Welcome to Open House! - Portland Housing Center's PORTLAND HOUSING CENTER - ML 4654 NMLS ID# 268117

PORTLAND HOUSING CENTER

       Welcome to
Portland Housing Center’s
       Open House!

       ML‐4654 NMLS ID# 268117

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!

BENEFITS OF
 HOUSING
COUNSELING

              National Homeownership Month Toolkit, 2016

PORTLAND HOUSING CENTER
                We’re here to help!

 Over 1,400 of our homebuyers became homeowners in
  the last 3 years!

 There are challenges – and opportunities – in the current
  housing market.

 We guide people of all incomes through the home
  buying process

 Over 240 people are currently saving for down payment
  on our matching program and will receive $3 for every
  $1 they save (up to $8,000!)

THE PORTLAND HOUSING CENTER IS…

 Private, non-profit corporation

 Comprehensive “one-stop” homeownership center

 HUD-approved housing counseling agency

 Oregon licensed non-profit mortgage broker

 Down payment assistance resource

 Member of NeighborWorks America

WE ARE MULTI-LINGUAL

 All of our services are available in English and Spanish
   Todos nuestros servicios estan disponibles en Español

   Let us know if you have a need for other language
        accommodation or any other access needs

     We have offices in Beaverton and Portland.

OUR MISSION…

 Everyone deserves access to homeownership

  We make it possible through quality EDUCATION,
     COUNSELING and FINANCIAL SERVICES

Welcome!
We’re glad you’re here…

“I am a big advocate for the program! It was amazing! Every married couple
       should take the Financial Fitness class, even if they don’t buy.”

                                             Taking Financial Fitness
                                             made financial discussions
                                             easier for Muhammed and
                                             Stephanie, and gave them
                                             the tools they needed to
                                             build their credit. The IDA
                                             program helped them
                                             build up savings to buy
                                             their new home.

“The Portland Housing Center can help at any stage, no matter how early you
                                  are.”

                                             Even with parents who
                                             were involved in the real
                                             estate industry, Chelsea
                                             found value in the classes
                                             offered by the Portland
                                             Housing Center. They were
                                             instrumental in helping her
                                             build a budget and
                                             understand what to expect
                                             in the homebuying
                                             process.

“The classes were worth the application fee alone! My parents had bought and
   sold a number of homes… but they were rusty on the details. Portland
                Housing Center laid it all out very nicely.”

                                              Rachel credits her
                                              HomeBuying Specialist and
                                              PHC Partner Reatlor with
                                              helping make the
                                              homebuying process smooth
                                              while easing her fears about
                                              buying a home.

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           Niki Gillespie, 3/23/2017

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 and your debts on time?
 Some money saved for a down payment?
 An understanding of the homebuying process?

                       Not there yet?
                      We’re here to help!

IS NOW A GOOD TIME TO BUY?

Source: Freddie Mac 30‐Year Fixed Rate Mortgage Average Commitment Rate

         If you are ready for the responsibility of
       homeownership, now is a GREAT time to buy!

COUNSELING AND EDUCATION SERVICES

 Client Orientation
 HomeBuyer Assessment
 HomeBuyer Counseling
 Financial Fitness and culturally-specific financial education
 HomeBuying 101
 HomeOwner Classes
 Matched Savings Program (Individual Development Account)

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      HOMEBUYER ASSESSMENT AND COUNSELING

        HomeBuyer Assessment
        What mortgage loan payment you can afford now compared to what you want

        HomeBuyer Counseling
        we talk about your goal for homeownership and time frame

        Review your financial documents; income, savings, household budget, tax
         return, credit report, etc.

        What adjustments do we need to make to get you to attain your desired loan
         payment.

        Together develop and Action Plan and monitor results.

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           Niki Gillespie, 3/23/2017

CLIENT ORIENTATION

 A 2.5 hours jump start to services!

                     Explore budgeting and credit
                          Calculating income
                          Determining affordability

                     Learn more about down payment
                      assistance programs
                     Overview of loan products and
                      different loan types

FINANCIAL FITNESS

A five-week workshop series that will change the way you
                 manage your money!

                              Explore money values and habits.
                              Set achievable financial goals.
                              Maximize use of a budget.
                              Use credit wisely.
                              Prepare your finances for successful
                               homeownership.
                              Protect yourself from identity theft
                               and predatory loans.

GETTING YOUR HOUSE IN ORDER

 A five-week financial fitness course with a culturally and
         historically African American perspective.

                              Topics Include:
                               Explore money values and habits.
                               Set achievable financial goals.
                               Maximize use of a budget.
                               Use credit wisely.
                               Prepare your finances for successful
                                homeownership.
                               Protect yourself from identity theft
                                and predatory loans.

DECIDE TU FUTURO

Un curso en español de 5 semanas de educación financiera en
que Ud. participa en construir su poder financiero.

                                Juntos exploraremos:
                                 La influencia de la familia y las
                                  tradiciones, en nuestras finanzas
                                 Cómo usar un presupuesto para
                                  llegar a fin de mes y poder ahorrar

                                   Cómo se establece el buen crédito
                                   Cómo creamos un balance sano
                                    entre prestamos y deudas
                                    Cómo construimos el poder
                                     económico latino con nuestras
                                     acciones individuales

HOMEBUYING 101

Ready to buy a home? HomeBuying 101 will teach you how!

                              Determine how much you can afford.
                              Find lenders and realtors you can
                               trust.
                              Learn how to shop for and compare
                               loans.
                              Protect yourself from predatory
                               practices.
                              Take advantage of downpayment
                               assistance programs.

           Offered in person and online!

PHC MORTGAGE FINANCING OPTIONS

 Conventional fixed rate financing options
 FHA (Federal Housing Administration) Loans
 VA (Veterans Affairs) Loans
 USDA Rural Loan Program
 Contact:
           Jessenia L Juarez, Loan Officer
            OR NMLS # 993168, 503-797-4020

     ML‐4654 NMLS ID# 268117

DOWN PAYMENT ASSISTANCE PROGRAMS

 A number of local programs can help with down payment,
  lower your monthly mortgage payments, and/or increase your
  purchasing power!

 Eligibility is based on income, property location and other
  factors

 Down Payment Assistance Program- Individual Development
  Account

ML‐4654 NMLS ID# 268117

HUD 2018 MEDIAN INCOME

Household Size           80%       100%      Programs with income cap of 80% Median Income:
      1                $45,600   $ 56,980    Individual Development Account (IDA)
                                             Mortgage Assistance Program (MAP)
      2                $52,100   $ 65,120
                                             Gresham Welcome Home Program
      3                $58,600   $ 73,260    Clackamas HomeBuyer Assistance Program (CHAP)
      4                $65,100   $ 81,400    Down Payment Assistance Loan (DPAL)
      5                $70,350   $ 87,912    Proud Ground (Land Trust)
      6                $75,550   $ 94,424    Home$tart
      7                $80,750   $ 100,936   DreamMakers Grant (80%, not higher than $55,000)

      8                $85,950   $ 107,448
                                             Programs with cap of 100% Median Income
                                             Limited Tax Exemption

               Eligibility for most – but not all - assistance programs
                is 80% median income. Check program guidelines.

 ML‐4654 NMLS ID# 268117

ASSISTANCE PROGRAMS

 Mortgage Assistance Program (MAP)
  (Portland Housing Center 2nd mortgage, reduces cash to close)
 Tax Abatement Program through PHB
  (freezes property taxes for 10 years)
 “DPAL” Silent 2nd” Mortgage
  (a 2nd mortgage loan with no monthly payments)
 Mortgage Credit Certificate (MCC)
  (reduces your tax withholdings to assist with mortgage payments)

 “IDA Matched Savings Program”
  (Matches savings 3:1, up to $6,000 for down payment)
 “Clackamas CHAP Program”
    (Down payment assistance for purchasers in Clackamas Co.)
 “Welcome Home” Gresham Homebuyer Assistance Program
    (Down payment assistance for buyers in City of Gresham.)
 “Home$tart” grant program
    ($2,000 grant available through OBA member banks)

        Visit www.hownw.com for an updated list!

BENEFITS OF
 HOUSING
COUNSELING

              National Homeownership Month Toolkit, 2016

MORTGAGE ASSISTANCE PROGRAM

 2nd Mortgage up to $50k

 Low down payment, lowers monthly payments by eliminating
  mortgage insurance

 Reduced total cash to close needed

 Income eligibility: 80%-100% Median Family Income or under

 Low interest rates, fixed terms

 Available in Multnomah, Washington and Clackamas Counties

ML‐4654 NMLS ID# 268117

MAP COMPARISON

FHA Insured Loan Example:                Conv. Loan w/MAP 2nd Example:

Purchase Price:              $200,000    Purchase Price:     $200,000

Monthly Payment:             $1,179      Monthly Payment:    $1011

Mortgage Insurance:          $137        MAP Payment         $233
                                         Mortgage Insurance: None

Total Payment:           $1,316          Total Payment:      $1,244

Cash to Close:           $12,591*        Cash to Close:      $3,500**

*Based on 3.75% interest rate,           **Factors in $4,800 credit from the
$270 for taxes and insurance.            Oregon Bond Cash Advantage program,
                                         3.75% interest rate,
                                         $270 for taxes and insurance.

   ML‐4654 NMLS ID# 268117

OREGON BOND LOAN

 RateAdvantage: Lower than market fixed interest rate – (this
  increases your purchasing power!)
 CashAdvantage: Slightly higher fixed rate along with cash
  assistance equal to 3% of the loan amount. The cash assistance
  will help reduce the total closing costs.
 Income caps:
  1‐2 person household $87,921
  3 or more person household $101,109
 9 year recapture period
                     www.oregonbond.us

MATCHED SAVINGS PROGRAM (IDA)

 Matched savings program – for each $1 you save, we match $3

 Can help you earn from $3,000 to $6,000 for home purchase

 80% of median family income to qualify

How to get started…

 Meet with a HomeBuying Specialist

 Complete IDA Application and submit documents if eligible

 Complete financial education and HomeBuying 101

RESOURCES

 Down Payment Programs                 www.hownw.com

 Proud Ground (Land Trust)             www.proudground.org

 Portland Housing Bureau              www.portlandonline.com/phb/

 Habitat for Humanity                  www.pdxhabitat.org

     For up to date information on down payment assistance programs:
                            www.hownw.com

WHERE DO I START?

 Complete registration @ www.portlandhousingcenter.org
 Pay one time $99.00 materials fee (non-refundable).
 You will respond to a series of questions to get you to the right
  services for you.
 You’ll schedule your appointment and/or HomeBuying 101
  online.
 Attend your orientation session.
 We’ll run a “Soft Touch” credit report (that does not lower your
  credit score).
 If you are already working with a lender and/or realtor, please
  note that in your registration.

Thank You!

We look forward to working with you!