The Courier News from Blytheville, Arkansas on October 11, 1950 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

Blytheville, Arkansas
Issue Date:
Wednesday, October 11, 1950
Page 5
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WEDNESDAY, OCTOBER 11,1950 'BLYTHEVILI.E (ARK.) COURIER HEWS. T/»* Nation Today: Ther* An Exception* — New Home-Buying Rules to Make Purchasing Tougher for Nation PAGE mi Seal Shortage Seals Rise in Price 'Harvest' on U. Sf Preserve FaHf B«/ow 10-Year Average -, JAMES MARLOW WASHINGTON, Oct. 11. (fl'j—The government — starting tomorrow, Oct. 12—Is making it tougher to buy one and two-family homes. But there a re exceptions, The government has Issued new 4ws, under a law passed by Con- Wss, which compel you to put up a bigger down payment and pay up faster on any: 1> Newly built or existing home If the govermnent—meaning the Federal Housing Administration or Veterans Administration — has a hand in the deal. That is. it it guarantees a loan on the home. 21 Newly built home whether it's • the government, a bank or a loan ' company which guarantees or makes jhe loan on it, ' But—and this Is where the ex- ceplion comes in—the new rules do not apply at all to existing homes where the government has no part in the loan. Examples: II You want to buy a newly built ncme or have one built. The rules apply to you, whether you get the loan from a bank or the govern. ..meiit. 2y You want to buy a home which : Is not new. If the FHA or VA guarantees the loan, then the rules • apply. But If in the case of such . an existing home you get a non. government loan, the rules do not • apply. 10 Per Cent I'ayments what is considered a "new" home? You're a non-veteran. You'll have One upon which construction wasl-to put u|> a down payment of at ,i. r t»A -„ „. -n.,. ».,„ ™ !<,=„ .., . . These are the rules in all cases | on inflation. started on or after Aug 30. 1950. An "existing" home is one which was built before Aug. 3 or upon which onstiuctlon has started before that date. Suppose a man arranged a loan on a new home between Aug. 3 and Nov. Do the new rules apply to him? Do the, terms of his loan have to be re-arranged? No, The rules apply only where a loan has been arranged after today. Here's a question w h 1 c h you probably have hi mind at tills point: Why ts there on exception In the rules? Why don't, they apply in the case of an existing home where no government loan Is invoiced? Congress did that, when it passed a law Sept. 18 giving the government power to set these controls. No Kxccpllons Wanlcd • Government housing officials wanted no exceptions. They wanted the controls to, apply across the board—on new and existing homes —whether the government was mixed up in the loan or not. The reasoning behind Ihe' rules: 1) By making home-buying tougher, to cut down on the nuii)ber of new homes being built, thus leaving more materials for the government's defense program. 2) By making home-buying tougher and new houses fewer, to keep prices down and put a brake where they apply: . Non-veterans will have to make •casli down payments ranging from 10 per cent on houses costing under ' - $5,000 to 50 per cent on houses of $25,000 or more. Down payments for <.jtf||rans will be lower, ranging from < ^&r cent to 45 per cent. 5 Mortgages will have to be paid off | »iihin 20 years on all houses cost- j ing more than $7,000. For under', 17.000 houses. 25 years ! ilhwed. [ - Right here something needs ex- i plaining, under these new rules, But what about those existing homes where the new rules .don't apply so long as no government load is involved? \Vill the prices on them go down? Or, since- they'll be easier to buy. will their prices go up even further? We'll hn'vo. to wait for the answer to that one, (The new rules do not apply to apartment houses or commercial under- i property. Bui the government will will be put controls on them shortly.) . Here are examples of how the ules will work on homes to which he rules apply: A home Is valued at »I2,000. ; Good Entertainment ; Everyday Open Week Days 6:45 M., , Show Starts 7:00 i h >i Saturdays & Sundays 1:00 ' ,< Atwayi a pouble Feature I^ast Times Today UUIU UKU . nn tMKVM aaaa • ~KOT MJ«WCJ • nx CMRUU • -mur MOT won oututimi • asm —Plus— TWO SHORTS ;!R«WttW«* i ' Thursday & Friday UNIYtRSAt-INIlRNATIONAL least 53,100. If you're a veteran, your down payment must be at least $1,900. But when the price of a home Is 525,000 or more, the non-veteran must put up a down payment, of at least half the price by himself, ~ veteran a little kss. questions In Mind At this point you probably have this question In mind: Say I'm a non-veteran, want to buy a $25.000 home (to use round figures), but don't have the 50 per cent down payment of $12,500. I'll borrow that S12.500 down payment from an uricle and get a loan from a. bank on (he rest. Js that all right? No. Not at all. The new rules say you must put up the down payment by yourself—that you can't borrow It from any source, relative or otherwise— if you want a loan from a bank on the rest. (There's one exception: You can get a loan on your life insurance to make the down payment. And if sickness or death or fire intervenes, exceptions will be made for your borrowing.) Bui you say: suppose my. Aunt Sally wants to lend me money on a house covered by these new rules. Can't she? ,vot unless she lends you the whole amount. But if she makes a loan to you on any part of your on the rest from a'bank or PHA down payment, you can get no help or VA. Then you say: but the rules don't, apply to me at all if I can borrow (he whole loan [rom some individual who Is not a bank. Right? Not exactly . Any individual who makes more than three loans a year to home buyers, and they total $25.000 or more, comes under the rules and :annnot give you a loan unless you nit up the amount of down psy- nent required by the new rules. SEATTLE, wash. —<NEAI— nir coals, lilte most thing* the.w days, probably will be up in price soon— and it won't all be because U. S. longshore unions are refusing to unload Russian fur cargoes. The seals themselves are one good reason. That's .the report of the men who operate Uncle Sam's biggest fur-growing enterprise on the Prlbilofs islands In the Bering sea. far off the const of Alaska; Edward C. Johnston, of the Fish and Wildlife Service here, who is general manager of the Pilbl- lofs, says the government harvested a lighter-than-usual crop of seal skim this summer. The yield ,wns 60,090 skins, compared with > 10-year average of 66,920. *• • » Another indication nf a price hike: Last spring when the gov- SKYLINE $2 Per Carload Last Times Today ALSO JANE POWELL In "SLIGHTLY DANGEROUS' Thursday & Friday DOUBLE FEATURE mi 1113111. UK turn - MI tilt • rcrium Always a Color Cartoon Chaffee General Assumes Command , Air Conditioned By Refrigeration NEW 'Your Community Center" MANILA, ARK. Matinees Sat. & Sun. I'h. 58 FORT SMITH, Ark., Oct. 11. —Brig. Gen. Claude B. FcrciiUHugh has assumed command of nearby Camp chaffee. Ferenbaugh arrived yesterda> from Atlanta, where he was chle of staff (or the third army. He succeeds Col. John Green, acting commander since the post was reactivated. Green will remain at Chaffee. Ferenbaugh served In Africa and Europe in World War II. He grad- Crime Probers Shift Hunt to New Jersey NEW YORK, Oct. 11. (/TV-United States Senate crime probers shifted heir own gambling Investigation ;ere today to a city already groggy ? rom a million-dollar police-bookie jraft scandal. The senators plan to concentrate on -conditions in neighboring New Jersey, which has gambling tieups a New York City. The closed hearing will be in the New York federal building In Foley Square. Senators Kstes Kefauver (D- Tenn), crime committee chairman en route from his home state for (he hearing, said his investigation is not related to the Brooklyn grand jury probe that touched off the police disclosures. Further, he insisted that It was "not the committee's all-out New York Investigation, but just one little phase of it." Th e committee temnorarilj wound up a survey of Chicago crime yesterday by questioning a police captain, Thomas Harrison, a b o u I his sources of income. Col. George White. » commit,^ investigator, said Harrison's assets "do not appear to be compatible with his earnings as a police cap- lain." But he added quickly. "] no not wish to leave any Inference one way or another." Mustard Is sometimes sown Iron airplanes over areas burned by for est fires. uated [rom the Academy In 1B18. U. S. Militar Ci'K OWING FUR FOK UNCI.E SAM: This Is Just a handful of Ihr summer population on Ihr. U. S. fur sral reservation nn the 1'ribl- lof Islands. Total population U estimated at 3,000,000. eminent auctioned off the 1949 vill, Uncle Sam received an average of fG-1.20 per skin, as against 555.93 last year. Johnston blames It on "normal fluctuations, such as occur in all wildlife populations." The return of seals to the Prl- ailofs each spring Is one of nature's unanswered mysteries. Coolness and fog of the islands are believed one of the main reasons, Early each spring they start the migration northward, after wintering in warm waters off Southern California. The migration Is carefully guarded by Guard cutters. U. S. Coast The bulls, large, weighing up to 600 pounds and measuring six to seven feet, arrive at the Pribilofs early In April. The females, or cows, come shortly thereafter. They weigh about 100 pounds. Since a bull Is not mature until he is about '_ seven years old. and being polygamous by nature he quickly builds up a harem of about 40 to so cows. This leaves a lot of younger, bachelor males. Thus, many of the three-year- ! olds, still Immature, are killed lor I Iheir skins,'and the future of the herds Is not endangered. Size determines a three-year-old. The killing is fairly easy, but a selective matter, because the Inch- elors generally coiiKrcgate off by themselves. Like so many sheep, the natives drive them Inland to the RIOSS.V meadows, knock them out with a six-foot club, and (hen knife them, The skin is pulled off. Then they are taken to modern plants on the islands where they are treated by experienced natives and experts of the Fouke Fur Co., Kl. Ix>uls. which has an exclusive contract with the government. Pells ' are thoroughly': cured in salt before being packed for shipment to the States for auction, with proceeds going into -the u. S. treasury. SHOW STARTS 7:00 P.M. LAST TIMES TON IT E : FEATURE tin Inlcrmisshms at Si»rv except im Saturdays. ALSO CARTOON THURSDAY & FRIDAY HOUHLK FEATURE ontr t nxii \ $&£' O'KEEFE GAI.K STORM -XFT CHANDLER S1«y jrd Sorter; bf WMtt GlELfiUD Produced b/ JLUHY PPtSUH * [>i«u«d by JOC H' A UNfYlRSA LINT Eft NATIONAL RCIURC Also Cartoon Wednesday & Thursday ff* <• ^i Iff Captive Girl wllh Johnny Weismuller ~- H«V CH.1ISTHM • VABCil JOUSHI »S1 SVlffl . USOt YOBM tiWr C, K,,-3 r.aO-. 1,0m it. S .^ ,, ;,,,,., ,., , (^x«J t* JOHN HOU5CIJ1N- C-«c>JbyVJOCOfVlS ^ RAMPAFul PRODUCTION birwtodfey ' Frex!ix«tl b» BAVID HOWARD • »ERT OIIKO' $<rtttt Pfo/ by Merlon Cranl Also Cartoon FEINBERG'S Offers A Very Special Group of BEAUTIFUL NEW FALL DRESSES Regularly Priced at 5.99 - 6.99 - 7.99 RITZ THEATRE Manila, Ark. Wednesday & Thursday "I SHOT BILLY THE K!D rr with Don Barry, Robert Ixrwery & Judith Allen Alsn News ft Shorts THURSDAY, FRIDAY, SATURDAY FEINBERG'S O GASH DISCOUNT On Our Entire Fall Line of COATS SUITS DRESSES This Offer Good Only During Thursday - Friday - Saturday October 12 - 13 - 14 S Buy Now and Save! Whitsitt's . "Because You Like Smart Things'

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