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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (April 27, 1960)
MAIL TRIBUNE, Madford Or. Wednesday, Api. 27, 1960 , Down Payment Reduction Under FHA Considered Washington - (ITD - The gov ernment is considering a cut in the minimum down pay ment on houses purchased under FHA loans. The reduction under study could reduce by as much as $525 the home-buyer's origi nal outlay on homes costing more than $13,500. A final decision has not been made, according to top housing sources, but could be reached this week. Zimmer man is waiting for his staff to put together some late sta tistics on mortgage money conditions before he commits himself. Pressure Resisted Conugress authorized the lower cash payments last year. Despite strong pressure from home builders and other sources, Zimmerman refused to exercise the authority last autumn. He arjued that with home loan money as hard to find as it was then, cutting down payments would not help either home buyers or builders. In the past four months credit has eased generally. In terest rates on home loans have not declined as a rule but home buyers are finding it easier to get financing at going rates. This is reflected in applica tions for FHA insurance on new houses. Applications dwindled from 39,100 in April to a low of 16,100 in Novem ber as money tightened in 1959. The drop stemmed from lenders' unwillingness to take FHA loans at their maximum interest rate of 53i per cent, even with the, U.S. govern ment backing the risk. Volume of applications rose in De cember, February and March, climbing last month to 34,218. Time Believed Ripe That sizable rebound plus other signs that mortgage money is in more plentiful supply have virtually con vinced Zimmerman that the time is ripe to cut down pay ments. Housing Administrator Norman P. Mason, former FHA head and now Zimmer man's boss, is of a similar view. The new down payments schedule would still require 3 per cent cash on the first $13,500 of purchase price. 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