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SECTION 2 - PAGE 3 - PLAINDEALER - WEDNESDAY. MARCH 14. 1984 Impact of floating interest rate cited Business (P) Hie McHenry County Board of to accent FHS finanrino Thi* down navmmts Por first-time 5 nercent ceilinff on the total Hie McHenry County Board of Realtors responds to questions about real estate. Q. - Now that the federal government has allowed FHA mortgage interest rates to float in the marketplace, aren't they going to just as high as con­ ventional mortgage rates? What's the advantage now to having an FHA loan? A. - FHA mortgager interest rates may be somewhat higher than in the past. However, this will not have a negative impact on housing affordability. Previously, sellers had to pay several points, each equal to 1 percent of the mortgage amount, because FHA rates were less than the true market rate, and sellers wished to ob­ tain returns closer to those on conventional loans. When the number of points charged was too high, many sellers either raised the price of the house to recover that cost, pulled their houses off the market until conditions improved or refused to accept FHS financing. The deregulated rate is expected to result in a smoother functioning market. Under floating rates, FHA loans may become more available because the interest rate is negotiated between home ealtors ECORD buyers and lenders. This allows the rates on FHA loans to reflect changes in the mortgage market more quickly and should reduce the number of points charged by lenders. There are two major ad­ vantages to FHA loans. First, the loans are fully assumable when the house is resold, which can be a real plus when mor­ tgage rates are high. Secondly, FHS loans require lower cash down payments. For first-time and lower-income buyers, down payments for loans less than $50,000 have been reduced to 3 percent. Previously, it was 3 percent of the first $25,000 plus 5 percent of the remaining amount. Therefore, on $50,000 loan, the down payment is now $1,500 instead of $2,000. Loans are more available now for condominiums and multifamily projects. FHA now also has been given the green light to issue ad­ justable-rate mortgages and shared-appreciation mortgages. The adjustable-rate mortgage is subject to an annual adjustment of no more than 1 percent with a 5 percent ceiling on the total adjustment over the life of the mortgage. The shared- appreciaiton mortgage gives the lender a pre-determined portion of future property appreciation in return for a lower interest rate. FHA loans currently represent about 12 percent of the home-loan market. If you have any questions relating to real estate, please send them . to the McHenry County Board of Realtors at 1065 Lake Avenue, Woodstock, 111., 60098. However, the board cannot guarantee a response to all questions. NI-Gas warns of imposters Gibson passes fuel safety test Dennis Gibson, 3334 W. Elm Street, McHenry, of Gibson's Home Improvements, was recently notified that he has successfully passed the Solid Fuel Safety Technician Test. The test was administered by the Wood Heating Education and Research Foundation, in September of 1983 in Peoria. _ Gibson is one of only 1,700 technicians in the entire country to have successfully completed this test. Northern Illinois Gas (NI- Gas), has warned customers to be alert for persons posing as employees. Most service calls are made only at the customer's request. Occasionally, employees may need admittance to obtain a meter reading, exchange a meter, relight pilots, check gas applicances or turn service on or off during main construction. When this occurs, customers are encouraged to ask for caller's identification card to confirm the person in a NI-Gas representative. Each Jmployee carries a card with" photo, name and signature. Since any charges are included in regular bills, employees never collect money from customers for service work performed. If the caller cannot be con­ Ml**"?, i SHOP OUR SPECIALS THE ENTIRE MONTH OF MARCH & SAVE ON LUCIOUS BAKED 600DSI TMi I WHOLE ,rt WHEAT BREAD ° loaf GOOD TUES. MAR. 13-SAT. MAR. 17 BROWNIES ONLYJV EA. TUES. MAR. 20 - SAT. MAR. 24 BOSTOH CREAM PIE GOOD TUES. MAR. 27 - SAT. MAR. 31 Stitch to Birth your own Little People Pals born in the 'Cabbage Pate with Xavier Robert's Pattern and Doll Face 2-way stretch fabric Want some help? Come to our class... Thursday, March IS at 4:00 p.m. or Friday, March 16 at 10:00 a. in. We will sculpt the head in class (that's the hard part.) $20°° fee includes material IIKIM. MMIV, MM HINt> M THORI/H) lit *1 H< MAIN STREET ^ „ FABRICS£g Mi MtNk v MARKF 1 HI AC E 1 8 5 1 H ) 0 229 Main Sireel 815 331-7370 Woodtlock Ardilh Nhi*hmian. manaier Hours: l>ail> 9:30-5:30: Iti. 9:30-#; C losed Sun * B ICJ NIGHTS 9 ̂-. „ 50 s 60 s 70 s 80 s Wed.. Mar. 14 Fri.. Mar. 16 HAPPY DAYS JIMMY & THt REVUE STREETBEATS ST. PATRICK'S PARTY Sat., March 17 JOHNNY ROCK & THE HOLLYWOOD ROLLERS COMING ATTRACTIONS Wed., Mar. 21 HAPPY DAYS REVUE Fri. , Mar.23 & 24 BOON BOYS Wed., Mar. 28 RENEGAES Fri. , Mar. 30 HAPPY DAYS REVUE Sat., Mar. 31 BOON BOYS Sun., Apr. 1 M.S. DANCE-A-TH0N 6 Bands Playing Noon Til Midnight I'l r- I •ar 1 A - 815 568 5480 rofMail ,ou"S« RTS 10 I Ti MARtNGO U proqressO * 5th Annua l SUPER SUNDAY SALE & NuTone PADDLE TROPICAL FANTASY PET SHOP 1331 N.Riv*rtld*Dr. McH«nry JI5-MJ1, SAIE DATES THURS.-SUN. MARCH 15-18 *99" '19" lr Mr •55 GAL. W/G TANK WITH FL. HOOD «« »«»•»» •10 GAL. TANK WITH FL. HOOD •50 4 100 WATT HEATERS •SUPREME PME OUTSIDE FILTER REG. $».* KEG. tt.1V •CO. 64.9* SALE SALE SALE SALE •HEAD & TAILIGHT •CHERRY BARBS •BLOOD FINS • SCISSOR TAILS" EA •SILVER TIPS no.st.n --vm TAME LOVEBIRDS •PEACH FACE SOQ95. MC.S49.9f «»'EA •BLUE PIED S JQ15 ttc. W9.9t *7EA. TAME GOFFIN'S COCKATOO •KTM49.«O mrnmr HO. (1.99 •LARGE NEONS «4aa •PRISTELLA OR *1™ IWSTETRA -J£ •RED TAIL SHARKS 1129 RCG.»1.>9 • ANIMALS GUINEA PIG •ABBYSINNIAN $095 RCO.tll.9t O •SHORT HAIR iyj MO. MM BABY GOLDEN HAMSTERS IKC. tJ.99 if TUT* SATBtMY 1» m4 pJWMT 11 mi f s349°° IJ99 F R E E D I M M E R W I T H $ 1 0 0 P u r c h a s e ©Stiffel LAMPS FANS 1 _L mm w w R l n l MUSCIALl DOOR CHIME NuTone juno TRACK LIGHTS CASH & CARRY • ALL SALES FINAL electrical supply an HOURS: M-F 9:00-5:00 Sat. 9:001:00 Company J3L I L'-II firmed as a gas company em­ ployee, contact local authorities or nearest NI-Gas office listed in th# telephone directory, the company advises. SETTLEMENT Nearly 1,200 Illinoisans who purchased 1977 Oldsmobile autombiles equipped with Chevrolet engines will share in a $3.4 million settlement against General Motors, Attorney General Neil Hartigan has announced. Checks amounting to $400.41 each are being sent to consumers in 71 Illinois coun­ ties, ending nearly seven years of legal arguments over GM's substitution of Chevrolet engines for the highly promoted V8 Rocket engines without public notice. , A l t V V IO 9 S A i y | o t, ^ ' i N ' u i O S This Week... Big News Basics for Baby Days! s l vis a ~ Curity® Diapers, Sheets, Shirts and Training Pants Ct"»/r 25°/< OOff Here they are! Diapers: Soft Care prefold Birdseye, reg. $11 dozen, 8.27. Gauze or Stretch Weave, regular $13 dozen, 9.77. 150 Diaper Liners, regular $4.25, 3.17. Fitted Crib Sheets, no-iron prints for a cheerful nursery, regular $5.25, 3.87. White Shirts: Snap-side, 3 pkg., reg. $6, 4.47. Slip-on, 3 pkg., reg. $5, 3.77. Train­ ing Pants, reg. $1.85, 1.37. Sleep 'n Play Sets for Boys and Girls 450 Reg. $6 Save $1.50! Snap-front togs of stretch polyester in zingy stripes . . . long on comfort and wear. For newborn to 18 months. FAMILY HOSE SALE ends Sunday March 18th Entire Stock for the entire Family included Save 25% U 111 Save $5.98! Roomy Car Seat/Carrier ^ 239? Reg. $29.95 Contoured shell with soft, pad­ ded fabric seat has belt fasten­ er; adjusts for sitting, eating, sleeping, riding. Real comfort! .vki Sate-- mS*%VatetnW f "*• SptinQ Pu 0«V* Q This ̂ cC 675 re9^< av S9 f\W tops- S9 ~75 S-\5 25% o« ^d'CSSeS SOCKS S no* ea(W sVocKso^-eedsCo- \ aW VoU oPtfjS ^ OO ' Choose i