| J a r t l a n b © b s e r u e r ___________________________
PageA6
OWNYOUR HOME
at a price you can afford
“ My house payment is less than I paid in rent!”
- Laneisha,a new homeowner
Say goodbye to rising rents and landlords in 2009!
Portland Community Land Trust, a nonprofit organization serving
Portland since 1999, has 2 & 3 BR homes at prices you can afford
coming to your neighborhood in 2009.
And no subprime mortgages. No getting in over your head,
Our average home sells for $150,000 with fixed-rate monthly
mortgage payments around $900-1150.
W e’ve helped more than 100 families buy their first home in
Portland. We can help you, too! But don’t wait to get ready. PCLT
gives priority to those on our waiting list.
Aprii i, 2009
H ousing
Home Loan Costs Drop
Rates on 3O-year mortgages
fell to the lowest level on record
last week after the Federal Re­
serve launched a new effort to
assist the staggering U.S. hous­
ing market.
M ortgage fin a n c e g ian t
Freddie Mac said that average
rates on 30-year fixed-rate mort­
gages dropped to 4.85 percent
from 4.98 percent a week earlier.
It was the lowest in the history
of Freddie Mac's survey, which
dates back to 1971 and was
down a full percentage point
from a year ago.
The previous record low of
4.96 percent was set in the week
of Jan. 15. Rates fell after the
Fed last week said it will pump
$1.2 trillion into the economy in
an effort to lower rates on mort­
gages and loosen credit.
Mortgage applications have
surged recently, mostly from
borrowers looking to refinance
and save m oney on th e ir
monthly payment. The Mort­
gage Bankers Association said
its weekly application index
climbed more than 30 percent
for the week ended March 20.
Nearly 80 percent of applica­
tions came from borrowers seek­
ing to refinance home loans at
lower rates, rather than pur­
chase homes.
In Freddie Mac's survey, the
average rate on a 15-year fixed-
rate mortgage dropped to 4.58
percent. Rates on five-year, ad­
justable-rate mortgages fell to
4.96 percent. Rates on one-year,
adjustable-rate mortgages rose
fell to 4.85 percent.
photo by
M ark W ashington /T he P ortland O bserver
Interest rates for home mortgages has dropped to historic
lows, making homes like this one in northeast Portland,
more affordable. The lower financing costs have been
triggered by government efforts to assist the staggering
housing market.
Register for a free orientation in your neighborhood by visiting
www.plct.org/classes or calling 503-493-0293x10.
Resources on how to buy a home will attract people to the East Portland Homeownership
Fair on Saturday, April 18, at Kelly Elementary School, 9030 S.E. Cooper St. Like last
year's event (above), people will have access to tables manned by home-buying profes­
sions and community organizations, as well as seminars and a drawing for a
homebuyer's assistance grant.
Home Fair has New Look, Focus
Non-profit expands guest list
by
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NW N a tu ra l
A
,( A M A l»
N A H R A I ( .A S
R oger A nthony
Launched three years ago,
R O SE
C om m unity
D evelopm ent’s annual Lents
Home-Buying Fair quickly be­
came a dependable resource for
people seeking for home-buy­
ing tips and information.
So this year, the non-profit
affordable housing agency has
expanded the guest list.
Now known as the East Port­
land Homeownership Fair, the
Saturday. April 18 event, from
IO a.m. to 2 p.m. will once again
be held at Kelly Elementary
School, 9030 S.E. Cooper St., in
the Lents neighborhood. Ad­
mission is free.
And once again, the fair’s
biggest attraction will be the
draw in g
fo r a $ 4 ,0 0 0
homebuyer’s assistance grant.
The winner will be able to use
the money to help purchase a
home, or renovate a home be­
ing purchased.
Visitors will have a wider-
than-ever array of seminars to
attend and hom e-ow nership
professionals to connect with.
ROSE has evolved to include
an extensive outreach cam ­
paign into all east Portland
neighborhoods, with a particu­
lar emphasis on the David Dou­
glas School D istrict and the
Powellhurst-Gilbert neighbor­
hood just east of 122nd Avenue.
“Originally, our focus was on
increasing homeownership in
the Lents neighborhood," said
Arnie Diffenauer, a community
organizer with ROSE.
Those attending the fair will
receive a “p a ssp o rt” at the
ready in fre sh ly -p u rc h a sed
homes. As a result, this year’s
fair will also have classes aimed
at new hom eow ners. Those
classes include Refinancing
Your H om e; K eeping Your
Home: Foreclosure Prevention
Strategies; and Reverse Mort­
gages. Home-buying seminars
w ill
in clu d e
S teps
to
Homeownership, Homebuyer
R e so u rc e s and M o rtg ag e
Even with the chaos in the
markets o f the past two years,
homeownership remains the best
investment families can make, v
door. The gymnasium and caf­ Readiness.
Families with children can
eteria at Kelly will be filled with
tables manned by home-buying bring them and leave them at
professionals - realtors, lend­ several free kids’ activities.
“Even with the chaos in the
ers, home-buying counselors
and other businesses - as well markets of the past two years,
as various community organi­ hom eow nership rem ains the
best investment families can
zations.
There will also be several make,” said Nick Sauvie, ROSE
classes to help those looking executive director. “It lets a fam­
to buy their first home under­ ily put down roots, and sur­
rounds them with a community.
stand the process better.
The economic downturn of And h isto ry show s that
the past 18 months has made homeownership is one of the
homeownership more difficult best ways for a young family to
- both for buyers and those al­ accumulate wealth."