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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (May 18, 1988)
May 18, 1988, Special Section, Portland Observer, Page 13 Veterans Administration # PM# TERM PRICE CASH PRICE 18 211705 42,500 38,250 19 209410 51,500 20 212337 21 BDR BTH SOFT GAR 21518 Peggy Ct. 2 1 810 1 46,350 —BOARDM AN- 121 NW Boardman Ave 3 2 1183 2(N) 57,500 51,750 —COTTAGE G R O V E - 1475 Whitman Blvd 3 2 1655 2 221891 42,000 37,800 —ENTERPRISE- 101 Hyland Drive 2 1 912 0 22 23 24 213540 214635 216356 67,000 84,200 49,999 60,300 75,780 44,910 —E U G EN E- 2246 Brittany 3834 Ashford 1388 Evergreen Dr. 3 3 4 2 2.5 1 1636 1636 1242 2 25 206438 50.000 45,000 —FOREST G R O V E - 1336 Larch St. 3 2 1332 26 203378 52,500 47,250 —G R ESH AM - 2630 SE 187th PI 3 1 1434 1 27 216061 82,000 73,800 —LAKE O SW EG O - 19251 Maree Ct. 4 2 2247 0(N) 28 217060 57,500 51,750 —HILLSBORO- 152 NE 16th 3 2 2308 2 29 207447 50,700 45,630 —M EDFORD- 2432 Alma Drive 3 2 1236 1 30 204691 38,500 34,650 -M IL W A U K IE - 5503 SE Firwood St. 3 1 1080 0 31 207737 54,000 48,600 230505 Cowls Ct. 3 2 1168 2(N) 32 207984 32,000 28,800 —NORTH B E N D - 2171 Meade Street 2 1 864 1(N) 33 205752 60,000 54,000 —OREGON C IT Y - 18032 Markham Ct. 3 2.5 1978 2(R) 34 35 36 37 38 217725 216128 218247 1116 217074 40,000 36,500 42,500 35,000 42,000 36,000 32,850 38,250 31,500 37,800 —PORTLAND- 215 NE Portland Blvd. 5572 SE 87th St. 1925 NE Junior St. 10123 SE Ramona 9215 N Bristol Ave 2 3 3 3 3 1.5 1.5 1.5 1 2 1043 1070 1321 976 976 0(N) 0(N) 2(N) 40 212660 52,000 46,800 —TROUTDALE- 21711 SE Ash St. 2 2 1898 1(R) 41 1411 30,000 27,000 1 1051 1 42 43 44 210657 210657 1352 51,000 51,000 30.000 2 2 2 1366 1605 1344 1 2(N) 1(N) 45 1122 43,000 1.5 1056 1(N) -A L O H A - Property Management Section, Loan Guaranty Division Veterans Administration Regional Office 1220 SW Third Avenue Portland, OR 97205 Office Hours: 7:45 a.m. to 4:15 p.m. These properties are for sale at or above the stated list price. However, reasonable offers below the list price will be considered for acceptance The m inimum earnest money deposit is $500.00. This deposit will be deposited in your client trust account. The Veterans Administration will pay reasonable loan discount points for offers as long as the com bined loan discount and the discount for cash does not exceed 10 percent. Brokers sale com m ission is 5 percent plus the brokers bonus as noted. No sales com m ission will be paid if the purchaser is a VA affiliate such as certain loan guaranty em ployees, m anagem ent brokers, fee appraisers, including families, partners, and employees, regardless of the subm itting sales agent. (R) — Denotes reduced sales price or revised terms. (N) Denotes new listing. (Five workday offer period will apply to these properties only.) Current interest rate is 10%. VA now has an electronic bulletin board available from 4:15 p.m. to 7:45 a m. (loan guaranty 87-31). Multiple Listing Service m em bers can access the bulletin board by typing ATDT 2 —M c M innville - 221-6884. Code-A-Phone (503) 294-7050 — This is a NEW num ber $500.00 Com m ission Bonus on properties listed on this sheet only # 1 PM# 212265 TERM PRICE 37,500 CASH PRICE 33,750 BDR PROPERTY ADDRESS —A LO H A - 21528 SW Sandra Ct. GAR BTH 854 2 1 3 1.5 2 1.5 1 2 210918 39,500 35,500 3 206609 39,000 35,100 —ASTO R IA- 588 Lexington —BEAVERTON- 6889 SW Suxxes 4 214683 34,000 30,600 —C A M A S - 136 SE Franklin 2 1 5 209639 38,000 34,200 —EAGLE P O IN T - 322 Lorraine St 3 1 1424 210082 82,000 73,800 —FOREST G R O V E - 3128 Forest Gale Dr. 4 3 3202 2 6 14,500 13,050 3 1 866 0 7 207730 8 215718 21,000 18,900 9 202787 36.000 32,400 10 1028 1347 12 215413 —HERMISTON— 306 E. Beech &MILTON-FREEWATER— 114 SW 7th —PENDLETON— Rt. 1, Box 207 1 1212 960 1 1 CP 1 1 512 1 Det 2 1 936 1 996 1798 0 2(R) 2345 2(R) 1680 1737 1004 1 1 0(R) 1 —PORTLAND- 1 3 22,500 9511 SE 75th Ave o o 5C27 NE 19th 9.600 "THE ABOVE PROPERTY IS A HANDYMAN S P E C IA L 2 16,000 7000 NE 8th & 5 20.000 1001 NE Madrona THE SQUARE FT. OF THE ABOVE PROPERTY IS COMBINED FOR 2 BLC 2 30,000 27,000 4037 N Gantenbein 3 11 SE 197th Ave 47,700 53,000 1.5 2 36,000 5430 NE 53rd Ave 40,000 25,000 12,000 PROPERTY ADORESS 13 14 15 065269 206242 214941 16 213779 62,500 56,250 —S E L M A - 825 Thompson Cr. Rd. 3 1 1376 24,500 —W ASHOUGAL- 22.050 2521 "F" Street NO FHA/VA FUNDING "HANDYMAN 2 1 624 17 212211 S P E C IA L —UM ATILLA- 3 204 Deschutes St. —VANCOUVER- 2 45,900 4417 NE Plains Way 3 45,900 10111 NE 14th Ct. 4 27,000 3508 Yeoman Ave "HANDYMAN SPECIAL” — NO VA FHA FUNDING 38,700 —WHITE C IT Y - 8008 Gladstone Ave. 3 O 1 2 Federal Veterans Administration Guarantees Loans The Federal Veterans Adm inist ration guarantees loans made by private banks, savings and loan associations, and mortgage com panies to buy a hom e, con dominium, or manufactured home; to refinance an existing home loan or land sale contract; or to build a home to be occupied by the vete ran. VA guaranteed loans offer im portant advantages to eligible vete rans over most conventional loans; such as no downpayment required, an interest rate that is usually lower than conventional mortgage rates, lim itations on closing costs, the right to prepay the loan early without penalty, and the veteran is inform ed of the estimated reason able value of the property. A veteran may apply for a VA Certificate of Eligibility by present ing a copy of his/her DD Form 214 or Report of Separation From Ac tive Duty and completing the appli cation, VA Form 26-1880, which may be obtained from the lender or VA. There are no expiration dates for the Federal VA program. The Veterans A dm inistration also offers VA acquired homes to all prospective purchasers. The purchasers need not be veterans, nor do they need to occupy the property. VA will accept term of fers, where we extend credit to the borrower, or the purchasers can find their own financing and cash us out. VA offers a 10% discount for cash. VA terms on acquired properties are 30 year, 10% fixed rate, no money down contracts. Generally, the purchaser will need about $2000 to $2500 at closing to pay for taxes, insurance, escrow fee and other m iscellaneous costs. To see what VA has available in its acquired inventory, contact any real estate office. A realtor can show our properties and write an offer for interested persons. For further information about Federal VA programs, contact the VA Regional Office, Federal Build ing, Room 1420, 1220 SW Third Avenue, Portland, OR 97204, or call about new guaranteed loans on (503) 221-2471 and about ac quired properties on (503) 221- 2484 Single-Family Mortgage Purchase Program HOW THE PROGRAM WORKS he Oregon Housing Agency periodically sells m ortgage revenue bonds in order to offer home loans to eligible borrowers at below-m arket interest rates. Participating lenders process the loans and lend funds to eligible Oregon homebuyers according to underw riting procedures estab lished by the Housing Agency. Participating lenders are identified with each bond issue and can provide instructions on how to apply for funds in your area. The Oregon Housing Agency expects to provide new funds for mortgage loans by m id-1988 if bond market conditions are favor able. T Low and No-Interest Loans For Home Repair! You may qualify for a low-interest home repair loan through the City of Portland Development Commission. / Varying interest rates. (0%, 3%, 6%, 9% APR) / We can help you finance those needed repairs now! ✓ Only available to Portland homeowners with modest incomes. / Call 796-6800 today for more information! Portland Development Commission Il20 S.W. Fifth Avenue Portland, Oregon 97204 t=ï (Oil*. ttOtSNG OPPORTUNITY WHO IS ELIGIBLE Only Oregonians with moderate and lower incomes are eligible, and maximum purchase prices are established with each bond issue. The m ost recent mortgage purch ase program s had a household income limit of $28,500 and a m a xim u m p u rch a se p rice of $65,000. This is subject to change on a new bond issue. To qualify, borrowers cannot have owned a principal residence at any time during the three-year period ending on the date the mortgage is executed. (This re quirem ent is waived if the property being purchased is located in a Targeted Area and the borrower transfers any residential property previously owned prior to the clos ing o f the Program Loan These Targeted Areas include all of Baker, C latsop, C oos, C rook, G ra n t, H a rn e y, J e ffe rs o n , J o s e p h in e , K la m a th , Lake, Malheur, Union, W allowa, and W heeler Counties, cities of Ash land, M ilto n -F re e w a te r, M yrtle C reek, Port O rford, S ilverton, Turner, and Vernonia; and portions of Albany, Corvallis, Eugene, M ed ford, Salem, and Portland.) Borrowers must agree to occupy the property as their personal resi dence to qualify for the program loan. TERMS OF THE MORTGAGE LOAN The mortgage loan term on site-built homes is generally 15 to 30 years. The loan term for m an ufactured housing permanently lo cated on a lot owned by the borrower is a maximu of 20 years for single units and 25 years for double units. Recent program s have perm it ted both FHA and conventionally- insured loans. The maximum loan is based on the property's appraised value or purchase price, whichever is less. Normally, on conventional loans, no more than 28% of the gross monthly income may be committed to the mortgage payment (principal and interest payment, tax and in s u ra n c e e s c ro w s , p riv a te mortgage insurance escrow, and hom eowners association fees, if applicable). C onventio nal loans m ay be made with the minimum down p a ym e n t re q u ire d by P riva te Mortgage Insurers. Down payment requirements may vary depending on the borrower s income and the sales price of the property. C on ventional loans with down pay m ents of less than 25% are charged mortgage insurance pre miums. FHA 203B loans insured by the Federal Housing Adm inistration (FHA) are also available. The standard FHA 203B down paym ent and qualifying ratios are accepta ble under this program. The FHA M ortgage Insurance P re m iu m (MIP) and FHA allowable closing cost may also be added to the loan amount as long as FHA continues th is p rocedure . The H o u sin g Agency does not consider the addition of MIP and closing costs, to the extent they do not exceed the usual and reasonable level of such fees and costs, as increasing the m axim um allow able sales price. Both the State of Oregon Single-Family Mortgage Purchase Program and the Federal Housing A d m in is tra tio n 's u n d e rw ritin g guidelines apply to all FHA loans. Maximum Loan Fees and Dis counts; The most recent mortgage purchase programs had a 1%% loan fee on conventional loans. The total loan fee a n d discount could not exceed 1%% of an FHA loan amount. This is subject to change on a new bond issue. Refinancing an existing home loan is not permitted. Any requests for m ailing of in formation on new m ortgage prog rams should be directed to the Oregon Housing Agency. If you have any questions, please call the Single-Fam ily Program s staff at (503) 373-1616.
