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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (April 5, 2000)
^1 uri Untò ©bseruer Fair Housing PDC s neighborhood Retirem ent Living housing program bv D on G raves -H ighsmuu row I he P ortland Oi»tR\ LK T h e N e ig h b o r h o o d H o u s in g Program (NH P) has been a mainstay at th e P o rtla n d D e v e lo p m e n t Com m ission foralm ost thirty years. It is the program that provides hom e repair loans to low and m oderate- incom e fam ilies w h o ow n and occupy their hom es. T he N H P has provided funding for o ver 12,000 repair projects since it began. Traditionally, the N H P program has received federal funding through C om m unity Block G rants (C D B G ) received by City o f Portland Bureau of H o u s in g C o m m u n ity D evelopm ent (B H C D ) from the U.S. D epartm ent o f H ousing and U rb a n D e v e lo p m e n t (H U D ). Applicants m ust be at or below 80% o f m edian fam ily incom e (M FI) as set by the federal governm ent. H UD adjusts the m edian fam ily incom e guidelines yearly, and they are specific to the locality. C urrently a family offour with an annual income o f $53,700 is considered at m idpoint (or m edian) for the C ity o f Portland. A fam ily earning up to $42,950 annually is considered at or below 80% MFI and w ould be eligible for the N H P program. You can check the current MFI earnings chart on P D C ’s w ebsite under “H ousing” at w w w .portlanaddev.org. The N H P now also provides hom e repair for the 80% to 120% of MFI fam ilies. T he N H P offers a Fannie M ae loan that is m arket rate. The advantage is this loan can be m ade w hen no hom e equity currently exists. T his is done by havm g a contractor submit a bid on the repairs that will be needed, and then obtain an appraisal based on the h o m e’s value after the repairs are completed. T his is an excellent option for a hom e refinance, o r for the purchase o f a “ fixer-upper” hom e that needs repairs. S in ce to d a y ’s fix e r-u p p e rs are usually bought at m arket rate and th e re is little eq u ity a fte r th e purchase, this option can help m ake the fixer-upper livable after the purchase. T he cost o f the purchase is rolled in w ith the cost o f the repair w ork into one affordable payment. A nother option that the N H P is now able to provide is the "G reen Rehab Loan” through a partnership with S ho reB an k Pacific. T h e G reen Rehab Loan is specifically designed to finance hom e repairs that are energy efficient and use m aterials that are environm entally friendly. This program links affordability w ith sustainability. T h e N e ig h b o rh o o d H o u s in g Program is constantly looking for new w ays to serve the hom e repair needs o f the com m unity, either as a “ s a fe ty n e t” fo r lo w - in c o m e hom eow ners w ho have a particular em ergency need, or in concert w ith o th e r c o m m u n ity e ffo rts . T h e overall goal is alw ays to im prove the livability o f a neighborhood. In this effort, the N H P has been a significant factor in holding o ff g e n tr if ic a tio n by a llo w in g hom eow ners to stay in their hom es by providing affordable options to m ake needed repairs. If you have a hom e repair need and w ould like additional inform ation, p le a se c a ll th e N e ig h b o rh o o d H ousing Program at the Portland D evelopm ent C om m ission at 503/ 823-3400. You’ll see this again &again... Bv D avid L abovitz I am a loan officer and I know w hat you need to know about hom e loans and refinancing. I w ill address specific topics that you will need to know about and questions that you will w ant to ask. H ere is a the first key to getting a good hom e loan that m eets your needs. A sk questions o f the person w ho you have chosen to help you w ith g e ttin g y o u r h o m e loan. Secondly, get your answers! If you do not understand the answ ers to your questions, ask m ore questions. If your loan officer uses a bunch o f term s that you are not fam i 1 iar w ith, c a n n o t e x p la in th in g s to y o u r s a tis fa c tio n , o r th is p e rso n is reluctant to help you understand your decisions, m ove on! Y our hom e loan is too im portant in the long run to let som eone else tell you w hat to do. Y our loan officer is an advisor for you rather than your decision maker. Here is a basic starter question for you. H ow long do you expect to live in the hom e? I-year, 3-years, 20- years? Som etim es it is only a guess on your part, but it will help you select the length o f the loan that you need. In general, the shorter the tim e that you need the m oney from a bank, the less you will pay in interest each month. Find out how m uch’ m oney you have to work with to buy a home. This is basic to starting the process. You can use savings and gifted funds from im m ediate fam ily to help you with dow n paym ent and closing costs. M any tim es this will narrow dow n the type o f program that you can go with. H ow is your credit? Ask your loan officer to get you a free “single bureau” credit report. Ask for a copy. This is your business and you should have a copy. Beware o f som eone w ho will not share your inform ation w ith you! T ake the attitude that it is your business. Most people know if they have decent credit, or if they m ight have a few challenges. T hat does not m ean that the credit reports show the facts correctly. You m ust find out what others will read about you. A good loan officer will help you work with any problem s. You now have a good place to start. Find a quality loan officer, ask questions, get your answ ers, total up all o f the m oney that you w ish to • Studio & 1 -Bedroom Apartments with Full Kitchens • Easy access to shopping and bus lines • Dining Room , Beauty and Barber Shop • Activities, Clubs, and Garden areas • Safety, Security, and Companionship • Federal Rent Subsidies for those that qualify Westmoreland's Union Manor 6404 SE 23rd Avenue Portland, Oregon 97202 233-5671 Marshall Union Manor Kirkland Union Manors 2020 NW Northrup Street Portland. Oregon 97209 3530 SE 84th Avenue Portland. Oregon 97266 225-0677 777-8101 tau*t Boutiit orraRTUNmr HOME FOCUS HOMES FOR YOU LOANS FOR YOUR HOME PERSONALIZED ATTENTION Deborah Foster Realtor Equity Group 706-0037 deborah@equitygroup.com use for buying a hom e, and have a look at your credit. Rem em ber, it is y o u r lo a n fo r y o u r c r e d it. 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