The sun. [volume] (Newberry, S.C.) 1937-1972, May 23, 1968, Image 3
The Newberry Sun, Newberry, S. C., Thursday, May 23, 1968—PAGE 3
Washing-ton, D. C.—Army
Specialist Four Eugene Book
man (left), 28, son of Mrs.
Evelyn Bookman, Prosperity,
receives the Bronze Star Medal
April 24 at the Walter Reed
Army Medical Center, Wasn-
ing-ton, D. C.
Congratulating him is Cap
tain George Cozens of the med
ical center.
Spec Bookman received the
award for heroism in action
against enemy forces in Viet
nam, November 19, 1967.
Spec. Bookman, a patient at
the Walter Reed General Hos
pital, entered the Army in Sep
tember 1966 and completed
basic training at Ft. Dix, N. J.
While serving in Vietnam, he
was with the 173rd Airborne
Brigade. He holds the Army
Commendation Medal and the
Purple Heart.
The specialist, whose father,
Levi Bookman, lives at 15F
Peshine Ave., Newark, N. J., h
a 1968 graduate of Gallmar.
High School.
Guarantee on
Vet home loans
increased
Stanley Zuk, Manager of the
Columbia VA Regional Office,
said today that the increase in
the Veterans Administration’s
maximum guarantee on G. I.
home loans from $7,500 to
$12,500 makes G. I. mortgages
a “gilt-edge investment.”
The two-thirds increase in the
amount of the maximum VA
guarantee went into effect May
7, 1968, with the signing of Pub-
Law 90-301 by President John
son.
What this means to nearly
12.5 million veterans and ser
vicemen now eligible for G. I
home loans, Zuk said, is that in
addition to having the house as
security for a mortgage,the
lender also has the guarantee
of the U. S. A. for up to 60 per
cent or $12,500 of the mortgage
This really makes G. I. home
loans virtually riskless for len
ders, he declared.
The new guarantee maximum
replacing the $7,500 ceiling
which had been in effect since
1950, will provide up to the au
thorized 60 per cent coverage
on loans as high as $20,833, and
50 per cent on $25,000 mort
gages.
Zuk pointed out that PL 90-301
signed by the President May 7
also contains two other provi
sions important to veterans in
addition to the loan guaranty
hike and the widely reported
interest rate increase.
One provision would permit
a veteran to pay more for a
home than the VA-appraised
leasonable value. However, the
amount of the loan obtained bv
the veteran cannot exceed the
VA appraisal. The veteran muse
pay in cash the difference be
tween the VA “reasonable val
ue” appraisal and the actual
sales price of the home.
Zuk said that of 12.5 million
veterans and servicemen cur
rently eligible for G. I. loans,
approximately 4.1 million are
Post-Korean veterans,3.2 mil
lion Korean Conflict veterans,
3.2 million World War II veter
ans, and 1.9 million servicemen
with at least two years of ac
tive duty. This total is being
swelled by nearly 70,000 Viet
nam Era veterans returning to
civilian life each month.
Since the beginning of theVA
loan program under the World
War II G. I. Bill, VA has guar
anteed nearly 7.2 million loans
amounting to more than $70 bil
lion. It has also made more than
284,000 direct loans valued at
$2.6 billion.
KOCH SPEAKER
AT GARDEN CLUB
The Nosegay Garden Club
met at the home of Mrs. W. E.
Turner on May 9, at 3:30 p.m.
Mrs. Ernest Layton and Mrs.
R. D. Smith were co-hostesses.
The club president, Mrs. J.
E. Smith, presided at the meet
ing. The program chairman,
Mrs. B. E. Eader, introduced
the guest speaker, Rev. John
H. Koch Jr., pastor of Mayer
Memorial Lutheran church.
Rev. Koch showed the club
slides' of the beautiful array of
wiYld flowers found in the
wmodlands and mountains of
North and South Carolina. An
arrangement named “Woodland
Beauty” w r as displayed by Mrs.
B. E. Eader as part of the pro
gram.
Tasty refreshments were en
joyed by the 16 members.
It’s Your Move..
We Have
Made Ours..
We made our move when we adopted the variable
rate of Dividend on Savings. We pay as high as
5.25% on Savings Certificates from $10,000 up. Your
Savings are Insured to $15,000.
Accounts here may be held in the name of an indi
vidual or jointly by two or more persons. Therefore,
you may have much more than $15,000 fully insured.
Move up to the high rate. Save with us today.
DIRECTORS
John F. Clarkson J. K. Willingham E. B. Purcell
W. C. Huffman A. E. Morehead
P. M. DeLoache, Saluda, S. C. Robert M. Owen Ratesburg, S. C.
RE-ELECT YOUR REPRESEKTATIVE
D. P. "Jabbo” FOLK