/I>AnJyLy3I^I9
er O Fj;
oz's Increase!(
r of farms in North j1
reased from 279,708
10.967 in 1935. These .
furnished from the ,
abulation of reports '
53 census of agri-l
e United States. I
of acres of land
increased during i.
rom 18.055,103 to I
the assessed valuarm
land was re14.121.S09
to $622,!ON
IN I
RGE OF FHA
em page one)
'our city will be
jest to the Fedministration
cffi- j
nearest to you j
ffices appears in I
booklet.
of property may
n insured mort-j
ty primarily to
idence, provided
le requirements
racter of neigh-1
; of construcidence
be a de-1
be detached,
of a row, or j
r for not more
I
najor require?
I
in an urban
-".ranlv with such'
^bgmDiiy< ?
RL as water supply, sewer-1
^Ll"1 paving- It must be in a
ILtly stabilized section, and
B^pertv must conform rea
to "the general character
B*s neighborhood.
I. WTiat type of construction
Bte approved?
R Construction types custoR
to the locality in which
R at to be used will be ac- j
Kile generally, if constructed
atehais and methods of prov-1
inability and subtability. New
? and methods will not
I Ta:
I ALL LAW
I HAVE NOT]
I TISED FOR!
I PAY Y
I AND j
.
I Tax Collet
I FA
I A. H. PO\
- - <
We wish to I
we are better pr
WE ARE FULL1
Its Necessary F(
VELL-BILL L
35
necessarily be excluded, but will
ne approved upon satisfactory
;vidence of durability and marketability.
Q. What is the maximum
imount of a loan under an insured
mortgage?
A. Not more than a maximum
of 80 per cent of the appraisec
value of the property, land, anc
dwelling included, and not mor<
than $16,000 in any case.
Q. How must the mortgag<
loan be repaid?
A. In equal monthly amounts
Q. What do these monthlj
payments cover?
A. Interest on the outstanding
balance of the loan, payment oi
account of the principal of thi
loan, the service fee, and the es
timated monthly proportion o
the annual taxes and insuranci
premiums on the property am
the mortgage.
Q. What insurance is requir
ed?
A. Fire and other hazard in
surance protecting the interest o
the lender as well as the borrow
er, and the mutual mortgage in
surance, the basis of this ne\
system.
Q. Does this plan apply onl;
to new dwelling construction?
A. No; it applies equally t
present dwellings conforming t
the standard requirements unde
the new plan.
Q. Does that mean I can re
finance my present home no\
carrying an old-style mortgag
under the new mortgage plan?
A. Yes.
Q. What advantage would thi
give me?
A. It changes your obligatio
under your present mortgage t
pay large and inconvenient sum
or one lump sum at maturit
date, into an obligation to pa
off inconvenient monthly paj
ments over a term of years usi
ally substantially longer than pre
vided in your present mortgage!
it mflkps nossible the merlin
of a first mortgage with th
second mortgage if there is on
at present upon your home, thu
eliminating the danger to you i
owing money to two or mor
Final
x Not
IDS UPON WHIG
BEEN PAID WILI
SALE AUGUST 1
OUR CITY TAXE
4V0ID EXTRA (
E. Ca
for, CITY OF SO
RMER
+ + +
A
THE STATE
i lenders whose interests may con'
flict. It eliminates the necessity
for refinancing your mortgage at
more or less frequent intervals.
i It provides for regular payments '
well within your income. It re- ;
' duces the cost of your mortgage
financing,
i Q. How does it reduce my cost '
i of mortgage financing?
i A. By setting maximum peri
mitted rates of interest for the
type of transaction you contemi
plate and maximum permitted
fees for appraisal and closing the
i mortgage; also by eliminating the
r necessity for recurring appraisals
and closing fees now necessary
J when refinancing the present type
1 of mortgage.
3 Q. How much time am I giv- j
- en to repay the insured mortgage j
f loan?
e A. Whatever time is reasoni
able under the circumstances applying
in your case, up to a total
- maximum permitted period of 20
years.
Q. If my future circumstanf
ces permit, can I pay off the en-1
- tire mortgage in full before it,
.- matures on the monthly payment j
v basis?
A. Yes.
y Q. Can I secure an insured
mortgage and leave another mor- j
o tgage on the property?
o A. No.
r Q. Does the Government provide
the money under the insur!
ed mortgage plan?
v A. No. It is private money,
e loaned by approved institutions
who are simply beneficiaries under
the mutual mortgage insurs
I ance fund administered by the
j Federal Housing Administration.
_ r\ J/v /In flfot tn ro.
II ! V?. VVI10.L UU A UU iUQI> M/ * <o!
place my present mortgage with
s! an insured mortgage on my presyjent
home?
y; A. See your own Bank or
r- Building and Loan Association or
i- Insurance Company. If it is not
>-1 an approved institution, write the
s.! Federal Housing Administration
g in your State, and secure the
e name of an approved institution. I
e Then see it; secure a mortgage
is application form; fill this form)
n I out. One of the officers of the j
e institution will help you complete;
I
ice
M 1934 TAXES
? BE ADVER4th.
:s now
:osts.
rr,
UTHPORT
S WAF
WANTS 1
CROP (
SEASON (
thank our many friei
epared than ever be:
r ABLE TO PROTE
ir Your PROTECTK
EDFORD-HEC1
4
PORT PILOT, SOUTHPORT
this form.
Q. What happens next?
A. The lending institution will;
determine whether it desires to
make the loan. If so, it will sub- j
mit the application to the Fed- j
eral Housing Administration for
ipproval. If approved, the insti-!
tution will be authorized to com- j
plete the transaction with you. !
Q. Am I limited under the j
new plan to borrowing only what
I now owe under my present
mortgage ?
A. Not necessarily; in many
cases it will be possible to borrow
enough more to provide
money for modernizing your
home, or for other purposes.
Q. If I want to build a new'
home, what do I do?
A. See a co-operating builder,
or discuss the matter in general
with an approved lending institution.
Tell them how much cash
you can invest in the deal and
the value of the land if you already
own it. Indicate about the
price of the house you wigh to
build, and how much you can afford
to pay each month. With
these tentative figures it can determine
whether such a loan
would be acceptable to it from
a credit standpoint. If so, you
should have the plans and specifications
drawn by a competent
architect and estimates made by
/ft
4
ELLIJ
A NE'
STOCK
FURNIT
AT
BARGJ
PRIC1
YOUR N
S
Remei
e^9
IEHOU
ro SELL YO
)F TO!
)PEN THURSDAY
ids for their past |
fore to sell their To
ICT OUR SALES j
3N.
C LOVETT-EE
, NORTH CAROLINA
one or more competent and res- [
ponsible contractors. With these j
prepared, you should then make |
a mortgage application as out-1
lined above.
Q. What happens next?
A. If the location and type of [
house and the mortgage applies- j
tion are approved by the Federal j
Housing Administration, it will
give a firm commitment to the
lending institution that it will insure
your mortgage when the |
job and transactions are com-1
plete. With this commitment
made, you or your contractor can;
secure a construction loan and
proceed with the erection of your!
home.
Q. Will having an insured I
mortgage prevent me from selling
my house?
A. No.
Q. I have $1,500 cash, $200 a
month income and the house I
want to buy is worth $5,000.
What sort of a deal could I
make?
A. Your SI,500 cash will provide
a 30 per cent down-payment
on a $5,000 house. This will leave
$3,500 to *be financed. Interest,
repayment of principal, mortgage
insurance premium, and service
fee will not exceed $31 a month
over a period of 15 years (you
will not require the maximum
period of 20 years). Taxes and
> MEARES I
""l Invites;
W WHITE
OF our SI
URE TERS.
plete s
UN Farm ft
:S plies for
| INGPR
EIGHBOR
AVES MONE1
nber, Satisfy
Or Your M<
SE. Fair
UR 1935
BACCC
, AUGUST 8th
jatronage and to <
bacco for the highe
\nd Can Buy Youi
) BEASLEY-:A
- - - - - - . .f ,
fire and other "hazard" insur- [ t
ance premiums are in addition to ic
this, and, of course, vary with
the type of construction, the city j J
in which the house is located,,
and other circumstances. It is ]
considered good budgeting if shelter
does not cost more than 25
per cent of your income. There
is more than an adequate mar-, C
gin between the monthly pay- i
ments of $31 and 25 percent of t
your income ($50 per month) to|?
cover taxes, insurance, and a fair ?
amount for maintenance. i
Q. Why was this new system |
not established long ago ? . t
A. Because never before have
such large numbers of both len- j ]
ders and borrowers realized at i
the same time the fundamental j I
faults of the old system, and re-! 1
cognized through their represen- j
tatives in Congress the necessity ]
for a National answer to a Nat-! j
ional need. i
More business was transacted' j
with the farmers under the modernization
credit plan of the Fed- i
eral Housing Administration dur- i
ing the month of June than anyij
other month of its existance. |(
More than 1600 farm moderni- i
zation credit loans were extended i
through financial institutions' approved
by the Administration
during the month. This was a :
gain of approximately 300 over
1AKDWAKL
you to sell your tobc
V1LLE MARKET
'ORE YOUR HE;
You will always fi
lock of Quality 1
lachinery and Buil
- the Farmer at M01
ICES.
( AT MEARES
WHY DON"
action Guarai
rney Back!
Bluff, N.
000
i . .
f
"
issure them that
st dollar possible
r Tobacco When
4
i. S. Johnson, A
./ " ' --
FIVE
he number of loans extended
luring May.
Fair Bluff House
County's Oldest
The Farmers Warehouse at
Tair Bluff is Columbus county's
ildest, having been in operation
n the Lumber River town ror
he past 38 years. In point of
lervice, its proprietor and aslociate
operator, A. H. Powell
las served longest in the county.
Associated with Mr. Powell in
he operation of this house is
,V. G. P. Ledford, of Lexington,
5y., who owns one-third interest
n the largest warehouse in
he largest tobacco market in
he world there, as sole manager.
Also connected with the warelouse
is Ed Beasley, as assistant
sales manager, Heck Lovitt, a
veil-known farmer of the county,
ilso is connected with the house.
The Farmers is not only the
oldest house in this county but
In the entire South Carolina belt
is well. It recently was subjected
to an addition which adds 5,000
feet to the floor space. It
now has a selling capacity of
100,000 pounds daily. The market
at Fair Bluff has adequate
floor space now to handle a days
sales.
=3v
c?.
icco on the
and make
\DQUARnd
a cornHardware,
iding SupMYSAV
r you?
nteed
<%J (^3
^
7|
Luctioneer I
. ..^V. J