Rural Housing Loans: FmHA Guaranty The Farmers Home Ad ministration has begun a program through which it will guarantee rural housing loans made by commercial banks, savings and loan associations, and other private lenders. Wilbur Howard, FmHA coun ty supervisor for Yancey County, announces. FmHA, the rural credit agency of the United States Department of Agriculture (USDA), will guarantee up to 90 percent of the principal and interest of these loans. Guaranteed housing loans will be available for moderate • income borrowers who cannot get housing mortgage credit without a guarantee. Appli cants who cannot qualify for guaranteed loans may apply for loans made by FmHA. At present, the USDA Wsm Joe Johnson Johnson Promoted By Bank George B. Collins, presi dent of The Northwestern Bank, has announced that Joe K. Johnson has been named vice president of the Sylva and Cherokee Offices of the Bank. Johnson, a native of Wilkes County, graduated from East Wilkes High School and North Carolina State University. He became affi liated with Northwestern in 1975 as assistant vice presi dent at the Burnsville Office. Prior to joining the staff at Northwestern, he was em ployed by First Union Nation al Bank. He is married to the former Lou Eva Howard of Wilkes County. The Johnsons have one son, Daniel Suart, and plan to move to Sylva in the near future. i y ' p,4c£s c I I Stuart hlyt Je-uetßy.l JB Sterling oft CoPPER' | a County I 9 Country I * ' Decorations for the Holidays are at f Flowers by Vance Poinsettias f ( Tree Decorations, * Centerpieces, Also Corsages. Pott ® d Plants i 4 SBpPSFlower»j i /iiilt Vanc © aH agency will offer loan guaran tees only under its single family housing loans with its own funds. It will also continue to make but not guarantee loans for rural rental housing, farm labor housing, housing site deve lopment, and other purposes. Single family housing loans are made in open country, towns of up to 10,000 j population, and certain de signated towns of between / 10,000 and 20,000 population. | They finance modest but l adequate housing and related ! facilities, Howard explains. Loans may be used to buy, t build, improve, repair, or ? rehabilitate houses and rela- if ted facilities, and to provide * adequate water and waste disposal systems. Guaranteed loans will be made only to applicants with moderate income, defined by FmHA as adjusted gross income of less than $15,600 per year for residents of North Carolina, and not eligible for FmHA subsidized rural hous ing loans. Low income appli cants may be eligible for subsidized rural housing loans made by FmHA. Loans to be guaranteed are limited to 97 percent of the market value of homes and sites for the first $25,000 and 95 percent of the loan in excess of $25,000. The bor rower must have equity from his own resources, in the form of cash or land for the down payment, notes Howard. House will be modest in size and cost to meet the needs of the family. The maximum repayment period is 33 years. Howard also reports that I FmHA regulations provide [ lenders who obtain guaran tees for rural housing loans options for selling, assigning, or selling participations in the Midnight Mass To Be Celebrated Midnight Mass will be held this year at Sacred Heart Catholic Church here in Burnsville. By popular de mand, it was decided to have the mass at 9:00 p.m. Christmas Eve instead of the regular midnight schedule. Other masses for the holiday are as follows: 9:00 a.m. St. Luciens in Spruce Pine; 11:00 a.m. Sacred Heart in Burnsville on Christmas Day. guaranteed parts of these loans. FmHA regulations require that the lender making a guaranteed rural housing loan be a local lender-located in or doing business in the area where the house is located. To apply for an FmHA guaranteed rural housing loan, contact your local lender. Nl*.Lo o*T»te. W6IK cty CouNTy CouwTßy JSTore JvO */» l(a TONIGHT ONLY! 4P.M.- 9 RM. mm Wednesday, Dec. 15 VAI " 1 TONIGHT'S THE NIGHT! BE A NITE OWL & SAVE BIG ON QUALITY HOME FURNISHINGS...JUST IN TIME FOR HOLIDAY SHOPPING! Don't Wait, Don't Hesitate... Tomorrow Will Be Too Late! But Tonight, You'll Find the Hottest Furniture Bargains Ever... Savings in Every Department-Room Groups, Sofas, Sleepers, Chairs, Recliners, Tables, Dining Rooms, Bedrooms- )f if f ★ Jf. * * Jfr* I * I *1 /^^V** Xtl '\ v Audlo System * Pecan Finished Cabinetry. /★ ★ ★ * * [ Reduced for * * ofrtr $ 0 Xll ♦ \R«fl. ’399*' Now Only >f - * *s' \ * \ _ „ / . . #% ★ * * *+* a. x \ ★ \ 5 Big X %# * tC * J* / \ 4eA y Complete \ - *** ** 4r * 1 * ★* * ** [ r s «£ 1 * SI > Npi /*/ ROOMN* * <** W BAKER'S 2g~£2& \*\ ►/ Rockers )* J§| + * RACKS Reg". V 5549.85 Hi *\? S 6 BB ★ *★! caic AJ ★A SA A If * / Full size \ * \ 2Z / * jTA* * _jr * Hide-A-Bed\V <* \ „X prt " s 7*J- X * | R.„ '279- X* *i( * * * V Jf **X~ OA /A*.C^}*^ f” MAXWELL srjr""' Fr«o.ii,.„ ■==•==- FURNITURE ESr“ •"«*> I k ML fli i Jgpr m I |B| A JB Winner Os Remington Rifle Derek Murphy [right] presents Remington 30-06 Automatic Rifle to winner Troy Effler [left]. The rifle was given away by the South Toe Volunteer Fire Department at a drawing at Ballew’s Store, December 4. The lucky ticket was drawn by Vickie Ballew, daughter of Mr. and Mrs. Byri Ballew. Derek, who made the presentation, is the son of Fire Department Treasurer James and First Lieutenant Frances Murphy. The rifle fund-raising project has been a success for the third time because of the generous public support. Thanks is extended to everyone who has helped make the fire department what it is today. . I • • . • • ; . \ Everything for Your Home-ALL REDUCED FOR THIS BIG, ONE-NITE EVENT! Come To Maxwell's Late, But Not Too Late! At These Prices Everything Is Sure To Sell Quickly. Quantities Are Limited. All Items Are Subject To Prior Sal.. Wed-) -Jg ! THE YANCEY JOURNAL DECEMBER 16, 1976 Teachers Society Has Christmas Tea November U, the mem bers of The Alpha Rho Chapter of The Delta Kappa Gamma Society, was enter tained with a Christmas Tea at the home of Scottie' Welbom in Spruce Pine. The program consisted of a devotional by Grace Brum mitt, group singing by the members of The Aipha Rho Chapter, and special music by Christmas Cantata Presented By The Choir of Higgins Memorial fsv: United Methodist Church \ “The Music Os Bethlehem 99 By Fred M. Holton Under the Direction of Ms. Anita Fox Organist-Mrs. Jack Blggerstaff SUNDAY, DECEMBER 19,11:00 A.M. BROADCAST OVER WKYK Dr. and Mrs. Kemy Smith and Jim Doust from Maylanc Technical Institute. Members from Yancey County attending the te* included: Eloise Mclntosh, Doris Tomberlin, Una Maney, Eva Robertson, Hazel Dellin ger, Louise Hughes, Ruth Rice, Dorothy Ray, Joan Reeve, Iva Nell Buckner, and Nelle Bailey. PAGE 3