The Nome daily nugget. [volume], March 26, 1935, Page THREE, Image 3

About The Nome daily nugget. [volume] (Nome, Alaska) 1934-1938

Image provided by: Alaska State Library Historical Collections

                
SPECIAL —
FLANNEL SHIRTS
Reduced From $6.50 & .$6.00
TO—$4.00
From $5.00
TO—$3.00
BROADCLOTH SHIRTS
From $3.50 & $3.00
TO—$1.50
BON MARCHE
STORES
LINCOLN HOTEL
JACK DEVINE, PROP.
“THE HOME OF THE SOURDOUGH”
ROOMS BY THE DAY OR MONTH
Your Town
And Your
Newspaper
DESERVE YOUR PATRONAGE
$$
Spent In Nome Stay Here
And Return To You
$$
Spent In Support Of Your News
paper, In Turn Supports
And Boosts Nome.
-o
The Nome Daily
NUGGET
Communications
Continued From Page One
istent on them be eligible to receive
loans?
Answer: Yes. Regulations af
ford an opportunity for the borrow
er to re-finance an existing loan, to
combine and re-finance two existing
encumbrances, to refinance and in
crease an existing loan or make a
loan upon existing dwellings where
i none has heretofore been made.
Question: Will a clear lot upon
which you wish to build be accept
ed as the owner’s eqity in the pro
perty when it is improved?
Answer: Yes. The maximum
1 amount that may be borrowed is
30% of the combined appraised val
ue of the lot and estimated value of
the structure to be built. Accord
ingly the borrower must have 20%
of such value in an equity. If the
estimated value of the proposed
buildings is not over four times the
appraised value of the lot his lot
can then stand as sufficient equity
and the maximum amount he might
borrow will be the value of his
building. As an example: If the
borrower has a lot eppraised at
$1,000 and wishes to build a struc
ture of the value of $4,000, he may
borrow not to exceed 80% of the to
tal of $5,000 which will give him up
to $4,000 to build his structure.
Question: How will property be
appraised?
Answer: The Federal Housing
Administration will appraise pro
perty involved in any prospective
loan for the purpose of determining
whether it complies with regulations
sufficiently to make it eligible for
|
mortgage insurance. The lending
i institution which contemplates niak
ing the loan will doubtless make its
own appraisal in addition thereto.
Question: Is the distress value of
a piece of property considered a fair
value?
Answer: No. The distress value
of a property will not be taken as a
measure of a fair value, but an ap
praisal will be made earfeully af
ter consideration of factors other
than the distress feature involved.
Question: Are loans restricted to
single family dwellings?
Answer: No. Loans may be made
on dwellings of not over four
family units, thus including singles,
duplexes and -triplcxe . as 1 a
the latter classification.
Question: May the owner build
or mortgage mire than one home?
Answer: Yes. There is no regul
ation in effect preventing an appli
cant from building on a-> many pro
perties as desired provided that his
credit standing and normal income
will justify the monthly payments
necessary upon the incumbrances in
volved.
Question: What is the rate of in
terest on these loans?
Answer: The Borrower will pay
on construction or purchase money
loans interest at the rate of 5C" per
annum. On re-financing of present
encumbrances or placing new loans
on existing properties he will pay
interest at the rate of 5'z'< per an
num.
Question: What additional eharg
es are connected with the loan?
Answer: In cases of new con
struction, new loans on old proper
ties, and also m cases where re-fin
ancing and purchase money encum
brances are made by lending insti
tutions which do not hold the pro
perty involved or the encumbranc
es to be re-financed, a service charge
of ‘a of '1% per year is authorized;
this, in company with the interest to
be computed and paid on diminish
ing balances. In case of purchase
money encumbrances and new con
struction a mortgage insurance pre
mium of 'a of 1'\ per year, and in
cases of refinancing and creation of
indebtedness on old construction a
mortgage insurance of lri per year
is authorized. The premium is com
puted upon the original amount of
the loan and is paid t hrough the
lending institution to the Adminis
trator. In addition, the usual es
crow, title and other charges neces
sarily incident to setting up a loan
will be authorized.
Question: How long does the
mortgager have to repay the loan 1
Answer: Regulations provide that
a loan shall in no event be made for
a period longer than 21) year.- Tii
length of time allowed for repay
ment may depend upon a number
different considerations and factui
involving in each individual prob
LADIES AFTERNOON DRESSES
IN SILK AND WOOL-ALL SIZES
SMOCKS AND SWEATER SETS
ARRIVED BY PLANE
MILDREDS SHOPPE [
Any Silk Or Wool
Dresses $5.00
JACK
SEIDENVERG
Nome Laundry
Joe Amarok, Prop.
DRY CLEANING AND
PRESSING SUITS
PHONE MAIN 29
East of Catholic Church
Nome, Alaska.
CITY LAUNDRY
Harry Saito, Prop.
Opposite The Bank
Clothing Pressed And
Cleaned
Laundry Work At
Reasonable Prices
TUB BATHS DAILY
10 A.M. TO 10 P.M.
I -
i
Cavev"s Bakery
OPEN FROM G A.M. TO 1 A.M.
GOOD CUP OF COFFEE
BEST PASTRY IN NOME
Good Meals
FOB ALL KINPS OF
CARPENTER WORK
BUILDING or CONTRACTING
SEE
Hans Petersen
Corner Finn Alley & 1st. Ave.
Industrial Workers
Of Alaska
Meet Every First
Thursday of each Month
Nome, Alaska
■ ..
SPEED COMFORT DEPENDABILITY
FLY WITH THE MAIL
PACIFIC ALASKA
AIRWAYS INC
OPERATING
TYVICE-WEEKLY MAIL TRIPS BETWEEN
FAIRBANKS AND NOME—LEAVING NOME
8 A. M. TUESDAYS AND FRIDAYS
RADIO EQUIPPED PLANES
Office 1st Ave. and Stcdnian
NOME, AEASk V.
___________________
NOME MACHINE SHOP
W. I,. SLACK AND SON, PROPRIETORS
Our Aim—Satisfied Customers
BOILER, .MARINE, TRACTOR. ACETLYNE AND
ELECTRIC WELDING
MATERIAL STOCKED: SHAFTING, STEEL, BRONZE.
BUSHING, BABBITT, ACCESSORIES.
Prompt Attention to Local and Out of Town Work
Telephone Black 110
lem.
Question: May a loan be paid off
in advance of maturity?
Answer: Provision will be made
for repayment of any loan before it
matures.
Question: Are the taxes and in
surance included in the monthly pay
ments?
Answer: Taxes, insurance, special
assessments and other casualty in
surance, if anti as imposed, will all
be included in the monthly pay
ments as specified.
Subscribe For The Nome Daily
Nugget—S2.00 Month By Carrier
Placer
And Lode
Location Blanks
For Sale at Nugget Office
TITLE 2
Federal Housing Administration
INSISTS ON APPROVED PLANS AND
SPECIFICATIONS
Materials \rc Listed. Labor Quantities Computed
And Orders Placed
ECONOMICALLY
FROM PLANS AND SPECIFICATIONS
DO IT NOW—THE TIME IS GETTING SHORT
SEE
AIM’ BROWN
BUILDER — CONTRACTOR — DESIGNER
Seiffert Flats
«WWnM|i|llfrwyi
NOME LIQUOR STORE
(Next Door To Fire Station)
COMPLETE LINE OF WINES AND LIQUORS
RANTER BEER 15 CENTS BOTTLE
ALSO A COMPLETE LINE OF
CIGARS & TOBACCOS
ALASKA STEAMSHIP
COMPANY
IDURING SUV SCHEDULE
SAILING FROM SEATTLE
S. S. DELLWOOD May 25th
S. S. DERBLAY May 29th
S S. VICTORIA June 1st
S. S. DELLWOOD July 3rd
S. S. DERBLAY Aug. 14th
S. S. DELLWOOD SEPT. 11th
S. S. VICTORIA Oct. 9th
The Victoria and Dellwood on their voyages will
call at Nome, St. Michael, Golovin and Bonanza.
The Derblay will call on her voyages at Nome, St.
Michael, Golovin, Bonanza, Unalakleet, Teller,
Cape Prince of Wales, Shishmaref. Deering, Kee
walik, Kotzebue, St. Lawrence Island, and other
ports where business warrants.
Jas. P. Daly, Agent.