Newspapers / The Carolina Times (Durham, … / July 25, 1964, edition 1 / Page 13
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Home Buying ds Still A Boom yTHpriRUTH UNBR|5eD^H SECTION C DUEHAM, N. C. JULY 25, 1964 12 PAGES HOME IS WH?:RE y. . the heart is. so goes an old saying. Scores of Durhamites ari| finding that often the reverse is true, or at least they are beginning to put more and more of their interests and time into making for thfiiiselves attractive homes, such as the aJiove in terior scene from | Durham home show. This ne»ly awakened in terest in homes has resulted in a big housing hoom for the city, and cRiintless residents are finding themselves mming into new homes, every season. The stones and pictures inside this supple ment illustrate this movement. Situation Is Favorable For Currfent Mortgage Loans Homes at stable prices . . . ho.Tnes more spacious and pieas- tlian ever before . . . a.Tiple mortgage money or loans, at reasonable interest j^tes . . That seems to bi CB^ ronsen sus of governmt home buijders, and . _ nomists connected .»ith the home buil^iing industry. Recently, Joscp!) ray. chairman of Home Loan Bank that in 1933 "pcor nt >gls. private o- P. Mc.Mur- the Federal Board, said le will have an opportunity lik they never have had in reocnt mx)rtga?es am! hous prices Favorable Elates .Another I official. BauglnTian. pffesidcnjt eral .National Morti tion. put it this \vd ■'I would expe rate-s to be genera to home buyers fn years to get ?s at bargain J. Stanley of the Fed- age .Associa- mortgase ly favorable 964 and that the supply of funds will be at le:,st as plentilul in reiatioi; to ceiiiand tor loans as it was i.T 19o3.' What types of loans are avail able lor the purchase of a home? There are three — conventional. FH.\. and A. The conventional loan, from a bank or savings and loan asso ciation, is the one most home buyers obtain. Predictions are that savings and loan associa tions _ will lend heme buyers about $23.5 billion in 19&4—or 12 per-, cent moe than they diJ in 1063. S. and L. Big Lender McMurray is one of those who expect such an increase in loans by savings associations. He also said that savings and loan in dustry has been by far a more constant source of mortgage credit since the late 1940’s than any other lending group. Thus. t.he thrift of Americans has helped substantially to make this a country of home yvvners. he pointed out. L'ncier FH-\. the government insures loans for home purchase and improvement. Hie person getting the loan pays a fee of one-half of one percent of the mortgage However, the inter est he pays on a FHA-insured mortgage is usually lower than he would pay on a conventional mortgage. The third form of financing is the \'A mortgage. The Veterans ■A-iministrationU guarantees fe- pa.vjnent of 60 percent cf a loan made to a homebuyec or $7,500 of the loan, whichever is less. Whichever type of loan a home buyer obtains, he builds up an equity in his home as he makes his monthly payments and .has something to show for his money instead of merely collecting rent receipts. FOURTH ANNUAL Home Buyer’s Guide Where To Look Inside (An Index) CO.VTRACTORS J Here Is A Cure Compact Closets In Small Homes "I don’t have enough room in my linen closet.” That cry is heard in many modern homes across the coun try. Compact homes have com pact linen closets and consider able ingenunity is called for in making the most of this and other linen closet space. You can solve this storage problem and help your daugh ter help you. by making a chart that shows on which shelves your linen closet items are to go. ft will help you organize your closet better and show your children how to help keep it organized. Here are seme ideas for get ting maximum convenience from your linen closet. BOTTOM SHELF—Here is a good place for disposable paper products like facial tissues, paper towels and bathroom tissue. Collier Construction Co. .. W'ellotis Realty Co 6 financing Home Savings 11 -Mechanics & Farmers Bank 5 Mutual Savings and Loan 10 North Carolina Mutual Insurance Co. 12 FURNISHINGS Appliance and TV 9 N'u-tread Tire Co 2 -Mack's Furniture Co 2 Quality Air Conditioning .. 11 Allenton Realty Co. le Frazier Realty Co 8 Wellons Realty Co 6 DECORATING Decorative Promotions .... 3 j Riley Paint Co 9 I UTILITIES Duke Power Co 7 General Telephone 8 Public Service Co 11 Here Is An Idea For More Living Space At Less Know how to add an attractive bedroom, rumpus room or den to your home—without spending a bari'el of money? Create an extra attic or basement room on a $500 budget; convert a garage or enclose a porch for about $1,000. Labor costs about sixty per cent of the job—so if you're handy with tools, do all or part of the work yourself. Learn about today's basic build ing materials—the sheathing best for your exterior, the interior wallboard that firepoofs and in sulates best while lending itself to the missus’ decoating dreams.
The Carolina Times (Durham, N.C.)
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July 25, 1964, edition 1
13
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