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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Feb. 9, 1994)
P age A5 T he P ortland O bserver • F ebruary 09, 1994_____________________________ U.S. Bancorp Mortgage Launches New Homepartners Loan Product Line In an e f f o r t to in c re a s e homeownershipopport unities fo r low - to m oderate-incom e and firs t-lim e hom ebuyers, U.S. Bancorp M ortgage C om pany (U S B M C ) is expanding its successful Hom epartners loan p ro gram and in tro d u cin g a fa m ily o f Homepartners mortgage loan p ro d ucts. The H om epartner product line w ill provide liberal cre d it guideline and fle x ib le dow npaym ent options iza tio n . In a d d itio n , U S B M C has re ceived investor approval to a llo w use o f “ cash on hand” fo r downpaym ents. H om epartners C onventional 3/2 L oan P rogram is a vailable in a ll U S B M C markets to borrowers w ith incom es up to 100% o f the area me dian incom e. Advantages include up to 95% loans to value (L T V ), w ith 2% o f the dow npaym ent paid by U S B M C through the use o f prem ium p ric in g , a llo w in g a b orrow er to purchase a fo r fis t-tim e and lo w -to moderate- home w ith as little as a 3% dow n- incom e borrowers. “ the H om epartners fa m ily o f paym ent fro m th e ir ow n savings, or firs t-tim e o rlo w - to moderate-income cash on hand. Hom epartners F H A Loan Pro gram is a va ila b le in lim ite d areas. It includes m any o f the popular features home buyers,” said R ichard E ich h o m , president o f U.S. Bancorp M ortgage C om pany, “ these loans w ill make it o f an F H A 203B loan, such as a low er d o w n p a y m e n t re q u ire m e n t and a h ig h e r q u a lify in g ratio. It also in easier fo r lo w - to moderate-incom e cludes dow npaym ent assistance, sales borrow ers to w et in to the g ro w in g p rice lim its up to S65,000 (depending on locations) and allow s g ift funds to loans has been designed to address the m ost com m on obstacles facing gram offers a 95% L T V loan, allow s up to an additional 5% to be used fox closing costs to a total L T V o f 100%, loon payment, and is available to borrowers w ith incomes o f up to 1005 o f area median income Q u a lify in g ratios have been increased to 36/40 from the standard 28/36 (m ortgage payment to income/mortgage payment plus a ll other debt to incom e), w ith o n ly one year stable em ploym ent re quired, and more fle x ib le c re d it stan dards are applied. “ One o f the reasons U .S. Bancorp M ortgage Company continues to lead the m o rtg a g e in d u s try is because of lo a n p ro d u c ts lik e H o m e p a rtn e rs ,” s a id E ic h h o rn . “ H o m e p a rtn e rs can h e lp m ake the d re a m o f hom e o w n e rs h ip a r e a lity fo r m a n y A m e ric a n s .” be used fo r the entire downpaym ent Loan Program is available in select and fo r c lo sin g costs. Hom epartners U.S. Loan Pro gram provides fle x ib le underw riting U S B M C office. U.S. Bancorp M ortgage C om pany, a subsidiary o f U.S. Bank, is urban areas served by U S B M C . The program has no incom e lim ita tio n s and is designed to stim ulate lending guidelines that help overcom e the com m on obstacles facing firs t-tim e h o m e b u y e rs , such as la c k o f one o f the largest mortgage lenders in the Northwest. The com pany o rig i and encourage urban developm ent, w ith a focus on neighborhood rev ita l- dow npaym ent funds, closing costs and nated over 43,000 residential m o rt gage loans w ith a value o f $4.4 b illio n hig h d ebt-to-incom e ratios. The pro- du rin g 1993. clude: H o m e p a rtn e rs C o n v e n tio n a l P j/iv SPifMe ( t f / i a / i e l tfu n e la / dfame - tAieniotiaf fjaufen Lombard Chapel 3018 N. Lombard Portland, Oregon 97217 503-283-0525 Killingsworth Chapel 430 N. Killingsworth Portland, Oregon 97217 503-283-1976 Tell Our Advertisers You Saw It In The Portland Observer 1 '■ & - ' - / city invites Teens to Dance, shoot Hoops A dance this F rid a y evening at M arshall C enter w ill com bine m usic and basketball. Teens, ages 12-15 years are in vite d to the event F riday, Feb. 4, from 7:30 to 10pm at M arshall C enter, 1009 E. M c L o u g h lin . M usic is provided by Sound S up- p ly , featuring D.J. “ Too H eavy” . H a lf the gym w ill be open fo r basketball w h ile the game room w ill o ffe r a snack bar, pool, fo osball and other activities. A dm ission is $3.00 w ith student I.D . and $3.50 w ith o u t. Entrance is through the game room doors. The dance is sponsored by Vancouver Parks and R ecreation D epartm ent. »x __ RSVP Lowers Age, Retirement Requirements For Volunteers Thanks to a new national service law that to o k e ffe ct Oct. 1, 1993, adults no longer need to be 60 years old o r fu lly retired to jo in the Retired and S e n io r V o lu n te e r P ro g ra m (R S VP ) says B obbi Casanova, local R SVP project director. L o w e rin g the age lim it to 55 from 60 years, the N a tio n al and C o m m u n ity Service T ru st A c t, signed by President C lin to n last September, w ill “ greatly expand opportunities fo r a w hole new g roup o f o lder adults to serve th e ir co m m u n itie s w h ile they are s till w o rk in g ,” she explains. L o ca lly sponsored by the c ity o f V a n co u ve r Parks and R ecreation D epartm ent, m ore than 840 R SV P volunteers already handleassignmcnts City Offers New Teen Activity A n ew S a tu rd a y n ig h t re c re a tio n a l o p p o r tu n ity has been add e d to the c i t y ’ s P a rks and R e c re a tio n p ro g ra m . B e g in n in g S a tu rd a y , F e b .5, the gam e ro o m and g y m a t M a r s h a ll C e n te r, 1009 E . M c L o u g h lin B lv d . w il l d o o rs. D e p e n d in g on a tte n d a n c e , s w im m in g , s p e c ia l e ve n ts and o th e r a c tiv itie s m a y be added. be open fro m 7 to 10pm fo r teens, ages 1 3 -1 9 . A c t iv it ie s in c lu d e T h u rs d a y o f e v e r y m o n th a t M a r s h a ll C e n te r to share id e a s fo r fu tu re p ro g ra m s and a c t i v i b a s k e tb a ll, v o lle y b a ll, p o o l and o th e r gam es. A snack b a r w i l l be o p e n . A d m is s io n is $1 and e n tra n c e is th ro u g h the gam e ro o m T h e V a n c o u v e r P a rks and R e c re a tio n D e p a rtm e n t h o ld s teen c o u n c il m e e tin g s the f ir s t tie s . F o r in fo r m a tio n on g e ttin g in v o lv e d in th e teen c o u n c il p ro je c t, c a ll 6 9 6 -8 2 1 8 . 7 d re a m at 116 n o n p ro fit agencies in C la rk C ounty. The jo b s range fro m tu to r ing ch ild re n and adults, d e live rin g meals to homebound e ld e rly, assist ing in hospitals and sta ffin g lo ca l food banks, to p ro v id in g incom e tax and health insurance counseling fo r seniors. Casanova says e ffo rts are un derw ay to tap the new 55-years-and- o lder s k ills pool, b u t emphasizes R S V P ’ s co n tin u in g e n ro llm e n t o f volunteers age 60 and above. ‘T h e fu tu rco fR S V P n e ve r looked brighter, “ she adds. U n d e r p ro visio n s o f the act, R S V P was merged w ith other e x is t in g and new program s to fo rm the C o rp o ra tio n fo r national and C o m m u n ity Service (C N C S ). Los Angeles Dodger Scout To Head Kids Baseball Clinic The C ity o f V ancouver Parks and Recreation D epartm ent is o ffe r ing a baseball c lin ic fo r boys and g irls , ages 9-12. The c lin ic w ill run Sundays, Feb. 6-20, fro m noon to 3 pm at H udson’ s Bay H ig h School,. Hank Jones o f the Los Angeles Dodgers is director o f the clinic. It w ill focus on offense, defense and effective practice. Participants receive a T -s h irt and c lin ic packet. F o r re g istra tio n and fee in fo rm a tio n c a ll the B agley C o m m u n ity C enter a 696-8219. ''X d ìfy frani (The ftartbinò (fibserner m a y h a v e ju s t c o m e tr u e . F o r a s l i t t l e a s y o u ’r e p a y in g in m o n t h ly r e n t a n d a m o d e s t d o w n 11ns. I tan l« l|i yon K' l y n r ii««„y jusl ilays ullri I1II11K y n i iax 11-111111 willi 11 Hcfni»l Anl« i|ialinn U n it ( iim ii Hank One. r H im « ts . ' o f o w n in g y o u r o w n h o m e , y o u r Sn> ll«' anil >i'ii ini'lil i i * l "l> ik l« r ■« » 1,1 '•* ’ l,anl< <,,IC M a n y llll|l|iy H illlll»S «Tr|isl.lte».* 'U « ir »1« HiiHcnl rush ilniw- iiiK«, I i m i i January In A|» il. II y « ' ik»fl »1» ««*• ilrawii'K. y » MilMiialinilly in li'iiil in 11«: i«xl «»«■ Sn l l r !>»**•! ymi t o u r in ) iS I ™"1 ' " " T' ........ .........I' m « i ’ P ' ii * •# •««"• •" **»• *> ’ 7§1 ' / f y o u ’v e a l w a y s h a d t h e d r e a m Not every tax professional gives you a chance to win $25,000. ' . DREAM S FOR SAT F Going to the wrong tax professional could cost you *25,000. 1 - ÿ long-term am ortization w ith a bal Customers interested in learning more about the Homepartners loan program s can contact th e ir lo ca l real estate m arket,” Some o f the loan h ig h lig h ts in (©{jserlimg a ir. Il« n : w a il I«' any nut- ' nl I» « litl iiis ls Ijc tm is r 1.1» |« r|K iiiil«» i ami liliiiK I n i tan I»- ik'ilutlcil (nan y " i k«"- b 'l II«' I«'I|I yuu lik' your lax iiliiin ami n il ymn Imim y nnitlily ami easily, l ull Im an a|i|««iilii»'iil n o w ■«' si,,,, 1?. 11ns, yin’ll K-'l a s i« i iid I»« m s ), is I (in .m i,in« in g y m e n t, y o u c o u ld b u y a H U D H o m e . T h a t s r ig h t. T h e „ « n m n a r t iT iA n t . o f H o u s i n o a n d U r b a n D e v e l o p m e n t - a tliam c In win up I" $ W * I . OHE o n ONE T a x S e r v i c e 5 4 2 5 NE G a r f i e l d P o r t l a n d , OR 9 7 2 1 1 (5 0 3 , 2 4 9 -7 0 9 0 T H E DREAM O F O W N IN G Y O U R O W N H O M E C A N C O M E T R U E FO R A B O U T W H A T Y O U ’RE TAYING IN R EN T. (H L J D ) h a s p r o g r a m s t h a t m a k e o w n i n g a h o m e e a s i e r t h a n y o u th in k . P r o g r a m s t h a t w ill e v e n h e lp y o u c o v e r m o s t if n o t a ll o f y o u r c l o s i n g c o s t s . If y o u ’d lik e m o r e i n f o r m a t i o n a b o u t t h e h o m e y o u ’v e a l w a y s d r e a m e d o f. c o n t a c t y o u r r e a l e s ta te a g e n t. O r. f o r a fr e e b ro c h u re o n h o w to buy a H U D h o m e , c a ll 1 - 8 O O - 7 6 7 - 4 H U D . T h e r e ’s n e v e r b e e n a b e t t e r t i m e t o f o l l o w y o u r d r e a m , b e c a u s e n o w y o u c a n a f f o r d it. Îî Al HOUSING »ORTUNin W E ’LL HELP YOU O W N A PIECE O F AMERICA. To qualified buyers, only on homes with FH A -m auw d financing Closing costa and laaa additional
