News
The African American Homebuyers Fair
Help is Available for First-time Buyers and Struggling Homeowners
T
More than 50 housing experts were on hand
to offer advice and resources.
Classes help first-time homebuyers tackle the
challenges of homeownership
he 2012 African American
Homebuyers Fair Delivers
Help to First-time Buyer
and Struggling Homeowners
Avoiding foreclosure is possi-
ble for many, say housing
specialists
By Helen Silvis Of The Skan-
ner News
The 14th annual African Amer-
ican Homebuyer’s Fair offered
first-time homebuyers a wealth of
advice and resources to help
make their dreams possible. Held
in Emanuel Hospital atrium, Sat-
urday, Oct. 27, the fair, brought
together more than 50 housing
specialists, lenders and homebuy-
ers for a day of workshops,
counseling and family fun.
“I got lots of good advice; there
was so much I didn’t know,” said
Lenore Hammock, who wants to
buy a home, but didn’t know if
she’d qualify. What she learned
has set her on a path to own her
own home, she said. “I’m going
to start saving, and I’m going to
go to some of these classes and
learn how to manage a mortgage,
and how to manage money and
investments.”
Hammick said she found far
more options than she had imag-
ined are available for low- and
middle-income buyers.
“As a minority, you sometimes
feel that you won’t be able to buy
a home,” Hammick said. “I never
knew there was so much help out
there.”
Awenlue Kante first heard of
AAAH at the 2010 Homebuyer’s
fair. That inspired her to attend
market, Roberts said, to avoid
flooding it and sending home
prices even lower. But buyers
who are well prepared can still
find good deals.
HUD figures show that people
who receive financial and hous-
ing counseling before they buy a
home are less likely to lose it to
foreclosure, Roberts says. That’s
because they were less likely to
take out risky, balloon loans and
more likely to have traditional
low-interest, long-term loans.
“We direct people to lenders
who care about first-time home-
buyers,” Roberts said. “During
the housing crisis we were able to
recognize those bad lenders and
we didn’t support their activities.
So that was one advantage for our
folks.”
AAAH is one of several non-
profits which work with
first-time homebuyers, but also
help people who are struggling to
stay current with their loans or
are facing foreclosure.
Loretta Kelly, of NAYA Fami-
ly Center said home prices are
rising now, and people looking
for homes are finding they may
have to look a little longer.
“We’ve been seeing a lot more
investors purchasing those
homes,” she said. “But we’re get-
ting people ready to buy, so that
when they do find that perfect
house, they can make an offer.
This year is a bit better than last
year. We’re seeing more people
starting the process.”
Jorge Alvarado, of Hacienda,
said housing counselors are help-
One homebuyer bought a duplex after saving
$6000 for a downpayment
Housing prices are picking up, largely
because investors are seeing an opportunity
Avoiding foreclosure is
possible for many,
say housing specialists
The African American Alliance for
Homeownership works with everyone
Programs can help you save and provide
matching funds
classes and start saving through
the IDA program. With the
matching funds she received
through the program Kante saved
$6,000, was approved for a low-
interest loan, and bought a duplex
this summer.
“I am so happy,” she says. “It
was the best experience for me to
get help from someone who cares
about me. I was lucky to be part
of the program. Free money, free
services, the whole program is
free and it’s awesome.”
In fact, low interest rates and
homes that remain priced to sell
make this a good time to buy,
says Sheryl Roberts, executive
director of the African American
Alliance for Homeownership,
which sponsors the fair.
“More people are signing up for
pre-purchase counseling now,”
Roberts says. “Because of the cri-
sis people see an opportunity to
buy foreclosed properties.”
Banks are slowly releasing
foreclosed properties onto the
ing a lot of families get out of
loans they can’t afford. And even
if foreclosure can’t be avoided,
that doesn’t mean owning a home
is off the menu forever.
“They can try again in three
years,” he said.
Hacienda, Portland Community
Reinvestment Initiative, NAYA
Family center and AAAH all
belong to the Minority Home-
owners Association. But you
don’t have to be a person of color
to get help: everyone is welcome
to attend the classes and work-
shops.
Other organizations represent-
ed at the fair offered different
ways to become a homeowner.
Proud ground, works with people
who make 80 percent of median
family income or less. Proud
Ground purchases land, so the
homebuyer only has to buy the
home itself. And Habitat for
Humanity helps people build
homes through a work exchange
agreement.
Interest rates remain low, which makes now a
good time to buy a home
Even after foreclosure, families can try again
after three years housing specialists said.
Sponsors: Safeway Food & Drug, The Skanner News Group, Metro, Legacy Emanuel Hospital, HomeStreet Bank, Chase, Prime Lending, Portland Housing Bureau.
October 31, 2012
The Portland Skanner Page 9