1. PORTLAND HOUSING CENTER
Welcome to
HomeOwner Basics
Orientation!
ML-4654 NMLS ID#

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!
The main question that has to be answered today is Why, Why should you work with us and have us be a part of this journey you’re about to take.
The ability to maintain and sustain that home as it is to purchase it. You are in it for the longr un.

3. 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!)
We have the experience, the expertise, the partnerships and programs that when used effectively puts you in the strongest position to succeed ata becoming a home owner.

4. 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
NeighborWorks America is a national network of community development and affordable housing organizations.

5. We have offices in Beaverton and Portland.
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.

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

7. Welcome! We’re glad you’re here…

8. “I am a big advocate for the program. It was amazing
“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.
Don’t need to spend much time on these slides – can just flip through them. They are here to show that we have helped families and individuals!

9. “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.

10. Do you have… Not there yet? We’re here to help!
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!
Here are some questions you have to ask your selves.
If you answer yes to all or most of these questions we can help you.
If you answer no to all or most of these we can help you.
We will meet you where you are and work with you to get the rest of the way

11. IS NOW A GOOD TIME TO BUY?
Interest rates are not the focus, the right time to buy is when you are ready!
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!

12. COUNSELING AND EDUCATION SERVICES
HomeBuyer Assessment
HomeBuyer Counseling
Financial Fitness and culturally-specific financial education
HomeBuying 101
HomeOwner Classes
Matched Savings Program (Individual Development Account)

13. HOMEBUYER ASSESSMENT AND COUNSELING
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.
Assessment: Where are you now, compared to where you want to be
Counseling: how do we get you from here to there
Spend time discussing what goes on in consultation…
The HomeBuyer Assessment: initial meeting where you sit down with clients and look at their credit/income/etc. and evaluate where they are in the buying process.
Counseling: every meeting after the first appointment where you check in and work on meeting the goals that have been set.

14. 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.

15. 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.

16. Juntos exploraremos: 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

17. 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!

18. PHC MORTGAGE FINANCING OPTIONS
Conventional fixed rate financing options
FHA (Federal Housing Administration) Loans
VA (Veterans Affairs) Loans
USDA Rural Loan Program
Contact:
Heidi Martin, Lending Manager
NMLS #
Meredith Cole, Loan Advisor
NMLS #
Terry Itami, Loan Officer
OR NMLS # , WA NMLS # MLO
Our lenders do not work on commission. The profits made are invested back into PHC.
PHC lenders act as a broker for 1st and lender for 2nd mortgages.
ML-4654 NMLS ID#

19. 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#

20. Eligibility for most – but not all - assistance programs
HUD 2016 MEDIAN INCOME
Household Size
80%
100% 1
$41,850.00
$ 52,260 2
$47,800.00
$ 59,760 3
$53,800.00
$ 67,230 4
$59,750.00
$ 74,700 5
$64,550.00
$ 80,676 6
$69,350.00
$ 86,652 7
$74,100.00
$ 92,628 8
$78,900.00
$ 98,604
Programs with income cap of 80% Median Income:
Individual Development Account (IDA)
Mortgage Assistance Program (MAP)
Gresham Welcome
Home Program
Clackamas HomeBuyer Assistance Program (CHAP)
Down Payment Assistance Loan (DPAL)
Proud Ground (Land Trust)
Home$tart
DreamMakers Grant (80%, not higher than $55,000)
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#

21. Visit www.hownw.com for an updated list!
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)
These programs that are available at different times, when funding is available
Visit for an updated list!

22. MORTGAGE ASSISTANCE PROGRAM
This program is currently not available
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
When funding is available.
ML-4654 NMLS ID#

23. 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 $ 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.
This is a general example to show how the programm woks.
ML-4654 NMLS ID#

24. 3 or more person household $96,954 9 year recapture period
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 $84,308
3 or more person household $96,954
9 year recapture period

25. 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
For the OR state funded IDA program, You can earn up to $3000 of matching funds for $1000 of your savings in the first 6-12 months of saving, or you can earn up to $6000 of matched savings if you’re able to save for longer than one year and save $2000.

26. For up to date information on down payment assistance programs:
RESOURCES
Down Payment Programs
Proud Ground (Land Trust)
Portland Housing Bureau
Habitat for Humanity
For up to date information on down payment assistance programs:

27. Complete registration @ www.portlandhousingcenter.org
WHERE DO I START?
Complete
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 class online.
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.

28. We look forward to working with you!
Thank You!
We look forward to working with you!