Help for First-Time Home Buyers

Housing center helps first-timers

Sunday, June 28, 2009
The Oregonian

The Portland Housing Center steers first-time homebuyers toward a variety of down payments, closing costs and mortgage assistance programs. Most are available to potential homeowners earning up to 100 percent of the metro area's median income ($49,000 for individuals, $70,000 for a family of four).

FHA loans require 3.5 percent down from qualified buyers, compared to the 20 percent usually required for conventional loans. PHC works directly with lenders to offer a variety of low-cost, fixed-rate mortgage products to first-time buyers.
Mortgage Assistance Programs provide low-interest loans of up to $50,000 for down payment and closing costs by qualified buyers in Multnomah and Washington counties.

The Matched Savings Program helps first-time buyers save for a down payment and closing costs by matching up to $3 for every $1 saved up to $9,000.
The Home Purchase Assistance Program gives first-time buyers a zero-interest loan of up to $1,500 toward down payment and closing costs, repayable when the property is sold or refinanced.

Down Payment Assistance Loans, available for select urban renewal areas through the Portland Development Commission, are essentially "silent second mortgages" that reduce monthly payments. DPAL loans must be repaid when the home is sold.
Home Buying 101: PHC offers a free HUD-certified class to prepare and educate first-time homebuyers. The PHC's free homebuying orientations, held three times a month, familiarize participants with the center's services and first-time homebuyer resources. Orientations are held from 6-7 p.m. the first three Wednesdays of the month at the housing center at 3233 N.E. Sandy Blvd.

For information, call the Portland Housing Center at 503-282-7744 or visit http://www.portlandhousingcenter.org/.
-- Jeff Kuechle