Image provided by: University of Oregon Libraries; Eugene, OR
About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Nov. 4, 1987)
November 4, 1987, Portland Observer, Page 9 BUILDING MATI HUD to Permit Interest Rate Reductions on FHA Mortgage Loans In a move designed to increase homeowner- ship opportunities after the recent rise in interest rates, Secretary of Housing and Urban Develop ment Samuel R. Pierce, Jr., today announced that HUD is revising its policy to premit a two percent interest rate reduction for many qualify ing homebuyers in the FHA mortgage insurance program. Such reductions occur through the buydown process, in which the seller pays a portion of the homebuyer's mortgage payments for a period of time. For a 2-1 buydown, a homebuyer in the first year of an eleven percent mortgage would only have to make monthly payments equivalent to those of a nine percent mortgage. During the second year, the payments would be the same as a ten percent mortgage. When a 2-1 interest rate buydown is involved for a prospective FHA mortgage, HUD will now qualify the borrower at the interest rate two percent below the note rate (contract interest rate). Secretary Pierce said: "W e expect this change to have a positive impact on the home building and mortgage industries. With the re cent increases in interest rates, thousands of homebuyers in every state have been taken out of the market. HUD is now making it possible for many low and moderate income families and first time homebuyers to qualify for insured financing." The Department had previously imposed a five percent limit on the amount sellers can pay on a buyer's behalf for buydowns. This limit is being raised to six percent. With the limit in creased, sellers will now be able to absorb the cost of a 2-1 buydown and also pay other buyer charges without exceeding the six percent limit, thereby further assisting the homebuyer with the purchase. Thomas T. Demery, FHA Commissioner and HUD Assistant Secretary for Housing, said: "This limit increase was a necessary revision to reflect the increased costs associated with doing business in today's interest rate environment. By making these changes, the way is opened to enable lenders and builders, as well as other house sellers, to assist prospective buyers, and expand homeownership opportunities substan tially." LOANS & FINANCING Need Money? Equity loans on all types of real estate, easy quali fying! Rapid funding! We buy contracts. Call now! Toll-free, 1 800 537 5498, Oregon Land Mortgage. PETS Hao Kan Chinese Shar- Pei: Healthy, wrinkly puppies from cham pions. We're not the biggest, but no North west breeder can match our record. Box 74, Amity, OR 97101. (503) 835 6981. PICKUPS/ CANOPIED 550 Canopies Cheap: Totem, Stampede, Brahama. Over age units sold for less. Free price list. Phone free, 1-800-452-9113, 9-5:00, 7 days. Totem Mfg., Salem, Oregon. COPY EDITOR Recent Columbia Uni versity Journalism Sc hool grad seeks pos ition as copy editor/ page designer. Three years part-time weekly experience, daily intern ship. Design/editing concentration at Col umbia. Editor-in-chief of Cal Poly's award winning daily news paper; won 1986 Cal ifornia Intercollegiate Press Association first place award for front page layout. Contact: Donald Munro, 145 Morningside Drive, Ben Lomond, CA 95005; (408) 336-5262. TYPISTS FOR SALE Hundreds weekly at home! Write: P.O. Box 17, Clark, NJ 07066 Varityper CompSet 500. $400 or best offer. Richard Keller, (503) 777-5436. High Point Com munications, P.O. Box 8279, Portland, OR 97207. PERSONAL M ASTERCARD. No one refused. Re gardless of credit his tory. Also ERASE bad credit. Do it yourself. Call 1 619 565 1522 Ext. C30260R 24 hrs. Pole Building Kits. Complete building package, 1/sliding door, 4/colored walls, 6x6 poles, 24x36x10 $1,875; 24x48x12 $2,512; 30x60x12 $3,533. Many other sizes. Labor and financing available. 1-800-331-0155, (503 ) 263-1805. Builders' Board No. L44526. FOR SALE BUILDING MATERIALS Weekly newspaper in growing community on beautiful Oregon Coast. 1,450 paid circulation. 1986 gross over $80,000. Priced for rapid sale, $60,000 firm; $10,000 down, owner will finance balance. No brokers. Write: Bruce Allen, 25 N.W. Cedar Avenue, Warrenton, OR 97146. Pole Building Kits: Fall specials. 24x36x12, $1999; 24x48x12, $2446; 30x60x12, $3378; 40x 60x12, $4165. Financing, labor, delivery, other sizes available. Free color brochure. (503) 263- 6953; 1-800-872-0070. OR 40703. W ANTED TO BUY BUILDING MATERIALS W A N T TO LOSE WEIGHT? Need 50 overweight people who seriously want to lose pounds. Finally a program that works. 100% money back guarantee. Call Claire (503) 233-3865. PMT reproduction camera, times, (503)390-1051. HOUSES Call Les, Keizer- FOR SALE Barbed Wire Special: 12-H ga. 4 point, while supplies last, $24.50 a roll. Fox Fence Co., 4330 S.E. Division Street, Portland, OR 97206. USA phone 1-800-235-4188. GOVERNMENT HOMES for $1.00 (U Repair) BUY DIRECT! Repos & Tax SEIZED Properties. Call TODAY for FACTS! 1 518-459 3546 EXT H6061A (TOLL-Refundable) 24HRS. CATLIN GABLE REPORTER RUMMAGE SALE '84 graduate of Lewis & Clark College with November 5, 6 p.m.-9 p.m. degree in international November 6 - 7 , 10 a m. - 9 p.m. affairs and concentra November 8, 10 a.m. - 3 p.m. tion in joi nalism seeks Multnomah County Expo Center. general assignment re 60,000 Square Feet of bargains. porting position. In See it to believe it! college reported for campus newspaper on a variety t ’ issues, and NEED CREDIT? worte feat res and re views. Also freelanced No Credit Check! $300 Credit Limit, your own for local weekly and Credit Card, National Mail Order Firm has new completed several in credit plan for people with bad/no credit. For ternships before mov info send name/address to: ing to New York City for three years to work Credit Dept. in editorial department P.O. Box 280459 of publishing. Exper Dallas, TX 75228 ienced in photojourn or call alism and layout. Con (214)270 9816 tact: Sam Bennett, 10634 S.W. Hedlund, BUSINESS Portland, OR 97219; OPPORTUNITIES (503)635-6462. RETAIL CABINET STORE. Excellent ca binet and ceramic tile displays. Full Remodel ing. Good location. Owners retiring. Tran sition assistance. P.O. Box 963, Hood River, OR 97031. LOANS & FINANCING MONEY TO LEND CONTRACTS & MORTGAGES Need Money? Equity loans on all types of real estate, easy qualifying! Rapid funding! We buy contracts. Call now! Toll-free, 1-800-537-5498, Oregon Land Mortgage. PICKUPS/CANO PIES 500 Totem Tops. Warehouse prices. Totem, Stampede, Brahma. Over age units less. Free price list. Phone free, 1-800-452-9113, 9-5:00, 7 days. Totem Mfg, Salem, Oregon. STOP PAYING RENT. You can save money owning this 2 or 3 Bed room home. Com pletely renovated, New Natural Gas Furnace, Good Roof, New Wall to Wall Carpet, Fenced Yard, Ready to occupy. $300 per m onth P.l. FHA Mortgage. Seller pays most clo sing costs. Approxi mately $800 total move in costs. $20,250 234 0501 or 288 1678 BUILDING MATERIALS POLE BUILDING KITb. Complete building pa ckages, 1/sliding door, 4/colored walls, 6 x 6 poles, 24 x 36 x 10 $1,749; 24 x 48 x 12 $2,349; 30 x 60 x 12 $3,249. Many other sizes. Labor and finan cing available. 1-800- 331-0155, (503) 263- 1805. MOBILE HOMES Huge Selection of the first mobile/modular homes. From $16 square foot. Installed state wide. Foundations, garages, land financing, etc. available. Santiam Homes, Stayton. Since 1969. (503) 769-7744, collect. BUSINESS OPPORTUNITY C O M M ERCIAL PROPERTY FOR SALE 28 SPACE MOBILE PARK, 16 mobiles own ed by park. Located in Medfore, Oregon. De tailed package avail able. Owner carry at 9% A.P.R. (503) 826- 2661 or 1-800-422-0341. FIGURE SHAPING AND SUNTANNING EQUIPMENT: Open your own figure or sun tan salon or add these features to your exist ing business. Buy fac tory direct; (312) 234- 9547. VETERAN Lower down payments Lower interest. Opportunity for qualified veteran (acceptable credit & earnings) to acquire a two family home at no cost. Call Mackie or Jack HOMES FOR SALE VETERAN Opportunity for qualified veteran (acceptable credit & earnings) to ac quire a two family home at no cost. Call Mackie or Jack 252-3366 S m ith & Associates HOUSE FOR SALE 1 Vi story, 4 BR, 1 BA, FIRPLC, DR, Weather ized, New Kitchen and Bath. Pay $800 down & qualify to take over $37,000 FHA at 8 ’/?%, $396 per month PITI. Near Peninsula School. 289-1424 or 653-7490. 252-3366 OREGON COAST: Beautiful 4 bedroom, 2 bath; large fenced landscaped lot; near beaches, lake, rivers, hunting, fishing. $38, 900. (503) 332-7505; Box 955, Port Orford, OR 97465. Smith & Associates D.J. GENERAL CONTRACTOR INC Dewey Taylor II HELP W ANTED EXPERIENCE OF A LIFETIME: Learn about other cultures. Be come a host family for a high school exchange student arriving August 19. Telephone Inter national Education Fo rum: Yvonne Bokovoy, (503) 386-2223. I : I > HELP W ANTED We’ve made buying a HUD home a whole new ball game. Buy an FHA-insured HUD-owned home now and enjoy a lower down payment and interest rate with our all new Double Play offer. Now for a limited time. HUD has dropped the down payment to just 3% for owner-occupants and 10% lor investors on all IlUD-owned properties eligible for FHA Mortgage Insurance. Plus, H l'D w ill pay up to 6 additional points to help cut your interest rate up to one full percent . . . or more! Check the HUD listings ad in the classified section of your Friday or Sunday Oregonian. Then tor details, see any real estate agent. Lower down. Lower interest. Our all new Double Play w ill help you come home a winner. DEPARTMENT OF MOUSING ANO URBAN DEVELOPMENT DBA: PAINTING-INTERIOR & EXTERIOR W ALL & FLOOR COVERING OF ALL PHASES FREE ESTIMATES LICENSED, BONDED PICKUPS/ CANOPIES HUD and your real estate agent. We’re The Home Team." n il) NEEDED IMMEDIATE LY: Welders, carpen ters, electricians, plum bers, management po sitions, technicians, mechanics, machinists, drivers, equipment op erators. Entry level, degreed, up to $32.60 hour. Call Transcon tinental, (308)647-5555. Fee. nr 5 5 0 C A N O P IE S CHEAP: Totem, Stam pede, Brahama. Save big at Totem. Free mount. Free price list. Phone free, 1-800-452- 9113, 9-5:00, 7 days. Totem Mfg., Salem, Oregon. m ea 10 YEARS OF EXPERIENCE AFFORDABLE REMODELING!!!!!! ecs 288-9629 .co’ \6°^° I . ’ C ALLTO D AY • • • ..* V - » ' * , , Lx
