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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (April 29, 1992)
•-X \ \ v >. W \ W Vv Page 12...The Portland Observer...April 29, 1992 ANTED THE MULTI-PURE D R IN K IN G W ATER S Y S T E M F u lly P ro v en & E ffe c tiv e ly R e m o v e s Organic Tastes, Colors and Odors Many Chemical Contaminants. DBCP Vinyl Chloride. Toxic Metals and in fact all 106 ERA listed ’ Priority Pollutants" such as Carbon Tetrachloride. Chloroform. TCE. EDB, etc Harmful Bacteria Algae Rust Invisible Suspended Matter Asbestos Dirt and Scale Chlorine Chloramines The Portland Observer hopes you enjoyed this years housing special Copies o f tests showing Zen.7 o f p o llu ta n t and procedures fo llo w e d are on file at M u lti Pure Copies availiable upon request. Subsidized Subsidized units may be available at this time. If not, qualified applicants may be placed on a waiting list. We are committed to Equal Housing Opportunity. Fremont Manor 221 N. Fremont 287-2162 L— 1_______ GMC_____________ SUBSIDIZED COUNTER TOP PLASTIC C O U N TE R TO P STAINLESS s i tc u Subsidized units may be available at this time. If not, qualified appli cants may be placed on a waiting list. We are committed to EQUAL HOUSING OPPORTUNITY. ¿j***"*S. St. Vincent Villa 1 ^ 1 16050 E. Burnside 257-894 GM C SUBSIDIZED BELOW SINK STAINLESS STEEL AVAILABLE FROM YOUR LOCAL DISTRIBUTOR "F o r tt Free home (rial contact: George B. Bynum P. O. Box 1307 P ortland, Oregon 97207 (503)256-5092 (800)733-1107 Subsidized units may be available at this time. If not, qualified applicants may be placed on a waiting list. We are committed to EQUAL HOUS ING OPPORTUNITY. Vincent de Paul I S f 2800 N. W illiams ¿88-3186 GM C SUBSIDIZED Subsidized units may be available at this time. If not, qualified applicants may be placed on a waiting list. We are committed to EQUAL HOUS ING OPPORTUNITY. St. J o h n ’s Woods LZzJi 8652 N. Swiftway 286-8652 GMC Making Home Ownership A Reality Low interest rates and more af fordable home prices can go a long way to make home ownership a reality. While many people may think that buy ing a house is out of their financial grasp, by exploring all options avail able, and with a little creative planning, it can be done. “Your own home gives you pride, security and financial stability,” said Beverly White, Beavertown, OR branch manager, Countrywide Funding. “It’s not only shelter; a home is a financial investment which appreciates in most markets over time, and generally pro vides significant tax benefits.” According to Countrywide, the nation’s largest independent mortgage banker, the American Dream of home ownership can become a reality by fol lowing a few simple steps; Get prequalified - Based upon in come and debt load, prequalification tells potential buyers how much house they can afford, amount of down pay ment needed, total closing costs and eligibility for low down payment loan programs. In a matter of minutes, coun trywide can analyze a home buyer’s individual situation over the telephone, at no cost. For prequalification, call countrywide at (800) 877-LOAN. Visit a Realtor before ready to buy- Real estate agents are very knowledge able in assisting individuals in buying a home. A visit to a local agent is recom mended as the first step for anyone considering this venture, and for better understanding and guidance through the process. As many first-time buyers today are very goal-oriented, visiting a Realtor ahead of time could be just the incentive one needs to make saving for a house a top priority. Once a buyer has seen and physically experienced what could be possible in their future, their enthusiasm and drive to save will in crease even further. Establish abudget to save the down payment-While many home buyers may have no trouble making monthly mort gage payments, saving for the down payment is often the most difficult hurdle. The best way to accomplish this is to determine the amount needed, and then set an aggressive budget, buckle down and stick to it. Although many household ex penses are fixed, buyers should exam ine their lifestyle for areas where they can cut back and increase their savings. Sacrificing a pricey automobile, mod em electronic equipment or expensive vacations now can pay off in the long run toward accumulating the down pay ment. Investigate affordable lending pro grams-While 10 percent of the selling price of the home is generally the mini mum down payment required, buyers should check into other lending pro grams. Depending on the sales price of the home, a borrower should look into FHA loan programs, which require less than five percent down. There are also several conventional loan programs available such as the Fannie Mae’s 3/2 program, which requires as little as three percent of the borrower’s own funds for the down payment. Reduce debt-Most lenders prefer that long-term debt does not exceed 32 to 38 percent of monthly gross income. Long-term debt includes mortgage pay ments, taxes, insurance and other debts that will take more than 10 months to pay off. Examine credit record - Lenders like to see a clean credit record, with no bills past due more than 30 days in the last year. However, most lenders are often willing to overlook one or two blips on a credit report, if they are the exception to their credit history. It’s a good idea to review one’s credit report with a mortgage lender in advance of considering purchasing a home, espe cially if there have been any credit problems in the past. Negotiate terms with seller-It’s buyer’s market today; when a house is found, consider negotiating with the seller for the payment of pints or clos ing costs. countrywide Funding originates and services single-family loans up to $1 million. Founded in 1969, country wide is headquartered in Pasadena, California, with retail and wholesale branches located in more than 100 cit ies across the country. 0%, 3% & 6% Home Improvement Loans Join Other Portland Homeowners With Neighborhood Pride! Home improvement loans are available at 0%, 3% or 6% interest, depending on your income— probably the best rates in town. Yon may qualify to borrow up to 812,500 trom the Portland Development Commission (PDC) and show your neighborhood pnde by making your home and neighborhood an even better place to live. Your chances of qualifying for one of these City loans are good if. I You own the home you are now living in I Your home needs city-approv ed repairs or improvements I Your household’s annual income tails below a certain level You’ll see “Neighborhood Pride” signs in neighborhoods where the loans are available; Piedmont, Woodlawn, Concordia, Sabin, Eliot, Boise, Humboldt, King and Yemon. We’ll S h o w You H o w Whether you're just dreaming of owning a home or you’re ready to buy. First Interstate Bank would like to show you how. Because at First Interstate, we re committed to revitalizing our neighbor hoods through home ownership. And. through our Community Lending Center, we place a special emphasis on first-time home buyers. The Community Lending Center offers potential homeowners a step- by-step approach to buying a home. We’ll help you put together a plan to realize your dream of home owner ship. We ll focus on finding the loan that best meets your needs and then assist you throughout the home o loan process. And we ll provide information and support after your home loan closes. We also sponsor community seminars on home ownership. .And if you already own a home we can help. too. We ll show you how to use the equity you’ve built up in your investment to make home improvements or repairs. So when it comes to any aspect of buying, owning or maintaining a home, call First Interstate. We re here to show you how. Before and nfter photos o f a successful home repair loan p r o je c t- o n e more fa m ily showinfi neifihhorhood pride. Community Lending Center 5730 NE Martin Luther king, Jr. Blvd. Portland. Oregon 97211 Phone: 225-3751 First Interstate Bank ‘••Great Program! A golden opportunity for those of us who qualify. I could not have afforded the work without your help. Thanks! — A N.E. Homeowner t=l To find out if you qualify for one of these loans, or if you’d like a Neightorhood Pride sign please call PDC’s Eastside Neighborhood Housing Preservation Office at S , 4 Monday through Friday, 8a.m . to5:(X)p.m. Well answer your questions. Remember, city funds are limited for this program, so eall today to begin enjoying the benefits of your home repairs. r r r r r r r r r r_Ji P D C is the City's agency, for urban renewal, housing am i economic development. The home repair It K m pm gm m is fu n d ed thrt nigh ajederal Com m unity Development Block KIRTLAND DEVELOPMENT COMMISSION Êr EQUAl MOUSING OPPORTUNITY Grant adm inistered by the Bureau o f Community' Development. ‘'V v * ? * >. , i pdc ’ *•*< **& M M
