Newspapers / The Brunswick Beacon (Shallotte, … / Dec. 5, 1991, edition 1 / Page 17
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New FHA Loan Guarantees Help Put More Families Into Their Own Homes BY DORI C.GURGANUS A new loan program available through the Farmer's Home Ad ministration is designed to help low to-modcrate income residents in Brunswick County who have dreamed of owning their own home. Ted Rivcnbark, Brunswick County supervisor for FIIA, said die agency acts as a liaison between the customer and the credit company in a program called the Guaranteed Loan Housing Program, or "Ope ration Assist." "We're not paying a thing, simply guaranteeing the customer for a loan they wouldn't have qualified lor otherwise," he said. Many lower or moderate income families arc turned down for hous ing loans from banks and credit of fices because they don't ap|var to be able to guarantee their payments, Rivenbark said. But as part of the new program, an FHA officer will go to the lender with the customer, help fill out the paperwork and guar antee up to 1(X) percent of die loan to the lender. The eight-year-old house Georgia Manges recently purchased in die Seaside area near Shallotte is a dream come true for the single mother and her three children, Daniel, 14, Jessica, and James, 4. Ms. Manges, a home health care nurse who has lived in Brunswick County since 19K3, was the lirst per son to receive loan approval as part ot the local program. The closing on her home hx)k place in mid November. "I can't believe it's really ours." she said, "I'm very excited about the house." This is the lirst house that Ms. Manges and her children have been able to call their own, ami it made litis Thanksgiving very special. "I really think a lot of the FIIA," she said, "I'm very grateful to them." The FIIA is not actually handing out checks, Rivenbark said, simply making the loan possible. In the worst-case situation of foreclosure or potential loss of the house, then the I HA would step in and pay the lender. Otherwise, house payments and other responsibilities remain that of the customer. "The customer can usually bypass a downpayment due to this guaran tee," Rivenbark added, "and only pity the closing costs, which is easier to afford." For Ms. Manges, making the down-payment was the biggest ob stacle to buying a house. "I didn't have to make a down-payment, and thai was going to bo the hardest thing lor mc to do," she said. A customer must quality lor the 1*1 1 A program just as any other cus tomer would. A good credit record is a must, but income levels lor this program are slightly lower, said Kivenbark. Maximum gross adjusted incomes lor qualifying households range Irom S20.K50 lor single-person households, and $26,850 lor a three person family to S32.200 lor a fanu ly of five. Kivenbark said that some consid erations are taken into account when reviewing incomes, such as a deduc tion of $480 per child lor childcarc (daycare) costs. This is a program that "we've hashed over for years," Kivenbark said, and is part of a "long-term switch-over" from loans into into loan guarantees that the Hush ad ministration has requested the MIA put into operation. "There is an advantage lor the lender as well," he said, "because it's creating business that they wouldn't have had. They want to make the loan just as much as the customer wants to receive it." Prospective homeowners who qualify can obtain loans at one ol a number of FHA-approved lenders. PEOPLE IN THE NFWS Brunswick County Students Honored Nine Brunswick Counly residents have been recognized (or iheir aca demic achievement during the fall semester at Southeastern Commun ity College in Whitcvillc. Students named to the high hon ors list for earning at least a 3.6 grade point average are Sandra Ferguson Duran of Shalloue, Brad ley Wallace Anderson of Leland and Melanic Bellamy Long. Rhonda Renee Simmons and Loretta Gail Walker, all of Ash. Area residents named to the hon ors list for earning a grade point av erage between 3.25 anil 3.6 are James David Suggs of Shalloue, Don Kevin Hill of Leland and Debra Long Fowler and Angela Morris Furi, both of Ash. Tayloe Named Bolivia Elementary Schix>l has named Brcnda 11. Tayloe as employee of the month for Nov ember based on her outstanding performance as a teacher and for being chosen as a Fellow in the N.C. Center for the Advan cement of Teaching (NCCAT) from Western Carolina University. Ms. Tayloe has been leaching at Bolivia School since 1973, and con tinues her services as math chairper son and first grade teacher. Volunteer Honored Bolivia Elementary School has named Aleia Murray as volunteer of the month for November for her out standing work with the PTA and as a substitute teacher. Mrs. Murray is a graduate of South Brunswick High School in Boiling Spring Lakes and Hard barger Business College. She is also a youth counselor and Sunday school teacher at Bethel United Methodist Church and the mother of two daughters, Malcla anil Kaylan. Tutors Trained Six volunteers recently completed training as literacy tutors at a work shop conducted by the Brunswick County Literacy Council. Sidney Blackmer, Jo Nell lsley and Sam Isley, all of Long Beach, Dominic Fetterer ol Southport. Pal Russ of Bolivia and Norma Solano of Shaliotic are now qualified to help adults improve basic reading skills using the phonics-bused, Lau bach method. Information on volunteer opportu nities or free skills improvement programs offered by BCLC is avail able bv calling the office at 754 7323. Driver Recognized Sally Lewis, an intern teacher as sistant, has been named by Bolivia Elementary School as bus driver of the month for November. She assists Kim Reinhardt's preschool class. Mrs. Lewis is a graduate of North Brunswick High School in Leland and attended Cape Fear Community College in Wilmington. She is also the mother of two sons. Ian ami Isaac. Honor Roll Kimherly Anne Ba.\!ey, daughter of Mr. and Mrs. Douglas Max Icy ol Rolvrta Road. S ha I lode, has been named to the lirsi quarter honor roll at Salem Acailemy, Winston-Salem. Ms. Ba.vlcy is a senior at the girls' college preparatory boarding school. 20% Off All Pingouin Yarns In Stock Get your kits for beautiful sweaters, holiday stockings & pillows, needlepoint eyeglass holacrs I The Brunswick Hospital is pleased to announce the association of Samuel W. Kirtley, M.D. in the practice of Family Medicine, with the Brunswick Islands Medical Associates, P. A. (BIMA) in the South Brunswick Islands Medical Park Junction of Hwy. 17 and Union School Road Now accepting appointments 579-0707 -,*A?r PWOTC B* !>*'? c GuRG**4Uii STAXDIXG IX FROXT of the house she used to think she could probably not afford is Georgia Manges of Seaside with her children (from left) Jessica and James. Ms. Manges financed her home through a new loan guarantee program offered by Farmer's Home Administration. H SOUTHPORT . rB iQUJES I Co ir c 9736A Jr^r-'O w ?^7/^ , % / / ^ 5m > x v-r. ^ 2 * ?'/rv b-^ v? ?- _v 'T ? tj FRESH CUT CHRISTMAS TREES... NOW AT LOWE'S! 6' To 7' Fresh-Cut Douglas Fir ^ *Hurry in and pick out your lush, healthy tree today *lt wouldn t be Christmas without one *Lowe's also has a huge selection of ornaments, lights, wreaths. LOUIE'S Hwy. 133, Southport, (919)457-4357 1-800-451-4629 o UP TQ $1500 INSTANT CREDIT For Oualified Applicants STORE HOURS Mon-Sat: 7 AM-8 PM Sunday: 10 AM-6 PM WHERE HOME IMPROVEMENTS OEGIN The next best thing to gold, frankincense and myrrh. Take an additional 20% Off on all pictures, lamps and accessories. They're the stuff memories are made of. The unique gifts you give this year are the heirlooms to treasure for generations to come. And, our selection of hand-picked treasures has never been so dazzling. From candlesticks to porcelains you'll find unexpected gift ideas for prices that are less than you expected. Hwy. 17 Little River, SC FURNITURE GALLERIES 803-249-6188 C Co^/ Qht 1991 by J Lrvingsion
The Brunswick Beacon (Shallotte, N.C.)
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Dec. 5, 1991, edition 1
17
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