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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.
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