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Farm Hdusing Loans
Now Available
Eligible far n owners in Rappahannock County may borrow from the Farmers Home Administration to build or repair farm houses and other esseitial farm buildings R. S. Boyle,! he agency’s county supervisor'serving local farm families said toda;,
He said the farm housing loans were made available under recent legislation. A total of $50,00,000 has been provided for these loans.
Interest on the loans will be 4 per cent per yjear on the unpaid principal. Repayments will be
periods up to 33 scheduled over years. A housing loan will be secured
on the borrower’s
who has a lien on
»ble to get a second by a mortgage farm. A farmer his farm may be mortgage loan. The agency lexpects applicants to furnish the building plans and specifications for the improvements to be fjnanced with the loans. To help the borrower obtain1 construction! that meets generally
accepted standards of soundness, the Farmeis Home Administration will revi -w the plans and inspect the construction as it progresses. !
The local Faimers Home Administration courfty committee will determine whethi r or not an applicant is eligible fdr a housing loan. To be eligible, m applicant must
be unable to obtain suitable credit for dwellings anjl other buildings from other lenders, and have enough income ffom the farm or from the farm o| other sources to meet family livin j and faijn operating expenses and repay his debts.
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