An Analysis of the Operation of Title I of the Federal Housing Administration Act Page: 24
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24
minimum Terms
minimum terms on FA loans are six equal monthly in-
stallaents. The final installment (not the first) ay be
no less than half nor more than one and one-half times the
preceding installment. The first installmanIEt t be pay-
able not less than six days, nor ore than sixty-two days
from the date of thenote (subject to regulation "W limi-
tati ons).
Naximum Terms
The maxim= terms are thirty-six months (exceept when
modified by Regulation "W"). A loan in excess of $2,500.00
but not exceeding $5,000.00 made to provide more living
space in ritical areas may be payable within a period not
to exceed five years from the date of the note. If a loan
is made for the purpose of converting an existing structure
to provide housing for war workers, or of constr e ting a ne
structure to be used in whole or in part for agricultural
purposes, exclusive of residential purposes, the maturity
my be extended to seven years. If a loan is made for the
purpose of constructing a new structure to be used in part
or in whole for agricultural purposes, exclusive of resi-
dential purposes, and if it is secured by a first lien, the
maturity date ay be extended to fifteen years.
3rbide, p. 25.
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Granstaff, Shelie Monroe. An Analysis of the Operation of Title I of the Federal Housing Administration Act, thesis, 1947; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc53505/m1/30/: accessed April 26, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .