—Lancaster Farming. Saturday, Jan. 4. 1975
22
SOUND ADVICE ON BUYING A HOME
How do you go about
(Indian a bouso you can
really feel at home in?
Find, you must decide
the* price ranee you can
afford...and income is only
one factor. Your debts, your
saving*, your equity (if any)
in your present home-these
are all to be reckoned with.
So is your lifestyle: if
you’re home-oriented, you
may be willing to trim other
expenses to spend more for
a house.
Have you heard that your
home shouldn’t cost more
than 2-1/2 times your an
nual income? That monthly
carrying charges mustn’t ex
ceed one week’s take-home
pay? Like all rules-of-thumb,
these are only estimates
•You should work out your
own guidelines, based on
your financial situation. Fig
ure out what you can spend
for monthly housing costs.
Then estimate what cash
you have available for a
down payment.
Down payment require
ments range from very little
(with a VA guaranteed mort
gage) to more than 40 per
cent (for some older homes
with conventional mort
gages). Generally, a new home
requires a lower down pay
ment and is easier to get
a mortgage for. It’s also'
cheaper to maintain, a fact
that should be considered
when planning your housing
budget.
What features you want
inside your home will de
pend on many factors. You’ll
want to think about how
long you are likely to stay
there, how your family may
change m that time, what
new furnishings you may get.
As you look at homes,
take notes on room sizes,
interior and exterior mate
rials, and special built-in
features such as fireplaces
and cabinets. Many model
homes arc beautifully dec
orated; check with the
builder to get a clear under
standing of what’s included
and what’s “extra.”
You should also ask the
builder If he guarantees his
work, and what is included
in this warranty. Go ahead
and be “nosey;” the builder’s
integrity is vitally impor
tant. Knock on doors of
his previous buyers, and ask
their opinions of him. Ask
your local home builders’ as
sociation about his reliabili
ty and professional Standing
Even if you’re interested
in an older home, it pays to
know the builder's name
and reputation. But don’t
stop there, hire the services
of a home inspection ex
pert. He’ll tell you if the
house is likely to have ter
mite, roof, electrical or
plumbing problems.
A c you shop for houses,
compare neighborhoods as
well. Consider commuting
distances, location of
• schools, and shopping facili
ties, availability of trans
portation-along with less
tangible features like “at
mosphere” and “lifestyle ”
Once you find a home,
you must pay for it—which
brings up the subject of
mortgages. There are three
kinds, all arranged through
private lending institutions.
Conventional mortgages
are two-party affairs be
tween you and the lender.
You borrow up to $36,000
with a 5% down payment,
or $45,000 with 10% down
from savings and loan associ
ations-higher amounts with
greater down payment. The
terms will vary depending
on market condition..
Mortgages insured by the
Federal Housing Administra
tion are three-party affairs,
involving you, the lender and
FHA, You can borrow up to
$33,000, with from 3'7 to
20'’!) down payment. (The
loan ceiling may be rained
by pending legislation.)
Mortgages guaranteed by
the Veterans Administration
are also three-party affairs.
This kind of loan, which
has no maximum is reserved
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CALL US FOR FREE ESTIMATE
VISIT OUR BOOTH 489-500
PENNA. FARM SHOW
J. B. ZIMMERMAN
& SONS
West of Blue Ball, Pa,
on RT. 23
PH 1717)354-4955
for qualified veteran* of
military aervice.
When you close the sale
* for your now homo, you
will have to pay vlomnt
cast* These can rantfe any
where from five hundred
to a couple ot thousand
dollars-and they are not
included in the
the house.
TRYA
CLASSIFIED
Easy-to-handle pails
LANDIS BROS., INC.
1305 Manheim Pike
Lane. PA
PH 1717)393 3906
6IIOS
price of
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Choose from svsllsblo
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Retein the nutritional
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ensile
Famous VIBRA-COR
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Bottom unloading or top
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Largest selling concrete
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Leasing plans available
Madison Silo* Division Offlca, P.O. Box 271, Madison, Wis. 53701
MESSICKFARM
EQUIPMENT INC.
Elizabethtown 367-1319
FRANK SNYDER SOLLENBERGER FARM
SUPPLY
CALEB WENGER Centerport. Pa
Quarryville 548-2116 Phone 215-926-7671
Akron
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ALSO: BROCK BINS & CARDINAL
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WE SILL, SERVICE and INSTALL
, I. M. HERR
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R.D.I. Willow Street
r
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Div Chromalloy
American Corp
1070 Stemmetz Rd
Ephrata. Penna. 17522
Phone 733-1206
LOCAL DEALERS
LANDIS BROS. INC.
Lancaster 393-3906
CARL L. SHIRK
Lebanon 717-274-1436
717-464-3