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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Aug. 16, 1995)
A ugust 16, 1995 • T he P ortland O bserver P age A6 (Tip artb bseruer The HUD Home Buying Guide The prospect o f buying a home can be daunting. Most o f us dream o f ow ning our own home — a house, a condo, or a townhouse -- but the thought o f find ing the right place, w ading through reams o f paperwork, and taking out a mortgage can be overwhelm ing. A ctually , it’s not as bad as it may seem, especially when there's help available. A good place to star, is with a new' publication from the U .S. Department o f H o usin g and Urban Developm ent, The H U D Hom e B u y ing G uide (Item 6 3 5 B , free). T o or der a free copy, send your name and address to C onsum er Inform ation Center, Dept. 6 3 5 B , Pueblo, C o lo afford, a, a particular interest rate, given your monthly income. Data is provided for interest rates ranging from 6 % to 10%, and tor hom es w ith se llin g price s up to gross monthly income can go toward housing, depending on the size ot your downpayment and whether you purchase mortgage insurance. Keep in mind that this has to cover not only your mortgage payment, but all hous ing costs, such as taxes, insurance, and any homeowners association fees. Determ ining 2 9 % o f what you gross is pretty sim ple. Le t's say you earn $2,500 a month (remember, this is before taxes). M ultiply that by .29, and y o u 'll see that you can probably spend about $725 a month on hous rado 81009. One o f the first things to do is figure out what you can afford. Most o f us can't snap o ff a check for the total price -- w e’ ll need a loan, a mortgage. A n d that means know ing how much we can afford to pay on that loan each month. N o two people are in the exact same financial situation, but a good rule o f thumb is 2 5 % to 2 9 % o f your not the buyer. W h ich means when it comes to negotiating the sales price, the agent is norm ally w orking for the $170,000. K n o w in g what you can afford is seller. Before m aking what could pos sibly be the biggest investment o f just the first step; a real estate agent can help. After discussing the kind ofhome you want, the areas you’re interested in, and the various features yo u ’ re looking for, an agent can show you those places w ithin your price range. Y o u may not be able to find a 3- bedroom house on the north side o f town with a fireplace and finished basement ju st by drivin g through neighborhoods. B u , if there's one on the market, your agent probably can. Most people only buy a house once or twice in their lives. Real estate agents do it every day. T h e y ’ ll ing. O .K ., that’s the easy part. But if you have $725 a month to pu, to wards housing, what exactly does that mean when yo u ’re looking at the total selling price o f a home? And since the interest rate on the loan affects your m onthly payment, you have to consider that as well. Fortunately, Th e H U D Home B u yin g G uide includes an easy-to- read mortgage payment chart based on a 30-year, fixed rate mortgage. W ith it, you’ ll have a pretty good your life, learn as much as you can about the home buying process, in cluding some terms you may not be help you decide between mortgages, handle the seem ingly endless paper w ork, and be there to answer any questions you may have. Just remember, the agent’s com m ission is usually paid by the seller, idea o f the sellin g price you can fam iliar with. D o you know w hat’s meant by “ earnest m oney” ? What about “ as sumable loan” ? Y o u w ill with The H U D Hom e B u y in g G uide (Item 635B , free). Y o u ’ ll also learn more about homes sold through H U D , find out about various types o f m ortgag es, and much more. When you write yo u ’ ll also re ceive a free co py o fC o n su m er Info r mation C atalo g. The Consum er Inform ation C e n ter o f the U .S . General Se rvices A d ministration revises and publishes the C atalo g quarterly, so you know it’s up-to-date. Its pages list more than 200 free and low -cost federal publications on a wide variety o f subjects Banks Return To City’ s Neighborhoods to 1993. R ich ard Pollard, the chairm an o f the co uncil and a vice chairm an with B a y B a n k s Inc, said the branch expansion into the Boston n e ig h b o r-1 hoods is in m arked contrast to n a-' Boston bankers and com m unity leaders are h a ilin g a report that shows a renewed com m itm ent by banks in bla ck and H isp an ic neighborhoods. A five-year report by the M assa chusetts C om m un ity and B a n k in g C o u n c il found an estimated $514 m illio n in new investment in home ow nership, h o using developm ent, new bankin g fa cilitie s in m inority tional trends. P ollard said the banks also t a i-1 lored services to meet the needs o f the com m unity, such as agreeing to cash w elfare checks and b asic ch e ck areas. A n additional eight bank branch in g accounts with low fees. C o m m u n ity a c t iv is t W illie * Jones, said the banks must continue* efforts to serve a diverse H isp an ic com m unity and meet shifts in loan* es, three loan o ffice s and 47 automat ed teller m achines have sprung up over the past five years in urban neighborhoods in parts o f South Boston, the report said. B a y B a n k s Inc., Fleet Fin a n cia l G roup, Shaw m ut N atio n al C o rp , and H aym arket B a n k opened branches in the region o f about 200,000 people over the last five years, the report said. A com panion study found rejec tion rates for b la ck and H isp an ic an n lican ts were cut in h a lf from 1990 demand. The new branches and A T M s in urban neighborhoods put p o litic a l and monetary pressures on the banks to stay in the neighborhoods. “ W e have a m arriage. W e d o n ’t believe in divorce. W e also believe that the alim ony payments w ill be incre dib ly high i f there is a d ivo rce, he said. Gas Patio Products Bring Home Comfort N o w that summer is here, peo ple are w arm ed up to outdoor enter taining. W hether plans involve a bar becue or a late night game ofcroquet, natural gas patio products can help people enjoy the outdoors long into the night. These products include barbecues, outdoor lights and patio heaters. “ Because our w inters are so wet and co ld , we want our summers to last as lo ng as possible,” says Lann y Pitts, supervisor o f the N atural G as A p p lian ce Center in Portland. “N at ural gas patio products allow you to cook outdoors, play outdoors and stay warm outdoors, even in the cool evening air.” N atural gas barbecues are grow ing in popularity. Last year, they Portland’s city streets, the variety o f choice for stylized lightin g easily fits in with any residential home land accounted for nearly one-third o f g rills sold nationwide. O ne m ajor advantage is the low er cost o f natural gas fuel versus charcoal. It costs an average 55 cen- terto g rill six ham burgers usingchar- co al, compared to a 7 cent average for g r illin g the same am ount o f scaping. U n lik e electric lights, gas light ing does not attract insects, an advan tage for outdoor cookouts and activ ities. Fuel saving gas lights w ill stay lit during power outages, providing the equivalent o f a 100-watt bulb. Patio heaters w ill keep people burgers using natural gas. Fo r co o kin g versatility, there are a number o f features available, in clu d in g rotisseries, w oks, side shelves and mesquite and herb w ood chips to bring knew taste dim ensions to out warm long after sundown. U sin g radiant heat, patio heaters warm people, not he air. A ctivitie s w on’t be cut short by an unexpected door dining. N atural gas lig h tin g extends outdoor entertaining past sundown. T h e y can be mounted for the patio or strategically placed out in the yard. First used lo cally in 1859 to light Faulkner Place, a facility pro vid in g housing and rehabilitation services for people with severe and persistent mental illness, has opened at 13317 S .E . Pow ell B lvd . T h e p ro je c t w as d e v e lo p e d by M e n ta l H e a lth P a rtn e rs, a n o n -p ro fit o rg a n iz a tio n o r ig i n a lly form ed w ith M ental H e alth S e r v ic e s W e st and th e G a rlin g t o n C e n te r in 1991. Y o u th B u ild e rs. Th e new non-profit o rganiza tion. w orking with youth in inner north and northeast Portland, w ill open its doors this fall, with 30 high- risk young people. It w ill provide intensive em ploy ment training, leadership develop ment and education while they build affordable housing. Participants w ill spend h a lf o f their time in classroom education preparing for their high school d ip lo ma or G E D and the other h a lf o f their time on the construction site. In itial bu ilding p'ans call for gut rehabilitationsof3 single-fam ily units à 7, c h illy breeze. Fo r more inform ation on any o f these products, see your local retailer o rcallN o rthw estN aturalG asat(503) ____ H ko ^ m m n n itvo a in s able housing and the community gains a new set o f role m odels.” The grant, one o f three awarded in O regon and one o f 72 nationwide, was selected from among 325 ap pli cations. “ T h is program is a good exam ple o f how the city can meet our critical challenge o f expanding eco nom ic opportunities by lin kin g new jo b s with w orker sk ills," said Katz. “ And it targets an area o f the city that has too long been neglected." The grant request, subiriitted by the c ity ’s Bureau o f H o usin g and Com m unity Developm ent on behalf o f Portland Yo u th B u ild e rs, was the result o f almost two years o f work and preparation by a 22 member co Initiatives. Fo r their involvem ent, partici pants w ill receive intensive sk ill train ing. a liv in g wage stipend, a $2,300 education award upon graduation and the opportunity to participate in de cisio n-m aking related to the design and operation o f this new organiza tion. “ T h is is the kind o f program that so m any people can get excited about.” said Kafou ry . “ Y o u n g peo ple get an education, tangible sk ills and an opportunity to be part o f a positive force in the com m unity; the city gets additional units o f afford- alition. The coalition included represen tatives from Portland public schools, Urban League o f Portland, You th Em ploym ent and Empowerment Pro gram, Portland Habitat for H um ani ty, Northeast W orkforce Center, O r egon Outreach, Northwest Regio nal Education Laboratory, the Private Industry* C o u n cil, Multnomah C o u n ty Department o f C hildren and Fam ilies, Portland Developm ent C o m m ission, A lb in a M inisterial A llian ce , T ri-C o u n ty Y o u th Services C o n so r tium, Open M eadow Learning C e n ter, Portland Com m unity C ollege and Speedy Service Friendly Call For Quote 634 N Killingsworth Portland, OR 97217 Across from P.C.C. Cascade 285-5253 ChecMC Each addi Item Best Cash Prices 104 NE Russel Portland, OR 97212 282-5111 t Cheese end 2 Heme ........................................ 95 Large «’P 895 95 Med 7 95 Hawaiian (Ham & Pineapple) Large 9 95 ................................. 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