Newspaper Page Text
New Homes For Perryans Still Within Reach
(Editor's Note: This is
the first in a series of
three articles offering
advice to first-time home
buyers. Succeeding ar
ticles will discuss the
family's housina needs,
and final steps toward
purchasing a home.)
Despite escalating
home prices and mor
tgage interest rates that
have crept past 9 percent
in some areas, home
ownership ts an
achievable goal for most
Americans, said Tom
Grant Jr., president of
the 580,000 member
..fr m .
Simplicity, dignity and elegance are the tools of his trade.
His pictures are not accidents, nor does the emotion in
them come by chance. He knows what to look for and what
to do with it when he finds it. His sensitive eye can capture
and hold emotion in a single photograph or In an entire
series.
Frank Ellis, Photographer, Perry, Georgia.
Phone W7-4JIO.
When you think of Photography Think ....
V/ PHOTOGRAPHY
I BARR FARM SUPPLY
\ Saturday April 15th From BAM - 6 PM. I
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I Major Charge Cards Accepted
Nafional Association of
Realtors.
"Considering these
factors, careful planning
and shopping are more
important than ever,"
Grant said.
"With the median price
of existing homes' ex
pected to hover near
$50,000 by the end of the
year (new homes about
$5,000 higher), the first
time buyer must pay
special attention to
details to stretch his
housing dollar. Realtors
can help in this regard."
Grant offered first-time
Perry Board Os Realtors Outlines Steps To Take
buyers advice on;
-(-Determining how
much house they can
afford
-(-Raising a down
payment
-(-Shopping for a
community
-(-Selecting the right
home
+ Finding financing.
"Traditionally, " he
said, "one method of
estimating how much a
family could afford to pay
for a house has been to
multiply total family
income by 2 or 2.5.
Therefore, a family with
a gross annual income of
$20,000 could afford to
purchase a home ranging
in cost from $40,000 to
$50,000.
"However, if really
boils down to two things:
how much you can allot
out of your monthly In
come for housing ex
penses (principal, in
terest, taxes and in
surance) and how much
you can afford as a down
payment on the pur
chase," Grant explained.
As a general rule, he
added, most lenders limit
a borrower's monthly
housing expenditures to
25 to 30 percent of the
borrower's gross monthly
income. They also may
require that long-term
debts (seven months or
longer) not exceed 35
percent of the borrower's
gross income for the
month. By eliminating or
lowering debt amounts,
more money can be
allotted for housing ex
penses.
"In view of rising home
prices," Grant continued,
"the down payment often
proves to be the most
difficult nut to crack for
first-time buyers in this
area.
"On conventional
loans, a 5 to 20 percent
down payment is
required. To buy a $50,000
home, a first-time buyer
then would need to make
a cash down payment of
from $2500 to SIO,OOO.
Depending on individual
circumstances, closing
costs could require an
additional outlay of SI,OOO
or more."
"Realtors will help you
locate lenders to provide
you with the best down
payment and interest
rate possible," he added.
Although the amount
needed for a down
payment and closing
costs may appear
initially to be an in
surmountable obstacle,
Grant pointed out that
thousands of first-time
buyers overcome it every
year.
They do it, he ex
plained, by bringing all
their resources to bear on
the problem. He
suggested that first-time
buyers consider im
plementing some of the
following measures:
+ Establish a realistic
family budget.
Economize where
possible and bank the
savings.
+ I nsti tu tea
systematic savings
program.
+ Postpone large
expenditures. "A second
car, for example, might
be nice to have, but
consider how much you
could save in license fees,
insurance, gasoline and
maintenance expenses by
carpooling or taking
public transportation
until you buy your
house."
+lf practical, rent a
less expensive apartment
and save the difference.
-fCash in or borrow
against stocks and bonds.
+lf you are eligible -
and the seller is willing -
apply for a VA loan which
requires little down
payment. Federal
Housing Administration
and Farmers Home
Administration loans also
should be considered by
eligible borrowers
because they require
modest down payments.
A Realtor can help you
determine your eligibility
and can put you in con
tact with the appropriate
agency.
+lf available in your
area, consider utilizing
one of the recently
developed alternative
mortgage instruments.
Most were designed to
help first-time buyers by
reducing payments for
the first few years of the
Children's
Theater
Tryouts
April 17, 18
Cast selections for two
Warner Robins
Children's Theatre
productions will be held
April 17 and 18 from 6:30-
8:00 p.m. The shows are
Snow White and the
Seven Dwarfs and The
Gabawacee. Seven girls
and one boy between 13
and 18 years old are
needed. Wendy Eastman
of Perry is director.
The Theatre is located
on Russell Parkway next
to Freedom Lane.
f
Vo\\ £ 0N LEES LOOK ALIVE CARPET
Sme Carpet Sale
(Lees Carpet Reduces Prices *
' To Us And We Pass Savings
LAST TIME BEFORE FALL!
Sale Begins April 10 Ends April 26
; SALE $9“ 7 •
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Resilient underfoot because of the compact dense construction )+■
Special High temperature and pressure treatment for maximum
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New improved super 4 treatment hides soil and resists static and soil
♦ SALE $6 95 sq yd refl $14 ’ ! I
Dense velvet plush is compact and rugged with lots of bounce and
•jl stamina with these important features. Face fibre is 100 percent nylon,
Yarns are heat set to assure maximum texture retention. Solid colors to
* CAIC fl*C9s I
* SALE $0 95 sq. yd. reg. sl2" *
* W *
•j. Third generation continuous filament nylon has soil hiding abilities that
contributes to easy maintenance. Static Protected - this carpet prevents jL
* build up of unwanted static electricity. Perfect for playrooms, basements W
and family rooms.
* SALE $7 95 sq. yd. reg. sl3" *
Multilevel cut and uncut surface yarn. FASHION-100 percent nylon-new $■
. combinations of dye techniques create a fresh fashion look - casual jl
* contemporary. Very durable and long lasting. Recommended for use all
Furniture Sale! jq? , < I
Bedroom Suites, Sofas and chairs, I SI
Pining Room Suites I Furnil,uro & Appliance I
I JO 10 Main St Perry, Go.
Save Up To *SOO Per Suite Vs •
a.i.iim ...» CUSTOM SHWCMtS „
COMPARE QUALITY AND PRICES oceomon scßmt
mortgage. Again, a
Realtor is a good source
of information on
availability of such loans.
-(-If you are handy,
consider buying a home
that "needs work."
Usually, such homes can
r Your chance to win big prizes \
The FTD Grew Ribbon*
petpmnt
CONTEST
£o^2 3nflr\ Now * hru A P ri * 30
you have a "P 6 *" P |ant ' you 0(311 be
the lucky winner of a resort vacation in
CnJmUIAS* Mexico, trips to the 1979 Tournament of^^
Jtoses, or an FTD Green Ribbon Plant^^^^^
purchase necessary. Just stop i
in our Shop today and pick k
up your official entry form!
We really get around... for you! /
The Perry Flower & Gift Emporium
HOUSTON HOME JOURNAL THURS., APR 13. Wi,
be purchased at bargain
prices.
-(-Consider lowering
your expectations. An
existing home is less
expensive than a new
home,and a townhome or
condominium often is less
PAGE 14-A
expensive than a single
family home of com
parable size. By starting
out in a less expensive
home now, you can build
equity toward purchase t
of your dream home in
the not-too-distant future.