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Business A spokesman for Cameo Building Corp. said his comâ€" pany has acquired the excluâ€" sive rights to distribute the Flexible Loan Insurance Program (FLIP) to realtors and builders in the Region of Waterloo and the counties of Wellington, Perth, Oxford and Brant. FLIP, a copyrighted proâ€" gram created by Allan H. Smith of Newtown, Pa., in the midâ€"1970‘s, was first inâ€" troduced to Canada in Toronto last year. It was brought to Canada by Vicâ€" toria Wood Development Corp., a large Canadian builder. The program is backed by the Toronto Dominion Bank and the Mortgage Insurance Corp. of Canada (MICC), the largest private mortâ€" gage insurer in the country. Cameo said the combined efforts of the TD and MICC have ‘"resulted in an inâ€" dividualized mortgage loan program which is geared to the potential home buyer‘s social, financial and housing requirements.‘" FLIP enables the buyer to make larger payments as his income increases. In efâ€" fect, they have a choice of getting more value for their housing doliars, or pay less and use the difference to finâ€" ance home furnishings or appliances. FLIP has no income requirements and is a privaâ€" te plan that is not governâ€" ment related. Qualifying for the program involves the same standards used in traâ€" ditional loans and there is no government assistance or subsidies. The program, which takes continuing inflation into acâ€" count, permits the borrower to make lower monthly payâ€" ments during the first years that he owns a home, and is tailored for those who would find normal monthly installâ€" ments on a conventional mortgage prohibitive. By Stewart Sutheriand > Chronicle staff writer W A Waterloo construction company unveiled its plans Friday to market a new form of home financâ€" ing that will put the dream of home ownership within reach of many potential home buyers in the Waterloo area. " g‘foa’ uk \o«o\oO«\o“o‘h , * sl\\oxoqoo °owd 90\&'. ‘mqe( ‘\‘\.9 peqewgo ooo 4»06» 4\69.,09\«“\\\ l Potential homebuyers in L I f. | ( ‘ * ) ; Local firm introduces loan program â€" By Stewart Sutheriand + $57,186 home, even though proximately 20 per cent in <gram having a positive efâ€" _ "In Prince Albert, Sask., Chronicle staif writer their. combined income the firgt year," according to â€" fect on the housing market where the program was A graduated payment plan is then developed from this analysis in a matter of seâ€" conds by way of a highâ€" speed computer printout, and no two FLIP plans are alike, according to Cameo. FLIP makes use of the portion of the down payâ€" ment, as calculated by the computer, to fund a pledged savings account, with the balance going toward the reâ€" duction of the home purâ€" chase price. During the first five years of the mortgage, money in the account earns interest which combined with the principal is used to supplement the borrower‘s reduced monthly payment. > the Waterloo area will have the option of choosing beâ€" tween FLIP and the convenâ€" tional mortgage arranâ€" gements. Those who choose FLIP will have their purâ€" chasing power analyzed through a sophisticated computer program which considers: the buyer‘s preâ€" sent income; the ratio of housing expense to income} projected income growth; mortgage interest rate; proâ€" perty tax; cash down payâ€" ment and interest on the pledged account. This means that payments are low during the early years of home ownership and gradually increase. In Toronto, where Vicâ€" toria Wood has been using the plan since March of last year, one out of every four home buyers has been seâ€" lecting the FLIP alternaâ€" tive. * How does FLIP work? A young couple with a combined income of $23,000 a year decide they would be better off buying a house rather than renting. Under a conventional financing plan at a current rate of 13% per cent, their combined income plus a cash down payment of $5,000 would qualify them for a $50,167 home. Under the FLIP plan, the couple would qualify for a !(\oo ‘‘Generally â€" speaking, FLIP will do two things. It will lower the average buyer‘s payments by apâ€" ".',Iw ERVHETYY v!w wl‘ pml wl, U W CCC JN ‘I €2207 II.'III- LJ 'v-l.l" EC > AML rm nm“’ u‘" their. combined income ~ the firx year,"‘ according to â€" fect on the housing market where the program was would have had to be $26,532. Claude Desjardins, _ a . which is currently sufféring : started by a company called under the conventional plan. partner in Cameo. ‘"*Or it â€"through a slump. â€" United Realty, in the first FLIP increased this couâ€" will allow 20 per cent more _ ‘‘I can teH you that Vicâ€" eight weeks that they had ple‘s buying power by 14 per people in a specific house toria Wood in Toronto is the pn:::am they sold 30 cent.. bracket to buy that house : doing 25 per cent of their buâ€" houses that otherwise would than previously qualified.‘" _ siness under this program. not have been sold had the A second example would â€" "If youhad agroupofpeo That‘s an astronomical program not been in existenâ€" have this same couple purâ€" ple in the $20,000 category, number," he said. ce," Desjardins said. FUEL ECONOMY " ealk wE MAKE WATERLOO FUELS ON YOUR FUEL OIL SAVE UP TO 86 ERB ST. W. WATERLOO® under this program people earning $16,000 can afford to be in this buying category. On the other hand, he may not want to increase his buyâ€" ing power but reduce his monthly payments instead, and in the first year he can reduce â€"his monthly payâ€" ments anywhere from 18 to 30 per cent,"‘ Desjardins said. Desjardins sees the proâ€" o AMOP BP ammrmwel, abtaphe* absecerit‘? contorrait? B * s uols ... Waterloo Chronicle, Wednesday, January 18, 1980 â€" Page 9 ‘"I can teH you that Vicâ€" toria Wood in Toronto is doing 25 per cent of their buâ€" siness under this program. That‘s an astronomical number," he said. The Waterloo County Board of Education offers a 50â€"50 French Immersion program in selected schools at the Grades 1â€"3 level. Up to 14 new Grade 1 classes are being considered for September, 1980. Public meetings have been planned for parents of Kinâ€" dergarten children to explain and answer questions pertainâ€" ing to the program. Your attendance at the meetings is not viewed as a comâ€" mitment to the program. Commitment forms will be handed out at the meetings and it is on the basis of these forms that classes will be identified. If you are interested in the program but cannot attend any of the following meetings please call Mr. D. Bryce at 742â€"1751, extension 184: Lynne Woolstencroft William Townshend Chairman of the Board Director of Education Wedanesday, January 23, 1980 at 7:30 p.m MacGregor Senior Public School 31 Central Avenue . Waterioo t Monday, January 21, 1980 at 7:30 p.m Stanley Park Senior Public School 191 Hickson Drive f Kitchener A MOTICE ABOUT THE FRENCH IMMERSION PROGRAM WATERLOO COUNTY BOARD OF EDUCATION