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FHA Loan* Total
$235,010 in 1963
Farmers and other rural fam Hies served by the Culpeper office borrowed$235,010from the U. S. Department of Agriculture's Farmers Home Administration in 1963 to improve farming operations, buy and enlarge farms, build homes, install water systems, and for other development pup poses, J. Phelps Walker,local supervisor of the agency reported this week. A total of 38 families in the area used credit from the agency during the year, either as individual borrowers or members of associations with a Farmers Home Administration direct or Insured loan. Loans are made by Farmers Home Administration only to qualified borrowers who cannot obtain credit from banka Production Credit Associations and other conventional lenders. Under an insured program of the agency, these lenders also provide about 80 percent of the funds loaned by Farmers Home Administration and secured by real estate. Approximately 90 families paid the agency (Culpeper Office) $248,241 in interest and principal on loans outstanding during the year, a 11% increase over the amount of borrower payments for 1962. He singled out the farm operating, rural housing and emergency feed loan programs of his agency as being of particular importance in the area served by the Culpeper office last year. Mr, Walker also reported that management assistance to Farmers Home Administration borrowers in the county and area is the most important aspect of his work. "The „ efficient management of farm resources, now is the crucial factor in the success
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85.3%