The Courier News from Blytheville, Arkansas on May 10, 1938 · Page 6
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The Courier News from Blytheville, Arkansas · Page 6

Blytheville, Arkansas
Issue Date:
Tuesday, May 10, 1938
Page 6
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TUESDAY, MAY 10, 1038 DF HELD Roomy but Not Costly Viewed As Mosl Important In Determining Rating On FHA Loans The growing importance of the borrower's character was listtd as un outstanding development. In the field of home-morleage lending today by Dr. J. Blon PIilllpson, econ- bmfsL of the Federal Housing Administration. Tracing the relationship of housing outlays to Incomes in Hie tur- rent issue of the Insured Morlgnsc -Portfolio, official, publication of Hie Administration, Dr. Phillpson said there had been <m expansion of analyses of mortgage risk to Include hot only, such lime-honored factors as Hie physical security back of Hie mortgage and the loan-to-vcilue ratio but numerous other factors which contribute to delinquency and foreclosure losses. "This broadening of the field of Interest in mortgage financing anrt in the'elements of mortgage risk has at once grown out of and necessitated the investigation of many elements hitherto overlooked or considered of little or no significance," Dr. Phllipson said. ^"Moie and more, for example, these investigations have pointed to the. Importance of the borrower In relation to the mortgage pattern." The writer declared, no mortgage Is .'unsafe as long as the maker of It Is willing and able to keep it current. ""This simple truth is becoming a guiding principle in modern home- mortgage lending: That, wliile « mortgage may be safe as to principal in spite of delinquency and default, no mortgage. Is unsafe so loug as the mortgagor k willing and able Us : keep it current," he declared. . "The borrower's integrity, his honesty, his credit rating, altitude toward obligations, and his financial status and prospects must- lie weighed heavily in judging the probabilities in these regards. Especially in the case of long-term nmoitized mortgages the borrower's ability,.io-pay—that Is, lalion between hij mortgage" payments and'his Income—becomes of prime importance.":' -. • . Dr. Philipsoh Declared that mortgage lenders must judge each caso on its own merit and that in doing so he must consider the number of dependents in the borrower's family, his other obligations, and such additional factors as may diminish the margin between the applicant's income and outlays. ' The writer deplored the lack of a. background of recorded experiences to serve the' lender as a "bench mark" in his attempts to judge the highest relation between we borrowers contemplated outlays for his tome and his annual Income. He said the need for this tvpe of information has given rise to a series of statistical investigations Into the relationship of housing expenditures and family income m various cities which had proved of value to mortgage lenders as staring points in judging individual cases. He observed, however the results of these studies Uuis far are only fragmenta'ry. Modernization Credit Paves Way to Needed Roof Repairs Tin fir:(|iiirnily Insufficient con- I sl'Jcrutlon Is given to the roof I stnictnrr* nnd Its covering. Under I tin- MwU'JitlMitlon Cmllt Plan ofl the H'rtitral lioiishi;/ /..;niinlstra-( tlon idols may Ijf built or re- | In luiJl.'Iliij; tin; fj'anw.-v.wk for ti • | iilojiiiili rwil, it must hi: byrw; In j mind that llu- wt:i'4ht tit the foul' h:is it t(rlKl^nc;y tO CttUSU tin: Stl'llc- UNI- ID spread, thuelurc Ihe raf- li.-rs ot th<: t'.vo slopes iniisl 1)8 tied | together u.s dosir to.the Bottom ;i-s i |N;.«-.iliJi: Hi wviinto-iicl Ifils tendency.! Whwtvcr iJOK,ihli: the telling j joists that otiiir ul or near the | liouil 't.'ltf.rt. tiic rafters meet the Md(: s';a)k should run parallel with Ihir rafters and serve as the ti<; al ihls ID?.' point. II' it is impossible nn) Uie,\<> Joists hi this direction, Ihi-n- should he metal straps alia: he I lo Hit ruflcrs and run over and nailt<l to at leusl lour Joists. Tin's small home lias a room arrangement that allows for the use of a maximum amount of space. Koomg are larger than usually encountered iit a small dwelling. Living room is ornamented by an onen fireplace. The (op flour is unfinished lut lias space for addi- lional bedrooms. The house 19 located at lio- chclle ("ark, N. J, ami wag appraised at $5,750. The Federal Housing Administration has insured a loan of $3,500 on the house. The mortgage will be fully amortized in monthly in- titallmenls of $23.4!) over a period of 10i/; years. These linymeiits included interest and principal, Privacy and Ventilation Arc Held Essentials of Second Floor By NBA Service . j Every bedroom should be accessi- Privncy, convenience, light, aml| blc from H'C hall without (he nec- venltlallon are basic asscls needed I cssHy of passing through one in in every home. ! order to cnlcr nnolhcr. Heavy Steps Need Solid Foundation When steps or masonry or concrete are Installed be sure that the ground on which they rest Is solid and not newly filled. n m. l , he B , X1Und has been ntled °™> a little wile, it win settle alul cause the steps | 0 se «i e with it. They: are as desirable on Hie Irst floor as the second, hut if .here is any difference in degree of .niliorlniice •between the two floors, the need particularly o( privacy,! convenience, nnd ventilation Is especially important Hi the secontl- lloor quarters. Space as always is one of the prime, consideration. 1 ;, lint on the second floor it is less likely to be enl from esthetic motives than for the satisfaction of functional demands. i Privacy nnd ventilation are probably Ihe most desired tidvanlages, These are characlcrlstlccs thnt have long been laken lor granted house construction. The tiintlcr of space, however, hns apparently not been given sufficient attention. Answers to several thousand questionnaires reccnlly mailed out in a research test disclosed Hint the chief objection to existing house construction was the failure to provide adequate closet space. So: Before yon approve your architect's plans, look for the 'closets. Federal Housing Administration standards advise, at least, one closet for every bedroom, and two for large bedrooms. A depth of 2 feel Is suggested. tiirc. should receive sunlight some lime of lhc day. improvements, Repairs Made On Simmons Home In addition. Uiere .should be ti/ ; bcnin.s from rafter to rafu-r as ni-nr llic bottom of the spread as passible. The- covering rmiy b; ol ninny types and inulurlaLs: Shite, tilir, wood, vomposillun, asphalt cither in .'.Ijifje units or in .slrifis. Hlutc slioiild IK at ^uiid iimility, withoiil ribbons. The thicker yradc-.s arc limscr live:! and sive n l(r:i:ly ti'Xturr: to tin; roitl. 'lila may tn-. fit n varitty of <U;siBiis and r;0.sls. Wood .shiivjli's should b': t:l'.;c iraln anct of tint, quality und .should ba lai:l with gem-ruus la;)|J:HK »n«t compnniUvely snail cx- lioMirc. Asbp.stos-composllliin sliin- •-;le.s ure available in inlinltf; va- iIityaiKi nmki: a very satisfactory covtrip.t. Only Hie htst qualily iisphall shini-Ies .should be used, as Din inferior grades will need replacement too soon to imiki! them economical. Mousing Question Box Q. Is. (here such a thing as n Mtr-.s'avi»g riidialor available for small rooms? A. Design of radiators tins tended very definitely toward more compact types .so us to save space, The present popular narrow-tube cast- lion radiator with llij-inch sections occupies considerably less space limn l!ie older type with 2',i-inch sections for a given required heat output Q. What can be done nbonl doors that stick? A. Examine the hinges on the door; possibly (he screws tire loose. If tliis is not the case, maybe yon can coiinler-sink the hinges a little deeper in the door and save' planing off the edge which always means repainting. If neither of these remedies suffice, it will be necessary lo plane off as small a portion of tin.' door as possible where it sticks. Windows, doors, and closet open- ing.s should be placed in such a way as to provide sufficient uninterrupted wnll sunce to arrange the necessary bedroom furniture properly. Adcmmle hall and stair-well ligliling Is a necessity. As a conservation of space and preservation of wall area. Jutting corners of closets hi bedrooms or L's of any kind in rooms or halls ihoiilrt he avoided. UaUirooms must be properly ventilated by windows in exterior walls or nlr shafts, or by independent vontilaling ducts. Cios-s-ventilnllon in each bedroom is desirable. if n single bathroom serves more than o»e bedroom, the rooms should be nrrnlncod so that it can be reached by the occupants ol each bedroom without rcqinriiii; them lo pass through another. If possible it should be arranged that each room, of whatever na- Among the improvements /being made lo local residences is that of Mrs. Frank Simmons, 814 West Walnut street, After having put in n hot air furnace unit this winter. Mrs. Simmons is having her house redecorated throughout and minor repairs made. All of the seven rooms are being rcpapcred and the woodwork rc- painled, Ihe sunporch repaired and cabinets have been built in t.he rear glassed-in porch, which also houses the heating unit. Q. Can I pay off nn insured niort- Sase before it is due? A. Yes; in Die event that the principal obligntion of nny mortgage accepted for insurance Ls paid In full prior to maturity, your mortgagee shall within thirty (30) days thereafter notify the Administrator ol the date of prepayment nnd shall pay lo llic Administratci nn adjusted premium charge of'one (1) iierccntum of the original amount of the prepaid mortsuL In no event, however, shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgagee had conlinued lo be insured until maturity. A. Sonic city codes jx>rmlL interior bathrooms when adequate l and ventilation is provided by means ui a ventilating .skylight. Q Is un enclosed porch, a built- in garage, considered n room muter section 230, v/hi."b eover.s openttiw; bulldm? A. Nit. Lay Welch Residence Is Receiving Repairs MJ'. ;m;l Mrs. !.oy Welch. 11/15 Wesl A.s!i street, art g^Uiii.! thi-lr brlek hcnisi; ready tor summer, 'j'iie l'ro:iv porch is foiling .screened, a celling fan jasUltel tljere. the -tilings ol their living and diuhlg rc'jms rfiplasterc:! :m<I most of Die :<.^nii are to l.'e rctiec:orate.d. Other •iilnor rtpuirs lime al.'x) bai;n made. llrlrk I'olnllne If a brlclt wall develops leaks it may often l)c checked by pointing the joinU. are the vulnerable jwint-s. If they are made light the lenk.s should i'linihiK Coat R<- Mire to cover newly Installed woodwork with a generous applica- liwi of priJiilnt'-cont paint. Thu primer should contain a good quantity of raw linseed to [ill the pores. Its use v,'MI prevent the appearance of dull sj>ois in Ihe finished woodwork. J4 II Lead 1'lprs Cure should !je exercised in cleaning out old fashioned lead, pipes. Wire should not be used to"remove waMc as it may easily puncture the architect draw the plans for my house? A. ft is not necessary to have an architect draw the plans for ,'our house. It is only necessary that such plans meet the FHA eligibility requirements. However, the FHA believes that It would be mere desirable for you lo have nn architect. Q. My chimney is tilted cpiitc badly. Is this dangerous? A. II is dnngoroiis. It should be rebuilt above the roof or else it might fall during n high wind an;l cause severe damage. Q. Is it safe to put a coin in ,i blown-out fuse? A. No; it is not. If fuses blow out frequently it indicates an overloaded circuit. Have nn electrician io over Ihe circuit. Q. In checking over my furnace room before making sonic repairs I noticed that the smoke pipe is close lo the door beams. Should I do anything to correct this, or is it all right? A. It is suBgcstcifthat"yoifgot some sheet asbestos boards, or sheet metal and nnil them across the beams above the pipe. Q. I am restoring a house. It lias lovely old flooring (lint is In bad condition. What can I do to recondition the board? ' A. If possible scrape them by land (if not, by machine) until all ild varnish, paint, stains, and din lave disappeared. Then, if desired, estain and wax generously. SuiiiK Hasler nefore puinling a plastered wall .stirfucc a coating: of sluing should be applied. It may save a cont of patnl, try purtially .sealing the pores of the surface. A good preparation for sizing may be purchased from nny paint dealer or made up of varnish thinned with turpentine and colored will) n mile of Ihe wall paint. Q. I am consitlerinj buying a house that needs cerlnin repairs. The present owner will only sell it "as Is." Cun I yet the money to make the rcpuirs included in the mortgage? A. You can include llic cost of necessary repairs in a mortgage eligible for FHA Insurance. Dccause of his Christian faith. Coiutfiitcnus, the Greek prince, was tattooed over every square inch of his body by his persecutors. Q. Can I sell my house with an PilA mortglagc on it? A. You can sell your house with an FHA mortgage on it (n) lo a purchaser acceptable lo the Administrator as a substitute niort- .gagor, thereby releasing you from the mortgage obligation, or ib) to nny purchaser without, assi»nnieiv of the mortjagc, thereby retalnins you on Ihc mortgage obligation. CJ. Is it necessary to have an AWAIT THE FAMILIES WHO BUILD THIS YEAR Your family, loo, can enjoy the pleasure and satisfaction of a new home this year. Money to build is easy lo borrow and material prices are favorable. Don't put it off, let us help yon. Complete Building Service FHA Loans Jkrkmo Lumber Co. Phone 40 SAFE WATER delivered night and day COSTS LESS !T IGNORE LEAKS Satisfied Customers arc worth more to us than revenue secured from water USELESSLY passing through meters. We are interested in seeing Hint every Rallon of walcv passing through, your melei- i s used in the manner in which you intend, lluN «-D urge that you do not ncRlecl leaks, no m;Uter how small. Some idea of how cosily (hey can he may lie Rained from Ihe following table: 1-32" 1-8" WATER WASTED IN 24 HOURS . 170 gak— 5,100 gals, per month .................... $ 2.03 . 970 gals.— 29,100 gals, per month .................. $ 6.12 . 3,600 gals.— 108,000 gals, per month ............ $17.95 art l, aM ,i „„ ulylhtvillc prwsiire without allowance for friction loss.) BLYTHEVILLE WATER CO. HKRNARD ALLEN, M Kr . Q. Is an interior 11 a city home? toilet allowed SHERWIN WILLIAMS BLACK SCREEN ENAMEI FOR ONE WEEK ONIY Regular OOc Quart.. Only one Quart to a customer at this price 47 • • QU I QUART (See coupon helow) New screens cosl big money! Wliy pay [or replacements tomorrow when a coal oi S-W Screen Enamel applied TODAY will make your screens rust and \varp^prool... preserve Ihem Ihru years of uselut- ness! !l lakes only a quarl lo prolecl Ihe screens of Ihe average 8-ioom home'. Come in NOW! Save Money With This Coupon Property Illled In and pre*tnl«d al out store, IM* coupon cntlltet bear«r lo ihe purchase o( OTIS quart ol Shllwin-Wllllgmi Sct«»n £name! Black al Ihe special price o| A? c«n!s. Dale. Name Addiefis_ SHOUSE HENRY HOW. CO. 1 .r. W. "THE Sll1ll<iC rilOGRESSIVE Phmir STORE" Wilson Henry lie Acitcl ui BEAUTY PARLORS . : -S '< ,BEAUTiFYWOU'OOUSE'v. E.C.ROBINSON LUMBER Moo LUMBER CO. BLYTHEVILLe PHONE IOO We Do The Res -t • LUMBER Moo ARKANSAS J I

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