’ 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