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S eptember 18, 1996 • T he P ortland O bserver
P age A6
(Elje
p a rtta n i»
OT) h e r r u e r
Affordable mortage loan " vîs ^ . ifanif / s cleaners
F an n ie M ae (N Y S E : F N M ), th e
n a tio n 's largest so u rce o f h o m e m o rt­
gage funds, and G reat W estern F i­
nancial C o rp o ratio n (N Y S E : G W F )
announced a c o m m itm en t by G reat
W estern to offer a m in im u m o f $75
m illion in m o rtg ag e lo an s to h elp
low and m o d erate-in co m e b u y ers
purchase a hom e.
G re a t W e ste rn
will now offer the lo w d o w n p ay m en t
Fannie 97 loan p ro g ram n a tio n a lly .
As part o f this p a rtn ersh ip a g re e m e n t
w ith G reat W estern , F a n n ie M ae w ill
purchase these loans.
“W e are pleased to have this p a rt­
nership with G reat W estern to o ffe r a
«
Q u a lifie d b o rro w e rs m ay earn up to
100 p e rc e n t o r less o f th eir area m e ­
d ian in co m e to be elig ib le lo r the
F an n ie 9 7 lo an , w ith e x c e p tio n s a l­
w ith u tility b ills an d ren tal p ay m en ts.
"G reat W estern is pleased to offer
wider variety o f ho m eo w n ersh ip o p ­
portunities to w orking fam ilies,” said
Libby Snyder, senior vice presid en t o f
Fannie M a e 's W estern R egional O f­
fice. "W e've found that the biggest
barrier to hom eow nership is the do w n
paym ent. Fannie M ae and G reat W e st­
d o w n p ay m en t o f only 3 percent, the
F annie 97 will help m any m ore fam i­
lies in the co m m u n ity buy h o m es o f
ern are w orking together to o v erco m e
that obstacle and offer o ptions to m ake
hom e-buying m ore affordable.”
T he F annie 97 o ffers sp ecial fe a ­
tures to increase affo rd ab ility for low -
their o w n ."
To
en c o u ra g e
h o m e o w n e rsh ip . h o m e buy ers^p u r-
c h a sin g a h o m e u sin g the F an n ie 97
are re q u ire d to p a rtic ip a te in a h o m e
people w ho have special housing needs.
M ore info rm atio n ab o u t F an n ie M ae
can be found o n the In tern et at http://
ate-incom e h o u seh o ld s m u st sav e to
purchase a hom e. B o rro w ers m ay
fu n d clo sin g co sts w ith g ifts o r g ran ts,
b u y e r e d u c a tio n sessio n to e n su re
th at th ey u n d e rs ta n d th e p ro cess o f
b u y in g a h o m e an d the re s p o n sib ili­
ties in v o lv ed in h o m e o w n ersh ip .
F o r m o re in fo rm a tio n , in terested
h o m e b u y e rs m ay v is ita G reat W e st­
ern b ran ch o r call I-8 0 0 -G W 4 -A -
w w w -.fan n iem ae.co m .
F o r a m en u o f F a n n ie M a e n ew s
re le a se s a v a ila b le by fax 2 4 h o u rs
(n o c h a rg e ) o r to re trie v e a sp ecific
re lease, p le a se call 1 -8O O-758-58O4,
ex t. 3 0 5 4 5 0 , o r a c c e ss th e a d d ress
h ttp ://w w w .p rn e w sw ire .c o m ot) the
unsecured loans from n o n p ro fit or-
LOAN.
In tern et.
and m o d erate-in co m e h o m e b u y ers,
including a low 3 p ercen t d o w n p a y ­
m en t, d e sig n e d to m in im iz e th e
am ount o f m oney low - an d m o d e r­
Pulte Corporation (NYSE: PH M ),
the nation’s largest homebuilder, today
marked the fortieth anniversary o f the
C om pany’sincorporation with tributes to
its founder, W illiam J. Pulte. its 4,300
employees, and the more than KX).(XX)
contractors, realtors, suppliers and other
business partners w hodesign, market and
build Pulte homes.
W hen Bill Pulte, Chairm an o f the
Board, built his first house in 1950 in
suburban Detroit for $10,000 and, six
Lined & U n lined Any Size
O f $12.00 or More
'
Cleaned - Pressed with Sizing Added
Good On Incoming Dry Cleaning Orders Only
Not Valid With Any Other Special Prices or Coupons
I
I
Professional Pleated • Pick-up & Rehung Extra
Incoming Dry Cleaning Orders Only
JEANIE'S CLEANERS
I
■B ■■ ■■■
U..U»
rh / I 175,(XX)
i ¥ ¥ J hr
i n u es
x thrt
built r,,.a
nearly
hom
throughout
business in the enterprise that is now Pulte
24 suites. W e have achieved a lorty-year
record of unbroken profitability, an ex ­
traordinary accom plishm ent in our cycli­
cal industry — o r any industry. W e have
established long-term, mutually benefi­
cial partnerships with tens o f th< »usandsol
Corporation,hecouldscarvely have imag­
ined that forty years later, thanks to the
enduring com m itm ent to quality, value
and custom er satisfaction he instilled in
the organization, we would be the nation ’ s
hom ebuilder,” said Robert K Burgess,
Pulte’s President and C hief Executive
............
passed the 15 m illion m ark o f g u aran ­
teed housing loans, m ark in g live d e ­
cades o f service to veterans.
“F rom W o rld W ar II to the presen t,
V A ’s hom e loan program has helped
Expires 9-30-96
m ent-guaranteed m ortgage dollars into
the U S. econom y o v er that tim e played
a significant part in tran sfo rm in g a
nation in w hich a m ajority ot A m eri­
cans 52 years ago w ere renters in to a
housing m arket w here a m ajority b e ­
cam e ow ners," B row n said.
The loan p ro g ram ’s m ilestone will
be com m em orated Sept. 19 w ith a
cerem ony recognizing the 15 m illionth
loan, received by d isabled V ietn am
veteran W illiam H B lack, at B lack ’s
new C hester, M d., hom e.
“T h e loan to M r. B lack is one that
highlights a special asp ect o f the V A
h o m e loan p ro g ra m — sp e c ia lly
adapted housing for veterans w h o are
perm anently and totally disab led from
service-con n ected co n d itio n s, V A
U nder S ecretary for B enefits John
V ogel added. "T he th erapeutic and
rehabilitative im provem ents pro v id ed
through these grants can m ean an ear-
her m ove to independent living lor a
veteran and co st savings for the tax ­
payer as institutional alternatives are
avoided.”
B lack has com b in ed a $38.(XX) sp e­
cially adapted housing grant w ith a
nam veterans, w hile about 25 percent
are for v eterans from the p o st-V iet­
nam period, in cluding the Persian G ull
cial situations.
It is estim ated that som e 29 million
veterans and service personnel are eli­
W ar. W ith the adv an cin g age o f the
gible for V A hom e loan guarantees. Even
though many veterans have already used
their loan benefits, it may be possible for
signed the Servicem en’s R eadjustm ent
Act o f 1944 into law. the so-called G I
Bill has secured m ore than a half-
trillion dollars w orth o f financing for
veteran o r service m em ber hom e loans.
Last fiscal year alone, V A gu aran teed
V A hom e loan program, which guaran­
tees between a fourth to half ol the mort­
gage. depending on the value of the prop­
erty and whether it is for a conventional
B M
—
J
BB M BBM B M B BBBI « B B
O f $30.00 or More
Good On In C oming Dry Cleaning Orders Only
Not Valid With Any Other Special Prices or Coupons
Inflation Buster Dry C leaning Special
|
I
Mens or Womens
j
*3.25
!
|
Good On In Coming Dry Cleaning Orders Only
|
| Not Valid With Any Other Special Prices or Coupons |
JEANIE'S CLEANERS
Expires 9-30-96
¡COUPON
|Dry Cleaning or Laundered Pantsl
On Any Dry Cleaning Order
— — — j
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JEANIE'S CLEANERS
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— — d
ÍCOÜPON
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Inflation Buster Dry C leaning Special
(/)
0
NE 42ND AV E. I
Jeanie's Cleaners
5403 NE 42nd Ave.
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Not Valid With Any Other Special Prices or Coupons
JEANIE'S CLEANERS
Expires 9-30-96
ì lappi) Birthdaip
Ronnie
Washington
DURHAM
about the V A hom e loan program may
contact V A at 1-800-827-1000.
house or a manufactured home. Other
loan uses can range from installation of
»USTRI
solar heating torefinancing a mortgage at
DOUBLE J TIRE CENTER
a low er interest rate.
O ne ol the m ost valuable aspects o f
NEW * USED * NEW CAPS
the V A h o m e loan b enefit is that there
C O N S T R U C T IO N
DEVELOPM ENT
(AXES. MOUNTING
4 BALANCING INCLUDED
is no req u irem en t for a dow n p aym ent,
and hom e loans effectively m ay reach
EDWARD T. DURHAM, JR.
FULLY GUARANTEED
$203 .(XX). T h e g o v ern m en t is not
directly loaning the m oney, but g u ar­
anteein g a portio n of it, and a su b se­
q u en t b u y er w ith credit approval m ay
assum e the loan u n d er the original
(503) 3 19 -0 8 2 1
FAX 283-2977
PASSENGER & SNOW TIRE
3 1 7 B. N .E. KILLINGSW ORTH PO RTLA N D , O R E G O N 9 7 2 1 I
(503) 283-9437
$10.00 & UP
HOURS
M o n d ay thru friday
FLAT REPAIRS & # .0 0 & UP
term s and the co n tin u in g g overnm ent
guaranty. W hile the guaranty assists in
securing a loan, the interest rate and
9 am ti 6pm
Saturday
9 am to 4 pm
PORTLAND. OREGON 97211
term s largely have been deregulated to
Dad’s
Service
Speedy Service
Friendly
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PCRÏÏ
2.3.4 Bedroom Rehabilitated Single
Family Homes in the King, Humboldt.
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Rent ranges from $350 to $800.
Apply: MON-FRI 9AM-4:J0PM
Apply at: 2045 N.fe. MLK/Tillamook
w orth m ore than $25 billion.
benefit w as the W o rld W ar II veteran,
cum ulatively accounting for m ore than
5 m illion loans, follow ed by 3 . 1 m il­
|
Inflation Buster Drv ( leaning Special
entitlement.
Veterans, service m em bers and re­
servists interested in m ore information
m ore than 263,(XX) m o rtg ag e loans
H istorically, the larg est w ar-era
veteran group to use the h o m e loan
p
¡COUPON!
them to buy hom es again with the VA
guaranty using rcm ainingor restored loan
guaranteed loan o f $133,(XX) to p u r­
chase and adapt a new h om e to acc o m ­
m odate w heelchair needs.
Since President Franklin R oosevelt
| B M
1
nity to shop for lenders and negotiate
the term s m ost tav o rab le to th eir finan­
v eteran s o f the K orean W ar.
Honorably discharged veterans and
active-duty m em bers are eligible tor the
Expires 9-30-96
— — J
™
ntinw
veterans
a fair-m
ark ark
et et
opportu-
allow
v eterans
a fair-m
opportu
active, about 4 0 p ercen t are for V iet­
lies," V A Secretary Jesse B row n said.
“T he infusion o f billions o f g o v ern ­
JEANIE'S CLEANERS
serve.”
„
W o rld W ar II p o p u latio n , these v eter­
ans now acco u n t lo r about 4 percent ol
cu rren t loans, about the sam e as lo r
Good On Incoming Dry Cleaning Orders Only
Not Valid With Any Other Special Prices or Coupons .
JEANIE'S CLEANERS
corporate citizens in the com m unities we
lion V ietn am e ra veterans.
O f the 3.3 m illion loans currently
m ake the pride o f h o m e o w n ersh ip a
reality for m illions o f returning service
m em bers, veterans, and th eir fam i­
With $10.00 Incoming Dry Cleaning Order |
Good On In Coming Dry Cleaning Orders Only
Not Valid With Any Other Special Prices or Coupons
BBBI B B B
|
Laundered Shirts
95' NO LIMIT
O f $20.00 or More
VA approves 15 millionth home loan
T he D epartm en t o f V eterans A f­
fairs (V A ) hom e loan pro g ram has
Inflation Buster Laundry Special
On Any Dry Cleaning Order
B M
_______ ,
¡COUPON
*8.00 OFF
a meaningful, positive role as outstanding
Officer.
“O ver the past forty years, we have
Expires 9-30-96
Inflation Buster Drv C leaning Special
M B
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JEANIE'S CLEANERS
¡COUPON
M B
|
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contractors, suppliers, realtors and other
business partners,and havesoughttoplay
la rg e s t a n d , w e b e lie v e , le a d in g
A PLEAT
Expires 9-30-96
$10.00 OFF
-L. - u : __
o • I
Innation Buster Dry C leaning Special
1
On Any Dry Cleaning Order
Top homebuilder, Marks Fortieth year
years later, incorporated his homebuilding
A i
Drapery Cleaning
M.00 OFF
lending w ill serve low- an d m o derate-
incom e fam ilies, m inorities, new im ­
m igrants, resid en ts o f central cities
an d o th e r u n d e rs e rv e d a re a s , and
j
Inflation Buster Dry C leaning Special
and S ie rra W e ste rn M o rtg a g e
Fannie M ae is a co n g ressio n ally
ch artered , sh areh o ld er-o w n ed c o m ­
pany and the n a tio n ’s largest so urce o f
funds fo r h o m e m o rtg ag es. It has
co m m itted to pro v id e $1 trillion in
targeted lending for 10 m illio n hom es
by the en d o f the d ecad e. T h e targeted
su c c e ssfu l
____ ^ 0 * 7
5403 NE 42ND AVENUE • 287-0008
■COUPON
iCOUPONi
vice c o n s u m e r b an k o p e ra tin g b a n k ­
ing b ran ch n e tw o rk s in C a lifo rn ia
and F lo rid a. T h e c o m p a n y a lso o rig i­
n ates m o rtg ag e lo an s th ro u g h s u b ­
sid ia rie s G reat W e ste rn M o rtg a g e
low ed in h ig h -co st areas su ch as C a li­
fo rn ia ( 120 p e rc e n t). T h e F a n n ie 97
a lso a llo w s fo r n o n tra d itio n a l cred it
h isto ries, su ch as th o se d o cu m e n te d
this p ro g ram for h o u seh o ld s w ho can
afford m onthly paym ents, but have
found a large dow n pay m en t to be too
high a hu rd le,” said S am L yons, G reat
W e ste rn ’s sen io r vice p resident for
m ortgage banking. “W ith a required
_______
W ith asse ts o f $ 4 3 .7 b illio n , G reat
W estern F in a n c ia l C o rp o ra tio n is a
d iv e rsifie d fin an cial s e rv ic e s c o m ­
p an y o p e ra tin g m o re th a n 1,165
m o rtg ag e len d in g , retail b a n k in g , and
co n su m e r fin an ce o ffices natio n w id e.
The c o m p a n y ’s p rin c ip a l su b sid ia ry .
G reat W e ste rn B ank, is a fu ll- s e r­
g a m z a lio n s, g o v e rn m e n t a g en cies or
le n d e rs, assista n c e from local c o m ­
m u n ity se c o n d s p ro g ra m s o r c o n tri­
b u tio n s fro m in te r e s te d p a rtie s .
heating oils
Portland, Or 97212
(503) 288-7572
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Portland, OR 97212
282 5111
Community in Motion
I
Let's Talk
Trash.
W e'll be ta lkin g recycling, too,w ith the
Public U tilitie s Review Board (PURB).
Plan to attend a public meeting to review the City of
Portland's residential garbage
and recycling collection franchise system.
Come and tell us w hat you think!
W ednesday, Septem ber 25,1996 a t 7:00 pm
State Office Building, Room 140
800 Northeast Oregon Street, Portland
If you can't make it to the meeting, w e'd still like to hear
from you. Send yo u r w ritte n comments to:
PURB
1120 SW 5th Ave., Rm 1250
Portland, OR 97204-1972
or sound o ff and leave us a message at 823-1340.