1. The Government wants to encourage certain types of building construction or repair.



2. Such as multi-family housing, nursing homes, and retirement homes that benefit large groups of people

3. To do this, big loans are made available to developers, prospective building owners, and other real estate people

4. Helping society get the types of buildings needed for healthy living the Government seeks for every citizen

THERE ARE SEVERAL AGENCIES offering loans today through FHA, Fannie Mae, and Freddie Mac. These loans are for:

* New construction to buildings listed above

* Purchase of existing buildings of the types listed

* Refinancing of existing multi-family housing (apartment houses), existing nursing homes, and retirement homes

THESE LOANS ARE REALLY GREAT because they have so many advantages for you--the borrower. These advantages include:

* Non-recouse--this means the lender does not have any right to sieze your other assets if the loan goes bad

* Long-term--30to 40 years for repayment of your loan; this means that your monthly payments are lower

* Fixed interest rate--meaning that your monthly payments for principal and interest (called P & I) are constant--they do not increase no matter what happens to interset rates

* Low equity needed--meaning that your down payments much lower than with other types of financing--such as from bank or mortgage company loans

WHERE CAN YOU GET ONE OF THESE LOANS? You can get your loan through any one of the agencies listed above that handles the type of loan you seek. Here are the loans, their agency, and their phone number:

* For multi-family housing, use the Freddie Mac 221(d)4 Multifamily Housing Program, and the 223(f) Refinancing and Rehabilitation Program, and the Freddie Mac DUS Program. Call 1-800-688-9889 for the nearest office.

* For retairement centers, use the Retairement Center 231 coinsurance Program for proposed facilities and the 223(f) coinsurance Program for existing facilities. Call the above general information number for the nearest office.

* For nursing homes, use the Nursing Home and 232 Board and Care Mortgage Programs for such facilities. Call the number above for more information from your local office.

ALONG WITH THESE GOVERNMENT PROGRAMS, there are others which offer real opportunities for you to take over an income property with a low down payment. These include:

* Below-market interest rates available through participating mortgage for you

* Tax-exempt financing with lower floating interest rates to keep your costs down. Call the numbers given above for free information.