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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (April 29, 1992)
’ I ~ * 4 » J • 1 * »'« A pril 2 9 , 1992...The Portland Observer...Page 11 / / Spiato^ / sm / 'Á ': r a s a ui'-:, w L - J -, I*-?. Q ; •« '-•L\ A-.«?, .-.•A Help For First-Time Home Buyers We re Looking For Great Tenants... To Occupy Our 2, 3, & 4 Bedroom Homes NOW Available In North & Northeast Portland Neighborhoods Professional Maintenance & Management For Specific Information Call: CÊ5 EQUAL HOUSING O PPO RTUNITY Elan Management Corporation ^ T A T ird ÎP ^ -F à X ^ J jO jJ S ING CONFERENCE H E W IN PORTLAND 9 9 ^ . 3 ^ 6 2 21 2 4 8 -3 3 0 8 Right now is a very good time to buy a house. Interest rates are down. Compared with other parts of the coun try, home prices in Portland are afford able. And there are many programs available to help buyers through the complex maze of home-buying. The Portland Housing Center is becoming the first stp for many first time buyers. The Housing Center is a nonprofit organization that offers a range of services. “We have no vested interest with one bank or one real estate agent,” says centerdirector Peg Malloy. “People come to us looking for a consumer advocate.” Although the center’s services are available to anyone, home ownership counselors work mostly with low- to middle-income first-time buyers, es tablishing how much they can afford to pay, their credit status, and how much money they have for a down payment. If the potential buyers have the right “elements, ’’says counselor Thelma Johnson, she sends them to the lenders. The elements are at least S1,000 monthly gross income, two years o f steady em ploym ent, good cred it history and money saved toward a down payment. however, many o f Johnson’s cli ents still need to do some work. Some need more information on the actual process of purchasing a house-w hat “points” are, how escrow works. Others need pointers on how to manage their If you've been wanting your very own hom e but never thought you could afford it, HUD has exciting news for you! HUD makes home ownership easier and more affordable than you ever thought possible. You won't find a better home for the money than a HUD home ... and there’s one in your area that's available right now HUD properties are offered for sale to qu alifie d purchasers w ithout \\ hcilicr il s <i nt’xx lnniilj» iw m . an Explorer XLT. or a week in Cancún, your desires can be •irhieved with Hie help of a low-ralr. no-sebup-fee home equity line of credit’ With it comes the convenience of an ongoing availability of funds. As well as some highly attracuve tax advantages. Kind out more. Come into West One K ink today, or call 248-bbHH. Senina The llrsf H r 125 liars W ESTQNE BANK DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT « ui i * V vv - ■ ________________ - : t fitted*** û W ‘ M * * * * *• ** ' -Z h .r 'i * , f ■' - • • ;■ •- ' S -V .-.. •' : ! • i • ■ - ■ I t e « regard to race, color, religion, sex, national origin, familial status or handicap. So to see a HUD home available in your area, call your real estate agent now! Or call the HUD Hotline, 1-800-767-4HUD. For your information: Details, conditions, program changes and Express Bid information on the HUD pro grams are included in the classified section of your Sunday Oregonian. ■ ffln ÍEÍ »i’i i . r f .n lines (nm » S iH lu i 1201(1!) biwer ralrsavailable iin Ilnfsiw riR .U O U Rales may vary * able to qualify for a loan. Once the buyer is pre-qualified, the next step is usually finding a real estate agent to help with the search. Buyers should find an agent who listens to them carefully, understands the com plex real estate laws well, and is willing to help them negotiate the best price. Buyers should also remember all agents’ commissions are paid out of the selling price. The counselors at the housing center can explain all the implications of agents’ participation in home sales. How do buyers find an agent, or for that matter, the right home in the right neighborhood? “I think it’s really help ful for people to go to open houses on Sunday, to look at what you think you can afford, and to look at the neighbor hoods,” says Malloy. It’s also a good time to collect the names of real estate agents from “For Sale” signs in neigh borhoods you like. An agent who works in the neighborhood is more likely to help you find the right home there. M ost o f all, stresses Johnson, don’t be afraid to ask questions and get all the information you need to make a smart choice. “T here’s so much I didn’t know that I wish I ’d known when I bought a house. I use my own experience to help my clients,” says Johnson. For more information on home ownership counseling, classes and other help, call the Portland Housing Center at 282-7744. HUD HAS A HOME FOR YOU, AVAILABLE NOW! W o S mart R easons lb O pen A H ome E quity L ine O f C redit . i . 8.99% A pr . 2. No S et -U p I A : i : s . , money, or how to choose the right house. These people take the home ownership sem inars offered by the cen - ter—a series of fourclasses: “Managing your M oney,” “The Home-Buying Pro cess,” “How to Choose The House For you,” and “Home Ownership Through the Y ears.” For those who are ready to buy, going to the lenders is the next step. There are many loan programs avail able to help low- and middle-income buyers into houses. Several banks, in cluding U.S. Bank, First Interstate, Se curity Pacific and Key Bank, offer pro grams where qualified buyers pay only 2 percent of the purchase price as a down payment. The pure hase price must be less than $50,000 and there are in come restrictions the individual lenders can explain. New program s are co n stan tly springing up. For example, the Federal Home Loan Bank of Seattle recently gave $200,000 to U.S. Bank and Secu rity Pacific. The banks will grant this money to home-buyers who need help with a down paym ent The Portland Housing Center has information on all these new programs. Counselors at the Housing Center encourage all home buyers to become pre-qualified for a mortgage before they begin to shop fo ra house. That way, the buyer avoids the frustration of finding the perfect house, and then not being EQUAL HOUSING OPPORTUNITY
