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The Tribune
Roanoke, Virginia
What is this article about?
Veterans Administration reports over 28,000 GI 4% home loans issued in September 1952, the highest since December 1951, amid tightening mortgage market. Average 25,000 monthly in first half of 1952. Geographical imbalances noted; FNMA's $400 million program renewal to aid supply.
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More than 28,000 veterans received GI 4 percent loans from private lenders during the month of September, the highest volume since December, 1951, Veterans Administration announced.
Despite a general tightening up of the mortgage market, an average of 25,000 veterans a month obtained GI home financing during the first six months of 1952, VA said.
A low of 22,285 home loan applications was received during May, 1952. Since that time, the volume of GI home loan applications has been increasing steadily. During September, VA received 28,501 home loan guaranty applications from private lenders or lending institutions.
Although the national monthly total of GI loan applications is substantial, VA said that geographically the market is out of balance. Some areas in the nation have an adequate supply of 4 percent GI loan money while other areas have little or none at all.
This geographical unevenness is not unique in the GI loan field, VA pointed out, but has always been a general characteristic of the over-all mortgage market.
The recent renewal of the mortgage purchase program of the Federal National Mortgage Association-a Government corporation which buys GI loans from private lenders--will help bolster the GI loan money supply in many communities, particularly where the supply of private capital is low, VA said. Early in September, FNMA made available approximately $400 million for over-the-counter purchase of GI and FHA loans in non-defense areas.
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Domestic News Details
Event Date
September 1952
Outcome
28,501 gi home loan guaranty applications received; geographical unevenness in loan supply; fnma renewal provides $400 million for purchases.
Event Details
More than 28,000 veterans received GI 4 percent loans from private lenders in September 1952, highest since December 1951. Average 25,000 monthly in first six months of 1952. Low of 22,285 applications in May 1952, then increasing. National total substantial but geographically imbalanced. FNMA mortgage purchase program renewed early September with $400 million for GI and FHA loans in non-defense areas.