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 \
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SI > Npi /*/ ROOMN* *
<** W BAKER'S 2g~£2& \*\
►/ Rockers )* J§| + * RACKS Reg". V 5549.85 Hi
*\? S 6 BB ★ *★! caic AJ
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* / 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
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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