Page 8 Portland Observer A p ril 6,1989
Need A
Family Doctor?
Jew el I. ( raw tord M l),
announces the opening ot
T ill OPTIMUM I -AMU Y HEALTH (LIN K
»"22 \ I Glisan Street
Portland. O regon 9 -2 1 3
V TREE io-m inute get-acquainted visit tn appointm ent
V Evening hours available
* Easy access off 1-8» (easthound. take 38th Ave exit:
w estbound, take »3rd Ave. e x it)
V ( lose to Providence Medical ( e n te r
V M em ber of selected health plans
V N utrition evaluations
Please call to schedule appointm ents
232-5879
( omfrietc m edical can’fo r children tinti a d u lts
Grace Collins
Memorial Center
Day Care
“Since 1952 '
Kindergarten
» Pre-School
'Latch Key Program
Children 6 wks.
to 11 yrs.
• Breakfast
• Hot Lunches
•Snacks
Mon-fri
6:30 am • 6.-00 pm
Call
281-6930
128 N.E. Russell St.
4 Y ear Olds - M aking Cookies
Grace Collins
Memorial Center
Day Care
5 Year Olds -
Reading First G rade Books
PORTLAND OBSERVER
“ The Eyes and Ears of the Community”
288-0033
Get a good taste of
Beaverton Lodge
this Saturday.
Not sure moving is your cup of tea? Maybe all you
need is a taste of Beaverton Lodge.
A deliciously decadent taste...of dessert and
complimentary English tea. This Saturday afternoon, any
time between 1 and 4 p.m.
While you're here, you'll be able to take a leisurely
stroll through the Lodge. Look into our spacious one and
two bedroom apartments—the ones with patios and decks.
Check out the pool and health club. Hear about our
homecooked meals and special activities. Get a good taste
of what living here is really like. All for one reasonable
monthly rent.
Sound like we're pouring it on too thick? Maybe. But
so far more than 100 residents have come for a taste...only
to discover that Beaverton Lodge really is their cup of tea.
OREGONIANS...MAY
SOON BE ABLE TO BUY
HOMES
No Res.
Nolbints.
No Closing
Costs.
More than 600 below-median income
Oregonians thought the state may soon
be able to buy homes, with the help of a
state program offering $26.7 m illion of
low er interest rate m ortgage money.
Beginning May 3,1989, the Oregon
Housing Agency will be offering 27-
year mortgage loans at a fixed rate of
8.35% . Loans will be available on a
first-come, first-served basis through
21 participating lenders. These funds
will be available through December
1989, or until funds are gone.
“ We expect this program to be
extrem ely popular. The 8.35% interest
rate is nearly 3 points below the going
conventional 30-ycar fixed loan rate,”
according to Kathryn Eustrom, manager
of the Housing A gency’s single-family
programs. “ This program will help
address tw o o f the housing problems
confronting O regonians today. The low
interest rate makes hom eow nership a
possibility for a segment of our population
who otherw ise face housing costs that
are unaffordable. In addition, by enabling
th e se fa m ilie s
to m ove into
hom eow nership, the program frees up
rental properties for other fam ilies’ use
at a time when rentals are hard to come
b y .”
The loans are available for owner-
occupied hom es only. The applicant’s
household income must be $28,500 or
less per year. The purchase price o f the
home must be 65,000 or less for new
construction, and $61,650 for existing
homes.
Federal law requires that applicants
be first-time home buyers, or not have
owned and occupied a principal residence
within the past three years.
This
requirem ent may be waived if the home
being purchased is located in a “ targeted
area” . “ Targeted areas” include all of
Baker, Clatsop, Coos, Crook, Grant,
H arney, Jefferson, Joseph ine, K lam ath,
Lake, M alheur, Union, W allowa and
W heeler counties; cities o f Ashland,
M ilton-Freew ater, M yrtle Creek, Port
Orford, Silverton, Turner and Vernonia;
Presenting our low fixed-rate Home Equity loans.
Right now, were waiving .ill points,
fees, and elosing eosts on our low
fixed-rate Home Equity loans And
that's not all. If your payments are
dedueted from your Security Pacific
Bank Oregon elieeking account, you
get an additional 1 ott the quoted
rate. Plus there's no balloon payment.
Ofeourse. with an otter this good.
Ü SECURITY PACIFIC BANK OREGON
Wc want to be vour bank lor life.
and portions o f A lbany, Corvallis,
Eugene, M edford, Salem and Portland.
The home being purchased may be
located anyw here in Oregon. Existing
homes, new construction, manufactured
housing perm anently affixed to an
acceptable foundation, condom inium
units, or units in a Planned Unit
Developm ent (PUD) all may qualify
for the program.
All loans m ust be insured by the
Federal Housing Administration (FHA).
The Oregon Housing Agency accepts
F H A ’s m inim um dow n paym ent
requirem ents o f 3-5% and financing of
the m ortgage insurance premium and
FH A -allowable closing costs. The loan
origination fee and discount points
together may not exceed 1.75% of the
loan.
These funds may not be used to
refinance an existing home loan. These
funds may not be used in conjunction
with the Oregon Housing A gency’s
M ortgage Credit Certificate Program.
Tw enty-one lenders around the state
are participating in the Single-Family
Mortgage Program:
1-800-551-FAST
In Portland 222-FAST
Moikbx-I nd,i\. SAM-HPM
to
!(
■(
V
V
<
:
9
1
The Benj Franklin Federal Savings
& Loan: Centennial M ortgage Co;
T he
C o m m e rc ia l
B ank;
Commonwealth Mortgage Company;
Continental Savings Bank; Crossland
M ortgage Corp; Far W est Federal
Mortgage Corp; First Interstate Bank
o f Oregon; Inland Empire Bank; Key
Pacific M ortgage; Liberty Savings
and Loan; N orthw est Funding, Ltd.;
Pacific First Federal Savings Bank;
Plaza M ortgage; Security Bank;
Security Pacific Bank Oregon; United
Savings Bank; US Bancorp Mortgage
Company (US Bank); W ashington
Federal Savings Bank; Western Bank;
and W illam ette Savings and Loan
Association.
y
Y
Measure
your rent
against
this chart:
No matter how you stack it, renting
simply can t measure up to the advantages
of buying a HUD home.
Because HUD offers homes with a low
3% down payment. FHA Mortgage Insur
ance. And the investment opportunity of
buying property that's priced to be an out
standing value.
Plus, consider this: Over 12 year's
time. $350 in monthly rent adds up to
more than $50,000. Many HUD homes
cost less.
To find out more, check our ad in the
real estate classified section of your Friday
or Sunday Oregonian. Or call your real
estate agent.
The Oregon Housing Agency is able
to make low er-interest rate mortgage
loan funds available by issuing tax-
exempt mortgage revenue bonds. Current
federal law will end new issuances of
mortgage revenue bonds alter December
31, 1989.
You'll discover that owning your own
home isn't such a tall order after all.
a
For more information on this program,
people may call the Oregon Housing
Agency at 373-1616, or any o f the
participating financial institutions.
HUD nr
O O -A N TW N T O f HOCWMG
ANO URBAM OCVELOFMOO
1‘iMM Hl l> Portland < Nti» i
B eaverton L odge
Retirement Residence
12900 S.W. Ninth Street • Beaverton • I’lione: 227-7645
Off Main St. between Farmington and Allen Blvd.
PORTLAND OBSERVER
1 = 1
The Eyes and Ears of the Community
288-0033
I0 U A I HOUSING
Complimentary English Iras will hr v rtw l every Saturday d u n n g lh r Spring
o w ktw ih
1 - r , '
4.
tí '
*
we can’t guarantee it will be around
forever, so apply today
Call now tor our current rate and
monthly payments. O r visit any ot our
convenient banking offices.
And if you're wondering how we
can offer great savings like these, it's
easy. When we say we want to be your
bank for life, we mean it.
:
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