A ugust 16, 1995 • T he P ortland O bserver
P age A6
(Tip
artb
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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
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104 NE Russel
Portland, OR 97212
282-5111
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Mental Health Partners cur
rently operates a sim ilar facility,
known as the R yle s Center for E v a l
uation and Treatment at 33rd and
Southeast D ivisio n .
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USCENSED IN OREGON SINCE 1975
Singles & Seniors, I can help you!
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A-ZEBRA
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rmls
Q 1 Realty Inc.
300 NE Multnomah, Suite #27
Portland, Oregon 97232
George A. Hendrix
MBA, GRI, Broker
(503) 230-1390 • (Res.) 287-6837
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O w ning a hom e can be m ore than just a dream . Io h n d out
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The one story bu ilding was
constructed on a 33,000 square foot
site along with a 15 space parking
BUYING
A HOME,
New York’s Finest
P iz z a s , S a la d s, C a lz o n e s, a n d S u b s
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IFYOU NEED HELP
Cascade Pizza a n d Deli
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activities in a community-based set
W ishes Y o u A H ap p y N ew Y e a r
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Dad’s
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units.
Program services w ill include
personal ized treatment, soc ial ization/
liv in g s k ills and sp ecialized group
220-2362.
and new construction o f a five-unit
ap artm e n t in p a rtn e rs h ip w ith
Fra n scica n En te rp rise , N ortheast
C o m m u n ity D eve lop m e nt C o rp .,
H o usin g Authority o f Portland and
Portland Com m unity Reinvestm ent
The zip p er was invented in
1893.
C .E . Faulkner.
It is designed to accommodate
up to 15 residents with six double
o ccu pan cy and three single-room
(H]c $ o r tla n h (©bseruer
YouthBuilders To Train Youth, Build Homes
C it y C o m m issio n e r Gretchen
M ille r K a fo u ry, Congressm an Ron
Wy den and M ayor V e ra K a tz recent
ly announced receipt o f a $1 m illio n
fe d e r a l
g ra n t
fo r
P o rtla n d
Faulkner Place was named in
honor o f retiring Mental Health Part
ners Board President R e v. James.
C a tra d r P lata - a h r l
285-5253
1-8OO-756-8OOO
(a j
Equal Housing Lender
I n iC Insured