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.