Image provided by: University of Oregon Libraries; Eugene, OR
About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Nov. 18, 1998)
Page A3 NOV. 18, 1998 (Elje P nrtlauò (lihscrurr ^ n rtla n b bsetuer Dream Home: Avoiding the heartaches Home prices are up. Sales are at record levels. Inventories are tight. Sellers rule. In some Western markets you must compete with suddenly-rich, stock-option holders shopping among scant inventories n the Northeast, a late econom ic you can afford, it tells the seller you rally is releasing a surge o f pent are a serious buyer. M ortgage m oney up demand. N ear-record low m ort people will also acquaint you with gage rates are draw ing m any first the various mortgage programs avail able. “T he preapproval is subject to tim e hom e buyers into the market, but y ou’ve got to prepare yourself verification o f credit, incom e, em for the search. ploym ent, appraisal, and a survey o f the property. G et preapproved only G e t rea d y fo r w h a t yo u n eed . I f y o u g et For starters, exam ine your credit reports, correct m issing inform ation, preapproved for an ego-satisfying clean up errors, and question other am ount, the seller will say ‘H ey, he discrepancies. Three m ajor com pa or she can pay m ore (than the asking nies keep tabs on your credit habits, price) for m y property,’’’says Peter and you can add a statem ent to each M iller, Silver Spring, M D -based au report to explain blem ishes you can’t thor o f “T he M ortgage H unter.” To further assure that the funds are in otherw ise cure. “ I t’s easy to have m istakes creep into your credit re place, consider a guaranteed m ort port, especially if you have a com gage rate lock, that assures you o f an m on nam e,” says San Francisco- interest rate even if the market turns based Ray Brow n, co-author o f the up. bestselling “H om e Buying for D um O nce your funds are squirreled m ies.” “ It is better to control a situa aw ay, consider floor plans, architec tural types, and am enities you’ 11 need tion before it becom es a crisis,” he in a home. Just as preapproval helps says. V isit a lender or m ortgage broker you elim inate unaffordable homes, to get prequalified or preapproved know ing w hat physical attributes you (the terms are som ew hat interchange need helps elim inate homes that don ’ t able) for a m ortgage to determ ine m eet those needs. how much you can afford. G et any A hom e is not an island. W here guarantees in w riting. you w ant to live is as im portant as the T he guarantee not only gives you house itself. C onsider the kind o f neighborhoods and school districts, the security o f shopping for a hom e I you w ant surrounding your home. Get set O btain everal referrals to real estate agents from friends, family, co-w orkers, o r anyone else you trust w ho has recently bought or sold a home. Interview each agent and get a copy o f his or her activity list for the past year. “ It tells you w here they are w orking geographically, w hat type o f properties they w ork on, if there’s em phasis on w orking for buyers or sellers, and if there was any interrup tion in service. You want som eone w ho is there day in and day out,” Brow n says. Go N ow that you are prepared to look for your dream home, use the shot gun approach and scatter your ef forts. H ire an agent who will have access to the m ultiple listing service, or M LS. A n agent gets first dibs on m ost resale hom es for sale. Read new spaper and m agazine classifieds regularly, so you know w hen new listings and open homes pop up. V isit open hom es to get a feel for w hat the m arket is yielding. The N et is also a good w ay to shop for new homes. NCDC Receives NAHRO Award he Northeast Community De v elo p m en t C o rp o ra tio n (NECDC) is the recipient o f the Na tional Association ofHousing and Re developm ent officials’ (NA H RO ) 1998Award ofExcellence in Housing and C om m unity D evelopm ent in Project Design for New Projects.The award, which recognizes outstanding achievement in housing and commu nity development programs through out the nation, was presented to Helen Pittman, Vice Chair ofN EC D C , dur ing N A HRO ’s recent National Con ference and Exhibition in San Anto nio. The Authority received the award for Walnut Park Town Homes. “NAHRO is proud to recognize the achievementsofthesepublic agencies that use creativity and innovation to develop programs with an ongoing com m itm ent to excellence,” said N A H R O President, D eborah M. Erlanson, PHM. “Those agencies like the NECDC are accomplishing re markable achievements and increas ing the levelofservice to their commu nities and their residents. They are setting standards to be followed by o th e r ag e n cies aro u n d th e country .“Walnut Park was once re nowned as one o f the worst crime neighborhoods in Portland. With the donation o f a series o f vacant lots, the developm ent o f the W alnut Park Townhomes became the cornerstone ofNECDC’srevializationefibrts there. The 1998 NAHRO Awards ofEx- ce lle n c e re c o g n ize o u tsta n d in g achievement in housing and commu nity development programs in five categories. The awardees are chosen from 316 NAHRO Agency A w ardsof Merit in Housing and Community D e velopment winners across the country. Project Design includes efforts such as new housing design, housing mod ernization, enduring design, and land scape design Program Innovation: Resident and Client Services includes innovative use o f programs such as special activities for children, anti-drug programs, social services, and self-suf ficiency. Programs Innovation: Af fordable Housing includes special pro grams for home ownership, public/pri- vate partnerships, innovative financ ing. Program Innovation: Commu nity Revitalization includes innova tive use o f programs in areas such as economic development, neighborhood preservation, and creative financing. Administrative Innovation recog nizes innovative methods in areas such as maintenance, community relations, and interagency cooperation. T < O r , just somebody in your corner. We won’t give you drama or the ran around. We ll give you what youve come for. A home loan that’s right for you. And listen, this isn’t just talk. We’ve got low documentation loans-so we won’t ask for every important paper you’ve ever owned, plus the kitchen sink. We’ve got low down payment loans-less money for you to put down. We’ve even got no points & no fee loans-more money for you to save. So don’t stress yourself, see us and chill out. Washington Mutual 1 - 8 8 8 - W A M U - L E N D (1 -8 8 8 -9 2 6 -8 5 3 6 ) Programs subject to change. C e rtain restrictions apply. For no p o in t/n o fees programs, bank w ill pay o rdin ary and reasonable non-recurring c k w n g costs. Real to r/B ro ke r lees n o t included. An u p fro n t app lication deposit, refundable at closing, is required. uSj LENDER T he deposit is not lehindable i f you cancel the application o r i f you fail to provide us w ith requested inform ation. Interest rate/APR may be higher than when fees/points/costs are paid by you. For Low D oc program . we reserve the right to irquesi additional docum entation. Some programs may not be com bined w ith others. W e have loan offices and accept applications in: Washington M utu al Bank. FA - many states: W ashington M u tu a l Rank ID , O R , U T , W A ; and Washington M utu al Bank feb - ID , M T , UT.
