Courier-Post from Camden, New Jersey • Page 26

COURIER-POST, Camden, N. fob. 11, 1971 3 26 FNM A Announces "New Policies 3 Tracts Sold in Medford Guide Loans Pi1ii1C3 new clubhouse pari: at WEPGWOOD HOMES by Dom Paparone iff ns NEW YORK The objec An investment group from usual proportion of their mortgage loans into what Pecos, Texas, has purchased tives and operating procedures of a new program to the mortgage industry calls 189 acres of adjoining tracts "warehouse." make more funds avaialble on Mount Holly Medford "This means," he said, for non-government backed Road in Medford Township for $346,124. "that the mortgage banker housing loans were outlined Jy ty The buyers of three tracts yesterday at a meeting of involved were identified as the United Mortgage Bankers Association in the Wal John R. dark and Joseph is, using his own credit resources to make the loans.

If he does this without having assurances of places to sell these mortgages, he sub-iects himself to some risk Crews by Lata Real Es dorf-Astoria here. tate Marlton, which nanmed the Oakley Hunter, president and chairman of the board The largest roar eel 94 exposure if his own credit acres was sold for of Federal National Mort resources are contracted for one reason or another. gage Association, outlined 000 by Wdlans, Eastlick and Gaskffi, Medford Township, according to Lata. "We would hooe that those FNMA's new program to Lumberton Corporation mortgage bankers who have been warehousing a higher than normal amount of loans sold 85 acres for $173,124 purchase conventional home loans, which wil commence Monday with the first of a new wooded section by a championship golf course 3, 4 5 bedroom homes with aluminum siding Take North-South Freeway Rt. 42 past entrance to Atlantic City Expressway.

Continue on Black Horse Pike Rt. 168 to Greentree Rd. Turn right for one mile. Turn right on Hurff ville Rd. to sample.

PAPARONE 1 609-234-0260 1-609-227-7300 with Leon E. Todd Inc. of would reevaluate the condi series of auctions in which tions as they exist today to determine whether they have subieoted themselves FNMA wit issue commit Medford Lakes as cooperating broker. Ten acres were sold by Thomas J. and Margaret P.

Arkuison for $23,000. ments to buy conventional to a greater degree of risk mortgages. FNMA already Lahn said the tracts were operates such a program for FHA and VA mortgages, but purchased for investment and development. this will be the first entry into the conventional, or non governmentai backed, mortgage field. Hunter stressed that the esBFvesit Yow family new program is not designed to be a 'Thigh nsk" pro gram.

"AH of the risk of the conventional program will be borne by FNMA," Hunter COLLINGSWOOD High School student James Kolody of Oaklyn stands with his "New Jersey Pavilion" model and third prize ribbon he captured in 1972 Model Building Competition sponsored by the Industry Advancement Program of. the Building Contractors Association of New Jersey. Two youths, William Sitler and Bruce Muller of North Warren Regional High School combined their talents to win first prize and $500. said. "This makes it man exposure than prudence would justify," Hunter said.

When this has happened in the past, Hunter explained, mortgage bankers have looked to FNMA to buy a greater volume of mortgages than the company could buy. F. McDonough Reelected Chief Of Title Firm Frank J. McDonough of Haddonfield has been reelected president of West Jersey Title Guaranty Camden. He has heided the title insurance firm since 1952.

Other officers reelected at a recent board of directors' organization meeting are: Raymond B. Heston, vice president and treasurer; Jo-, seph E. Lewellen, vice president and secretary; Andrew T. Godor and D. Meeker, assistant secretaries.

Thomas J. Fallon, a Cam Whatever your family likes to do, you have it, close at hand. Acres of woods and streams and fields, play areas, and lots of friends. You're close to the Jersey shore and ski mountain, shopping and schools, major highways, and the Lindenwold high-speed line. And whatever the size and shape of your family, Cherrywood has just the right home.

There's the spacious Manorhouses, from $22,990. Every one of the 4 models is an unexpected 31 feet wide and comes with 3 bedrooms, separate living and dining room, a big kitchen, laundry room, garage, wall-to-wall carpeting, and all modern appliances. Or the Singles from the low to mid-thirties with 2, 3 or 4 bedrooms. Three handsome models, with exteriors virtually maintenance-free. Some include or are available with family room, separate living and dining rooms, 2V4 baths, wall-to-wall carpeting, or 2-car garages, eat-in kitchen with decorator cabinets, disposal, dishwasher, and Caloric cooking center with continuous-clean double oven.

Come visit Cherrywood. The closest thing you'll find to life in a village. Samples are open weekdays and Sunday 12-9, Friday and Saturday 10-6. Go south on Rt 42 (North-South Freeway) to Blackwood-Clementon exit Right on Blackwood-Clementon Road to Cherrywood. Or, south on Rt 30 (White Horse Pike) to Laurel Rd.

(Rt 673). Right on Laurel Rd. to Blackwood-Clementon Rd. Right to Cherrywood. datory that we be particularly careful about the quality of the property and credit underwriting.

"The new Fannie Mae conventional program should not be looked upon as a substitute for the Section 235 single family program operated by the federal government." In a brief discussion of Beautiful Beautiful mortgage market conditions generally Hunter expressed some concern over indica tions that mortgage bankers (609)784-6699. are putting a mgher than Country Anapol to Address den attorney and formerly assistant title officer, was Real Estate Group A meeting of Southern New Jersey Chapter 26, So advanced to title officer to succeed Atty. Edward A. Tobin who retired. ciety of Real Estate Ap praisers, will be Feb.

23 at 6:30 p.m. in Lucien's, Berlin. The speaker will be Atty. Paul R. Anapol, a member Mrs.

Elnora M. Hartman, who has charge of the firm's Haddonfield office, was elected an assistant secretary, and John A. Weinert, who heads the firm's accounting department, was elected assistant treasurer. of the Delaware Valley Re gional Planning Commission and a former Camden County freeholder. 1 i The Winchester 31,640 2 stories, 4 bedrooms, 2V2 baths, 5th bedroom available.

ARustic colonial sur- rounded with stately trees. This amazing homeincludesbrickwalkway, 12'xl5' patio, laundry room, sliding glass doors, paneled rec. room, full basement, wall to wall carpeting, underground utilities, garage and a half (15 x20') and a Deer Another living IdeafromThe Korman Corporation. Vi DIRECTIONS: North South Freeway to Village oi Pine Run Exit. Follow the signs on lower landing Road, crossover Black Horse Pike to Chews Landing-Clementon Road.

Follow the signs to GLEN OAKS. PHONE: 227.6700 'AKS nestled away from it all Situated so near everything and yet nestled away from it all. lovely community offering beautiful 100x200' wooded lots, picturesque enough to grace an artist'i canvas. Custom homes priced from the mid-thirties or open for your inspection. STOKES ROAD, MEDFORD, N.J.

DIRECTIONS: Rt. 70 to Medford Circle, Right on Rt. 541, Si miles to Sample. 609 654-4030 Samples Open 10-5 SAL-SUN. 12-5 commercial mortgage company SUITE 207.

533 BUILDING HIGHWAY 38 CHERRY HILL. N.J. 08034 oMcftlO 30: REALTORS, INVESTORS, DEVELOPERS 3fcm: ROBERT G. VEECH, GENERAL THE FIRST MILLION IV A I I 1 crHEmOwcTRie a new community with the kind of homes you. always dreamed of owning.

Smart contemporary or colonial styled homes on FILL ACRE wooded sites. Furnished Seville model now on display. WKWAVtViVAVAVAVtV.Vi'iVi The Incomparable Shell Homes by IMPERIAL Introducing lftlrWtff1llSl The Imperial Full Price Price Includes: Ft- of LivinR Area CompleU Exterior Paintine When Commercial Mortgage Company first offered its services to Realtors of southern New Jersey. very recently ve felt strongly that we had the people, the experience and the knowledge to perform outstandingly in all areas of mortgage banking. It didn't take long for you to test our abilities and as we head into our second million in mortgage closings we thank you for your confidence.

Ve also wish' to reiterate our pledge to provide you with the most "creative financing" and professional services possible in this industry. As a reminder, our specialty is residential resale loans primarily through the facilities of the F.H.A. and V.A. But, we also provide -financing for tract loans, land loans, construction and permanent conventional In the mortgage banking profession, we are one of N.J. fs oldest and largest financial institutions with huge capital resources allowing us to use our own funds for all of your needs.

Whatever your requirements, you can reach us through either of these 2 telephone numbers: Cherry Hill 662-5770 Burlington 267-4-090 Our offices are in the 523 Building, Highway 38, Cherry Hill, N.J. Arrangements can' be made to meet with you at your convenience. Again, our sincerest thanks for your support. The Millwood Modot 235 Lb. Asphalt Shingle Jbirji near oo ma, full Din- n00' installed) ing Room 80 Sq.

Ft. Covered Porch NO DOWN PAYMENT TO QUALIFIED BUYER CuilwnbuiHSh.lt homt including fvundolnn, footing, mt.rm porti-twnt, end Htofior tiding. Little Mill Woods by the Little Mill Country Club COMPARE BEFORE YOU BUY W. OH No Eilrot and No Dolivory Charg.i C.mpl.1. Fmoncmo Sheilds Real EstoteJoc m-imm TOTAL COMPLETION PACKAGE $12,500 -l SOUNDS UNBELKVABLE! Then why lT fcVfSltf located: 640 EVSSHAM DOAD.

GlENDORA. N.J. (4rrot rem THlo fig ft School) ma Priced from incl. FULL ACRE wooded lots ToU 70 or 73 to Marlton Cult. Continue on Hi: 73 lor 100 yordi, turn lilt on Old Marlton Mi through till town ol Marlton end follow lignt to Hi' ik Mill.

Opn doily II AM. till dark, Mndoy t. m'n till 9. SHEU. HOMES INC.

Division of Martin Snterpris.s, Nevoda John O. Canuso lap Builder nnu ntrnutNTATIVESl I. I-J: MALLARD r.mdra Unntr (til McCUIRE OSLER RIAITY, INC. BIALTV Itr O'lMlTMIO IISIEWIKI I TOOUINI 111 Mm, J. STKOGAS.

Interior Dccontort 235 4250 166 SUBSIDIARY OF UNITED STATES REALTY INVESTMENT COMPANY.