Tuesday, December 3, 2013

FHA Loans Fixing Up Rural Homes, 1970

Kitchen Before Remodeling with an FHA Loan

Farmers Home Administration’s 502 Rural Housing Loans

The family’s annual adjusted income cannot exceed $7,000 for the 502 interest credit loan and $9,300 for the regular 502 housing loan with 8 ½ percent interest rate. FHA lends only to families who cannot acquire loans from other lending agencies, such as banks or savings and loan associations.

FHA also has a 504 loan for repairing homes.

The 1960 housing census revealed that half of the nation’s 6 million substandard units were in rural areas. North Carolina had half a million substandard units in 1960, nearly 10 percent of the total number of substandard units in the nation.

Guidelines were broadened in 1970 to allow low and moderate income families in small towns with population of up to 10,000 to apply. Previously in 1965, applicants could live in towns no larger than 5,500.

At work in a modernized kitchen.

Before the home lacked a clothes closet.

The closet not only looks better, but garments don't  wrinkle and are easier to locate.

Now the couple can relax in their modern home.

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