Evening Star Newspaper, November 16, 1935, Page 26

REA BAD CREDIT RISKS AVOIDEDBY F.HA. Financial Habits of Appli- cant Sometimes Bring Rejection. An important phase of the examina- tion of a home mortgage application by the Federal Housing Administra-| tion’s underwriting staff, which is| known as “risk rating,” has brought | to notice two frequently encountered causes for the rejection of the appli- cation These are: 1. Term of mortgage requested Jonger than physical , condition of property warrants. 2. Business history (credit record) of applicant unsatisfactory. Due to the extended term of a ma= Jority of the mortgages written under the “single.mortgage system,” the Fed. eral Housing Administration 1s forced not only to analyze a loan, but to forecast the future of the property in & way that was not thought necessary under 3, 5 and even 10 year mort-| gages. Therefore the physical condi- | tion of a property under considera- teon is of prime importance. Becomes Gamble Risk. A house that might be viewed as a sound risk for a mortgage running only for flve years may be so built that it would be a rank gamble that | its useable lifetime would be 20 years | or even 15. While the age of a property is an element to be given major considera- tion, the age of the applicant is not necessarily a cause for rejection, even though the would-be borrower is ap- proaching the threescore mark. Many home owners of advanced years are good business risks and have sound L ESTATE. THE EVENING,_ STAR, WASHINGTON, Home in Chesapeake Street Sold This dwelling, located at 2739 Chesapeake street, has just been purchased by Mr. and Mrs, Joseph U. Dellinger from George W. Berens, through the office of L. T. Gravatte, realtor. ~—Star Staff Photo. SYNOPSIS OF PRECEDING STALLMENTS. Jjudgment that directs them to cur- tail the term of the mortgage so that | “it will amortize within & span of years that actuarial figures led them to be- | lieve will complete. | business history, or the credit | record, of an applicant is naturally a deciding factor as to whether or not & mortgage is a desirable one to in.| sure. Judgments Weighed. Income alone, although it is appar- ently sufficient to warrant the loan, | d prior commit- | not acknowl- | are instances that have wme‘ ce of the Housing Admin- stration wherein an applicant, ap- sound by income standards, | r d m age insurance be- | he was committed by court | T to pay out in alimony a certain | and substantial portion of his monthly incom | Another common disqualifying set | of circumstances is where a man ap- | p y receives a salary adequate to €able him to discharge a mortgage ! debt and who has no outstanding | Judgments against him and yet who | is not considered a good risk, due to his financial habits. While he has made, and is making, a good and suffi- | cient salary, nevertheless his credit history shows that he has never saved anything and that he has been gulltyl‘ over and over again of needless ex- | travagances. There is no reason to| suppose that these life-time habits | will be abandoned when he purchases & home. Such a risk would almost inevitably get involved in difficulties and is therefore rejected. Poor Location Factor. By refusing insurance in such cases | #s those cited the Federal Housing Administration is working to improve housing standards and protect both home owner and the mortgage stor. If a prospective home buyer | investigates a property with the view of placing a mortgage on it under the mortgage system in the event | hase, and the application is Tejected for any of the reasons covered in these articles, he realizes that he should not attempt to go through with | the purchase. i It is obvious that if poorly located, | poorly planned, and poorly built| houses cannot be financed and sold, contractors and others will not con- | tinue to erect them. If a man cannot get an insured mortgage on a house | because it is ruled that he caanot afford the place—that his income is| not commensurate with his desired mode of living—then he will purchase & home that he can afford, and the danger of future mortgage debacles and realty collapses will be greatly minimized, Heat Costs Less Than Coal D Systems of Auto Heating and Air homes are and GAR WOO matic 0\! = ditioning ?n:lllched for econom)‘-m = mh(mion.'l'hn'whlo”m' ny...hundredfloluun gt where show definu_e [ = nd lower operating ;: 4 ;leforeyonbnfld,buyorc {“ over, let us give you the fa National Electrical Supply Company 1328-30 New York Ave. N.W. NAtional 6800 Chuck Arnold showed great promise as a future gridiron great in his freshman year. But his freshman team made the 'mistake one the ity around in scrimmage and Coach BeBrair' vented his rage on Chuck. = Bit- McBrair's brutal and harsh treatment of all plavers. Chuck does not u e varsity_in his second He tells McBrair what he thinks of him. which causes campus comment. Particularly indignant over Arnold's fail- ure to turn_out for the team is M Marshall, a_rabid Colburn alumus. whose daughter. Nancy Chuck 1s In love witn. In & rousing pep meeting before the big game with Sanford. Dean Sutton makes peech Pen Haistead. eaitor ol tne ze paper. voices his disgust over such ental emotionalism over foot ball @ student meeting Halstead attempts to defend his c bu the platform. Chuck arises to his defense es a Bronx cheer made it an him later. INSTALLMENT 1V, husky tackle him he will see OMING out of class Friday morning, Arnold rubled shoulders with Jed Blake. | They looked at each other rather blackly, but neither one spoke. That same afternoon Arnold drove down to the practice fleld with his roommate, Barkley, to watch the team go through its final workout before the clash with Sanford the following day. “How come you're always hanging round the field, Chuck.” asked Sam, as they sat in the roadster watching the “dummy scrimmage,” “when you say you don't give a hang about the sport any more? I'm inclined to think you'd kind a like to be out there taking that old apple for a ride, and bootin’ ene a mile now and then like you used to with the yearlings. But then, you've softened up a lot since then. Why, I'll bet you've packed on 20 pounds of excess avoirdupois since last season, haven't you?” “What difference does that make?” asked Chuck, a little peeved at Sam'’s line of talk. “Weight doesn’t do any harm if you can carry it, you know.” “If you can carry it,” Sam repeated. “There’s no use kidding yourself, Chuck, youre in pretty bad shape | physically, whether you know it or not. You can't step like you used to. Late hours and rich foods have softened you up. If I had a little more courage I could take you over the hurdles myself . . . Now, all joking aside, couldn’t I? . . . And believe me, I'd like to. Then you'd ‘get back to the condition you were in when we first met as freshmen. Boy, you were in the pink then, and how!” Chuck wasn't paying much atten- tion to what his buddy was saying. His eyes were on Jed Blake, who NEW CENTER-HALL BRICK COLONIAL (Six Bed Rooms) Chevy Chase, D. C. In this home one finds everything des sired—lot KX with large shade walking distance of all 5 1 block from bus line. It contains besides the six bedrooms. 3 full baths, sleeping_porch. living room (14x78), library, 1st floor lavatory, dining ' room, ' modern _kitchen, screened-in gflrth. maid’s room and bath. 3-car built-in garage. General furnace—screens, furred walls, insu- Electric oil weather strip, lated. Large Lot—Trees Drive out Conn. Ave. o Harrison St., turn left (West) 2%3 squares to home. 3924 Harrison N.W. R. B. WARREN, 1108 16th St. Nat, 9453 See Our Exl 7 AND 8 ROO in and paid for. *'8,9 No extra 1224 14th St. N.W. ut is shelled off | Jed Blake. | d Chuck tells | DO YOU VALUE LOCATION? at 1307 Sheridan St. N.W. 1319 Sheridan St. N.W. Drive Out 13th St. te Sheridan St. N.W. Location is one of the most desirable in Washing- ton, West of Georgia Avenue. hood, near all conveniences. Only a few minutes from downtown., Roomy porches, beautifully finished club rooms, large breakfast room, most modern kitchen, electric refrigeration, automatic heat, well insulated, caulked, weather-stripped, screened. All improvements Possession With Deposits WAPLE & JAMES, Inc. Owners and Builders was strolling across the field to where Arnold and Barkley were sitting. He came alongside the car with a big | triendly grin on his face. *“Hello, | Arnold,” he said, leaning on the door | of the roadster, and putting one foot | on the running board. “I hope you | don’t think I walked out on you | when I passed you this morning. As | a matter of fact, that's one thing I don't do . . . walk out on an argument.” “I didn’t think of anything of the kind. I intended to see you after the Sanford game and ask an apology for razzing me when I spoke at the mass meeting. Since you came over here, I'm asking for that apology now.” Big Jed Blake twisted his lips medi- tatively and smiled. “I rather reckon that I prefer not to apologize for rea- sons which at present I don't care to | make public.” | Arnold’s face flushed crimson. He | started to get out of the car, but Blake | put his hand on his shoulder and shoved him back into the seat gently but firmly. “Sorry, old man,” he said, “but we've got a pretty important | me tomorrow, so you'll have to| stpone the fireworks. Any time | after Saturday will suit me, however, | | s0 long as you're determined to resort | | to what I always call punitive poll-i | cies. Anything you like from 45s to cutlasses will suit me.” “I'll see you behind the old gym on Tuesday at 11 am.” “0. K, Arnold,” Blake smiled back | over his shoulder, and trotted grace- | fully out on the turf. | As soon as Blake was out of ear- shot, Barkley grabbed Arnold by the arm excitedly. “Say, what is this, & battle royal? C'mon, let us in on this dirt. Since when have you become & wild animal tamer? . . . All kidding aside now, are you really going to! take on Jed Blake?” “Why not?” asked Arnold, acting | as nonchalant about the matter as | he could. “Why not? , . . Why, for half a| dozen reasons. In the first place, you both go out on your ears if the dean gets wind of it. In the second -place you're softer than whale blubber and that bird Blake is as hard as ten- | pe.ny nails. Thirdly, he’ll beat the tar out of you with those big pile | drivers of his. And, last and most 16th St. Heights |\Just East of Alaska Ave. | 1308 'Geranium N.W. Detached—Lot 68 Ft. Front| 7 Rooms—Oil Burner 2-Car Built-in Garage An_exclusive detached residential section "just above Walter Reed Attractive hall planned home: has 4-piece bath (separate built-in tub and shower stail) large front and enclosed side porch. finished attic; walls and roof in- ville Rock urner. hard- screens, awnings, | | &8 po: weather strips. New-House Condition Only $11,500 Drive out 16th St. and Alaska Ave., to Geranium, east to hous Open Sunday, 2 to 6 L. T. GRAVATTE 729 15th St. Realtor Nat. 0753 Homes MS —2 BATHS An excellent neighbor- assessments. 5 O $500 CASH AND_UP DI. 3347 important, you're & simple-minded fool for getting into usch a fuss.” “What would you have done under the circumstances?” “Under what circumstances?” “That's right, I forgot you weren't over to the meeting—you know that protest affair after Halstead came out with that blast against the dean and foot ball. Well, I was foolish enough to stroll over and sit in on it for lack of something better to do. They asked | Halstead to stand up and speak in his own defense, and when he got up to say a few words they let him have | everything but the seats, It got me pretty sore, so I jumped on the stage to tell them, all what I thought of that kind of treatment. Most of ‘em took it all right. Kind of agreed with me, I guess. But Blake wanted to act wise, 50 he gave me the razz with a | Bronx cheer. I called him on it, and he refused to apologize. Ornery cuss, | isn't he? So there you are. That's| the story.” “I kind of agree, Chuck, that you're | in a tough spot. Nothing much you can do about it now except go through | with t." “What did you expect me to do, walk out?” “‘Of course not, Chuck. I know you better than that. But you know as well as I do that your standing around here with the students and the fac- ulty is none too good since you refused | to try for the varsity. Old Barnacles | McBrair—unless I'm all wrong—was kind of looking forward to you pilot- | ing the varsity this Fall. Paul Ste- vens isn't a bad quarterback, but he can't run a team like you can, nor throw that ball like you can, either. What I'm trying to get across is this: With every one down on you for your indifference, it would tickle 'em pink to give you a one-way ticket home. | This affair with Blake is liable to be the straw that breaks the dean’s kind heart. I'm afraid if he hears of it you and Blake will be partners in pathos.” “I'm not worrying.” “No, you big clown, you're not worrying. That's just like you not to give a hoot. That's what annoys | everybody around here about you. You're so irritatingly sure of yourself. | If I didn’'t know you as well as I do, I'd feel the same way. . . . Get this, now, and get this straight: I'm going | to see to it that you don't get in any more trouble over this mix-up with | Blake. I'm handling all the details. Right?” “I think you'd best stay out of this, Sam. Jed and I will be better off if D. C, SATURDAY, NOVEMBER 16, 1935. we're left to settle this ourselves. I'm pretty sure he won't say a word about it to any one, and I won’t. We'll just ease around behind the old gym at the appointed hour and settle the argument. No one will see us there. You know the culvert just in back. It's pretty secluded.” “Yeah, Chuck, but some of the bi- ology and botany classes often go out there %o dig worms and catch butter- flies or scorpions or whatever they go after. What.time are you to me.t with your demise? Just tell me that, and I won't bother you again. I'll promise not to interfere. I won't even be your second, since there are none.” “Thanks, Sam, I appreciate your interest.” “Not at all, Chuck. Seriously though, you'd better watch your step. I mean about the drinking, too, It's & good thing we're off campus, or you'd be reported long ago. The superintendents in the dorms have noses that can scent a drop of gin from a block away. And since the fraternities pledged themselves not to keep liquor in their houses, you'd be in s bad fix when you wanted your occasional libation.” “You're sure piling on the sermons today, Sam . .. How's to lay off?” “O. K., Chuck. I'm sorry.” “How about getting back to the room? We've a couple of hours be- fore dinner. A game of bridge wouldn't go bad. What do yov say?” “Good with me, brother. I'll round up a few of the boys. That reminds me. Going to the hop at the Gamma Tau house tonight? I am.” “I don’t think so, Sam. I guess I told you Nancy isn't coming up. Her old man stuck his nose into our plans and ditched the works. He's expert at throwing monkey wrenches as well as the bull. Maybe I'll go over later, though, and cut in on one of the charming coeds. But you know how I rate with them. Unless you're one of McBriars’ chosen sons of the pig- skin, you might as well be the janitor. Suits me, though. I can’t see as any of them are so keen to look at.” “Meow! Meow! It isn't sour grapes, is it, Chuck? I'm taking Kay Ekers to the dance, and I think she's pretty smooth. And I'm not even the water bucket carrier of McBriar's brigade.” “You win, Sam.” After breakfast the next morning he strolled over to the physics lab to attend the only class he had that day. He always looked forward to Satur- day because, except for an hour, the whole day was his, and not infre- quently he drove to Greenwich to see Nancy. He rather wished he had planned on going down today, and would have, had not Mr. Marshall spolled his plans. As he walked across the yielding turf ol the campus, he thought how nice it would be if Nancy were along w..1 him. They could * .ve gone to the dance last night, and she could sit in class with him this morning, and then take in the Sanford game in the afternoon. Then after dinner, he had looked forward to the long drive down to her home, through the cool, clear Autumn twilight. Suddenly he came out of his qua dary and realized that the campus was 000000000000000000000000 STOP TOSSING | Money to the Winds Use Minarch METALANE WEATHERSTRIP Controbs the Giin Weibg calat e around the like throwing m DOUGLAS M. DAVIS 1427 Eye Street National 1684 Authorized Monarch Dealer 0000000000006 00000000000 JERE 18 THE answer to your housmg problem . .. tomorrow *. out Wisconsin . . see it today . . . move " aLs reacned by @i..o.: Ave. to Bank of Bethesda. turn on Old Georgetown Road to Wilson Lane to Custer J. WESLEY BUCHANAN, Inc. 916 15th St. N.w. MET. 1143 Presenting a New Home in American University Park 4620 48th St. N.W. (Between Brandywine and Chesapeake Sts.) A wel shaded street near Mass. Ave. -designed, Colonial brick home; of six spacious reoms on e quiet, Detached. Carefully constructed of the finest materials * 4-inch rock wool insulation * furred walls * superior weather stripping * caulked * Bryant automatic heating system ® concealed radiation * venetian blinds * beautifully finished, detached garage fot. Just completed. Price $9,250 * large interest ot 5% snd ly payments. Open Daily and Sunday For Sale by Owner FRANCIS J. 3025 Porter St. N.W. KLEMPAY ADVANTAGE SEEN INHOMES DEMAND Buyer Better Off Now Be- cause of Prospective Increased Costs. The combination of rising costs of building materials and increased de- mand for houses has made it impos- sible to duplicate homes now on the market and sell them at present prices, in the opinion of J. Wesley Buchanan, realtor. “Several factors apparent in the local real estate market today, Mr. Buchanan says, “gives strong indica- tion of what is bound to come in connection with new home costs when those already bullt or nearing com- pletion have been disposed of. First of all, the increase in rental costs is the unquestioned sign of greater de- mand for homes, a condition which is also reflected volume of home sales that has taken place in the District of Columbia and nearby during the last 12 months. Homes to Cost More. | “It is a matter of fundamental economic law that increased cemand || is conducive to higher costs. Thus it is to be expected that cost of the homes purchased several months or | a year from now will be higher than the cost of the same type homes today. “Another factor that is due to make itself felt in higher cost of homes is the increase in building material prices. Here, too, the cycle of supply and demand is making its influenc dotted with groups of strangers. Old friendships were being renewed, old faces recalled, and bygone experi- ences lived over again. It dawned on him that the Sanford game, every year, was “homecoming day” and the alumni were pouring into town with their families and their friends. Enthusiasm was running high in| view of the big clash with Colburn’s || closest and oldest rival. Every one wore a happy smile of optimism and confidence. Sanford rooters outcome of the game, but were un- able to place their Lets. At noon Chuck found himself in tire and an empty stomach. After a second’s deliberation he decided to fix the latter first, but instead of walking over to his rooming house where he usually ate, he decided it would be more convenient to drop in at the cafeteria in Ford Hall (To Be Continued) COLONY Destined to be: in the increased || were | § A willing to offer five to three on the |/}l floored attic, parage; large, well-s ||}l particular and in new-house condition. | $9,750 front of the chapel. He had a flat || REAL ESTATE. also are the things that go into their building, resulting in s stiffening of material costs.” Advantage to Buyer. ‘The buyer of homes today, Mr. Buchanan believes, is in a position of distinct advantage-in comparison with the buyer a few years ago or the buyer several months from now. In this connection, Mr. Buchanan re- iterates the point that better quality homes, both from the standpoint of livability and convenience as well as construction standards, have been made possible through concentrated effort on the part of architects and building engineers during the depres- sion years. In addition, today’s home buyer obtains the advantage of the low cost of materials that prevailed when builders made purchases inci- dental to the construction of the houses now on the market. |um As houses are in demand, so T T Repairs in Bath Room. The joints between the wall tiles in & bath room are pointed or filled with either plaster of parls or a cement paste. Around showers and over tubs and wherever else the tile Is subjected to concentrated stea this filling is apt to drop out fro time to time. Where this oocurs th Joints should be refilled with plaster of paris to keep water from ccilect- ing in the cracks and workin; back of the tile, il 38,50 A beautiful new colonial brick on a wooded lot 50x100 in select AMERICAN UNIVERSITY PARK 4723 48th St. N.W. ® Finest construction throughout ms. e o9 e oo Tiled bath l, N Bangor slate roof. C felgeration * SEE THIS OUTST rigeration A 'AND- ING VALUE TODAY. OPEN TODAY AND SUNDAY | Open Evenings, 7 to 9 Drive out Mass. Av 4 turn right to Davenport * 1o 43th and right to proper: SALE BY OWNER-BUILDER 1 Six large rooms, ! Ciub ~ grounds, 4611 Morgan D A wonderful home where all its points are features. complete baths, modern kitchen, fireplace, rive ded lot. Modern in eve T:rms can be arranged that are sure to salis’y i i Drive out Wisconsin Ave. opposite Chevy Chase turn “lest on Morgan Drive. | Open Saturday and All Day Sunday J PHILLIPS & CANBY, INC. me one of developments of Early American and Georgion HILL ome FINAL SHOWING OF THE SILVER STAR HOME pre: 1722 Hoban Road recently not many of us k ziated that our Amer us a rich heritoge of stress of their struggl dom, they developed the only buiiding which is truly domestic n ch heme 1s a revelation of the best of the Horvey P. Baxter OPEN DAILY AND SUNDAY Rock Creek N Architect BOSS & PHELPS ~—TO REACH— Jurearing Landscape Architect Que St. to Wisconsin Ave., north one block to Reservoir Rd., west to 300 feet beyond 44th St. OPEN DAILY AND SUNDAY UNTIL 9 P.M. 1519 K Street 242 Jefferso A Wonderful Home on a Tremendous Lot for Completely Furnished Exhibit Home n Street N.W. Cool, high and the city. with steel wire and steel pos struction, each containing six large rooms, two tiled baths Front and rear porches of concrete, plenty of spacious tifully landscaped lots. THIS 1S AN Lfibm HEALTH HOM Nw. To reach the top of the town, steaight out Kan- sas Avenue to Jefferson, 50 yards to the right.