p%'*S3S'i§8"**""'* i*= PUQUiy VArlnA, N. C. 27506 Second ciass postage paid at B/ac^ Mountain. i\iC 2S7H Thursday, Ju!y 14, 1983, Volume 31. Number 28 Memberof ^heNCPA The sAdnmedng sundgAt on ZaAe Susan, a Montreot /ondmarA s/nce tAe ear/y years o/* tAt's century, /nutted residents and con/erees a/ZAe to en^oy suntmer acdtTt'U'es sucA as su'/mm/ng. canoe/ng or taAtng a tum aAout tAe ZaAe Zn apadd/eAoat 7Ae tAree-stor/es stone AuZ/d/ng re/Zected on tAe ZaAe's nnrro/^ZZAe sur/ace Aas Aad fnany uses. Aut Zs currently seraZng as tAe CoZZegZate ActZuZt/es Center /or Afontreat-^nderson CoZZege. PAoto Av PnsrZZZa Nop A/ns Limited number of low rate mortgages to be available Potential homebuyers may apply for a limited number of 10.15 percent mort gage loans beginning Monday, July 18, as the result of a $45 million bond sale by the North Carolina Housing Finance Agency. The 30-year, fixed-rate loans are designed to aid low and moderate income, first-time homebuyers. At least a five percent cash down payment is required, and applicants must have a sales contract in hand before filing a loan application with a lender. "We wanted to provide some mortgage money now because summer is a prime homebuying time. Many families are looking for homes and a great many houses are for sale. Also, interest rates have begun to rise again and we felt that our lower interest rates would help keep the momentum going for homebuying within the state," said Gary Paul Kane. Executive Director of the Agency. This is the Agency's second single family bond sale within three months. Demand was so great that funds from the Agency's $21 million bond sale in April were gone in one day. The Agency recommends that inter ested persons work with a real estate professional or on their own to locate a house which they think they can afford. Then they should contact a lender to file a loan application. Lending institutions in Buncombe County that will have some of these mortgages available are the Asheville office of Asheville Federal Savings and Loan, Clyde Savings and Loan, Wachovia Bank and Trust Mortgage Department, and the Kissell Company. Stipulations for those applying for mortgage monies include that appli cants cannot have owned a home during the previous three years and copies of federal income tax returns are required for the past three years. For the first time, some of the lenders are working with builders to reserve portions of their allocations for new construction. The time period during which the loans must be submitted to the Agency is extended from 120 days to 270 days to allow for construction under this new Builder's program. Forty-nine lending institutions across the state are participating in the Agency program. They will accept and process applications before sending them to the Agency, which ultimately purchases the completed mortgages. Lenders have been instructed not to take applications until Monday, July 18; no appointments can be scheduled before that time. The Housing Finance Agency was created by the state legislature to work with private lending institutions in providing mortgage financing to low and-moderate income families. It is self-supporting, and supplies money to make mortgages through the sale of tax-exempt revenue bonds. JVC. E/popnt/) District Congressnian damps McC/arp CJarA^ toured t/)P Veterans /i&THfHsfratJon Dospita/ in Otppn on 77)ursday. daiy 7. ^t -? pm. Rpp. CJarAp met witA Mr. y^rtAur dandy. MpcJJca/ Center D:rpp(or and otAer adnt:n:'sJradop medicai pprsonnp/. Dp tAen toured surpica/ and medicai wards. oisidnp u