S the Nitcher: srovides st o cellarieas Houso requiren Tho house | | JUNEAU-YOUNG H HARRI MACHINE BT ..... SENSIBLY FINANCED SHOP brooms and 3% & Standard for generations, and 0000000000000 00000 i materials will prevail throughout. It's really sinj build now. Everybody’s doing it. WHY NOT YOI or Harri Machine Shop JUNEAU, ALASKA 1 am interested in— COMPANY g JUNEAU LUMBER MILLS, Inc. Building a Home. o with e comiort. &na. economy Uiat the canvenience of the @ Buying a Home. Remodeling my Home. Refinancing my Home. for an alcoved. Gresing. tabie Please send me further information. Name - HOMES ..... SOUNDLY B The bathroom, centraly located between the bedrooms, and opening o the hall. contains 4 medicine Cabinet” and modern. fixwres. A | Under the Federal Housing A ’