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PORTLAND HOUSING CENTER

PORTLAND HOUSING CENTER. Welcome to HomeOwner Basics Orientation!. WHY PARTNER WITH A TRUSTED RESOURCE…. Buying your first home is usually the biggest financial investment in your life The home buying process is complicated, and there are many important choices to be made

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PORTLAND HOUSING CENTER

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  1. PORTLAND HOUSING CENTER Welcome to HomeOwner Basics Orientation!

  2. WHY PARTNER WITH A TRUSTED RESOURCE… • Buying your first home is usually the biggest financial investment in your life • The home buying process is complicated, and there are many important choices to be made • Getting into your first home is a big accomplishment – staying there is equally as important!

  3. PORTLAND HOUSING CENTER We’re here to help! • Over 2,000 of our homebuyers became homeowners in the last 3 years! • 160 families are currently saving for down payment on our matching program and will receive $3 for every $1 they save • An average of 65 new homebuyers register for our classes each month • We guide people of all incomes through the home buying process

  4. THE PORTLAND HOUSING CENTER IS… • A private, non-profit corporation • “One-stop” homeownership center • HUD-certified housing counseling agency • Member of national homeownership network • Oregon licensed non-profit mortgage broker

  5. OUR MISSION… • Everyone deserves access to homeownership • We make it possible through quality EDUCATION, COUNSELING and FINANCIAL SERVICES

  6. COME ON IN!

  7. Meet Rhonda… “Thanks to the IDA program, I have fulfilled my dream of homeownership…I have learned how to save and the importance of savings. PHC did an excellent job providing me with the guidance and tools necessary to make my dream become a reality…”

  8. Meet Amie… In 2005, Amie and her partner attended a PHC orientation. Two years later their family of four purchased their first home in Parkrose…

  9. Meet Chi… “…Spent credit like cash. Had zero savings nine months ago. Still saving with larger buffer zone. Spread the word everywhere!”

  10. AM I READY TO BUY? Do you have… • A monthly budget or spending plan? • Steady income and employment history? • A manageable level of current debt? • A record of paying your bills on time? • Some money for down payment? Not there yet? We’re here to help!

  11. STEPS TO HOMEOWNERSHIP • HomeBuyer Assessment • Financial Fitness • HomeBuying 101 • HomeBuyer Counseling • Matched Savings Program • Down Payment Assistance Programs • Loan Counseling • Affordable, fixed rate home loans • Pre-Closing Meeting/Loan Document Review • HomeOwner Classes

  12. WE ARE MULTI-LINGUAL • All of our services are available in English and Spanish • Todos nuestros servicios estan disponibles en Español • We offer periodic classes in Vietnamese, Chinese and Russian in cooperation with APICIA • Let us know if you have other language or access needs

  13. FINANCIAL FITNESS A class to change the way you manage money • Values & Money • Goal Setting • Money Management / Budgeting • Using Credit Wisely • Identity Theft • Recognizing Predatory Loans

  14. HOME BUYING 101 Everything you need to know about the home buying process • Preparing for Home Purchase • Understanding the Role of Credit • Shopping for Your Loan • Shopping for Your Home • Inspecting and Insuring Your Home • Closing on Your Home

  15. PARTNERS YOU CAN TRUST… • We partner with reputable financial institutions, Realtors, and Oregon-certified home inspectors • We carefully screen and monitor our partners • They provide excellent service to first time home buyers • For a list of our partners and their contact information, visit www.portlandhousingcenter.org.

  16. DOWN PAYMENT ASSISTANCE PROGRAMS • We can help with down payment, lower your monthly mortgage payments, and increase your purchasing power! • Eligibility is based on income and other factors • Low interest rates, fixed terms • We also offer a matched savings program ML – 4654

  17. PHC MORTGAGE FINANCING OPTIONS • Oregon Bond Loan (when available) • ODVA (Oregon Department of Veteran Affairs) • USDA Rural Loan Program • Conventional fixed financing options • FHA Loans Contact: Cara Cooke, Loan Consultant 503.282.7744 x108 ML - 4654

  18. MORTGAGE ASSISTANCE PROGRAM • 2nd Mortgage up to $50k • Low down payment ($500), lowers monthly payments through eliminating mortgage insurance • Income eligibility: 100% Median Family Income or under • Low interest rates, fixed terms • Available in Multnomah and Washington Counties ML - 4654

  19. MAP COMPARISON FHA Insured Loan:Conv. Loan w/MAP 2nd: Purchase Price: $200,000 Purchase Price: $200,000 Monthly Payment: $1,362 Monthly Payment: $1,388 Mortgage Insurance: $88.46 Mortgage Insurance: None Cash to Close: $8,760 Cash to Close: $534 *Both examples factor in $6,000 in seller paid closing costs. If this is not possible, the additional costs can be rolled into the MAP loan. ML - 4654

  20. PHC IDA PROGRAM • Matched savings program – for each $1 you save, we match $3 • Can help you gain up to $9,000 for home purchase • 80% of median family income to qualify How to get started… • Complete IDA Application • Complete Financial Fitness • Meet with a HomeBuying Specialist

  21. OREGON BOND LOAN(CURRENTLY SUSPENDED) • Lower than market 30 year fixed interest rate (this lowers your monthly payments or increases your purchasing power!) • Income cap: 1-2 person household $79,190 3 or more person household $91,068 • 9 year recapture period www.oregonbond.us

  22. RESOURCES • HOST Development www.hostdevelopment.com • Proud Ground www.proudground.org • Portland Development Commission www.pdc.us • ROSE CDC www.rosecdc.org • Clackamas Community Land Trust www.clackamasclt.org • Habitat for Humanity www.pdxhabitat.org

  23. WHERE DO I START? • Fill out Registration Form (please print clearly) or register on-line @ www.portlandhousingcenter.org • Pay $65.00 materials fee (non-refundable, good for 2 years) • If you are already working with a lender and they have pulled your credit, please note at the top of the Registration form “Do Not Pull Credit” and provide a copy of your credit report with your registration.

  24. NEXT STEPS… • We’ll run your credit report and complete your assessment • You will be assigned a HomeBuying Specialist who will guide you through the homebuying process • We will call and schedule you for the appropriate class and your initial appointment *Due to a high volume of registrations, it may take up to 3-5 business days to complete your Home Buyer Assessment. Our staff will contact you as soon as it is completed to get you scheduled for a class!

  25. WE’LL TAKE YOU HOME!

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