Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 10 · column 4 of 9 · from the scan, no model involved
74+
Graduated
Mortgages
Guaranteed Graduated Payment Mortgages (GPM) are now available with lower downpayments for new home purchases, according to the Veterans Administration. The new program is part of the Veterans’ Disability Compensation, Housing, and Memorial Benefits Amendments passed by Congress last year.
Under the GPM, monthly payments are lower for the first few years than the corresponding monthly payments on a traditional mortgage for the same amount. In a GPM mortgage. a portion of the interest due on the loan each month is deferred and added to the principal balance of the loan.
After a set number of years, the payments become a constant amount for the duration of the loan. From that point, each scheduled loan payment includes all of the interest due plus a portion of the principal, as in a traditional mortgage.
The VA will guarantee only those GPMs which feature annual payment increases of 7.5 percent, implemented on each annual anniversary date of the loan, for the fust five years.
f
I
85.9%