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Greetings!
Happy New Year!
July 1 marked the fiscal New Year for the Portland Housing Center and we have good things to celebrate. The PHC staff worked tirelessly to counsel 1025 households and taught 648 households how to buy a home. We began classes in Washington County, showed 211 households how to become financially fit, and watched 171 families save their down payment in an IDA account. As a result, we added 371 new homeowners to our "family." Let me be the first to congratulate these homeowners for having the drive to complete the process and utilizing the necessary tools. You can read about one such homeowner below. Let me also congratulate the staff on being a stellar example of a successful homeownership center both locally and nationally.
What helps me as an executive director to move our staff toward assisting future home buyers is looking at the "numbers" our new homeowners represent. The median income of our buyers was $45,000 and the home they bought had a median price of $201,500. Single people, usually females (36%) made up one-third of the new homeowners followed by families (32%), and couples (30%). People of color represented 38 percent of the new homeowners with the largest group being Latinos (12%).
We believe homeownership can lead to financial stability but it requires responsibility, education, time, and motivation. It also takes a team of dedicated experts like the many partners who assist us and our homebuyers through each step of the journey, including post-purchase (read "Summer Days Are Here" below).
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From Refugee to Homeowner
I arrived in the United States in 2002 as a refugee. I had lost my vision after a soccer injury became infected while I was a child in Ethiopia. I knew that the United States was a land of opportunity and I eagerly pursued my education and completed my Masters degree in Social Work (MSW) in 2006. I even became an American citizen in 2007. All of these dreams were coming true for me, but I still wasn't sure if I dared to dream about owning a home.
A friend of mine who is also a realtor, Elizabeth Ashenafe, suggested that I take a class at the Portland Housing Center (PHC) to learn more about the housing market in Portland. The Home Buyer Class was very informative and convinced me that I did not have to continue to pay rent. It gave me the motivation to take the next steps toward buying a home.
I met with a PHC Loan Consultant who helped structure a loan for me that was realistic and affordable. I took advantage of a loan program that was only available through the PHC and they also let me know that I might qualify for a grant through Community Vision.
The patience and helpfulness of my realtor, Elizabeth Ashenafe, cannot be over stated. She went the extra mile for me and was there at every important meeting. She is especially good at working with people who have disabilities or who face a language barrier.
My home-buying experience was surprisingly easy. I very much enjoyed working with the staff at the PHC and with my friend and realtor, Elizabeth. I highly recommend the Home Buying Class to anyone who dreams of one day owning a home.
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Summer Days Are Here!
PHC partner and home inspector, Susan Walker of Walker Inspection Service, gives the following tips for summertime home care.
When you are outside working in the yard or pruning your plants away from the house, take a good look around the following areas: (1) Windows and doors. If you see any are(have) gaps it is time to seal them up. This will require an exterior grade caulking or silicone, a caulking gun, and a rag... it can be a little messy. These items can be found at any hardware store and are not too expensive. Though the process doesn't take long, be sure to take it one window at a time. Sealing around windows and doors is important for all siding types, even vinyl. (2) Foundation. Make sure any foundation vent screens have not torn. If any need repair, simply purchase screening and install them from the outside. Yes, the outside...no need to go in the crawl space when it is 100°F.
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Share Your Story With Us!
If you are a graduate (past or present) of the Portland Housing Center's program, we would love to share your story with the world and reward you for it! We are looking for stories about the journey through the home buying process, experience with one of our PHC partners, or (for our "seasoned" homeowners) a story about surviving through these hard economic times.
Email your story with a photo (jpeg file) of you inside or in front of your home before September 15th and we will enter you into a drawing for a fun prize!
You can send your story and photo to Felicia Tripp via email here. |
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Refer a Friend or Family Member to PHC!
Do you know someone who is thinking of purchasing their first home? Could they benefit from the education and counseling that the Portland Housing Center provides? Would they like to learn more about the savings and loan programs we have to offer?
If you know someone who fits these criteria, we hope you'll refer them to the Portland Housing Center! New customers can now register on our website. Click here for more information.
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The Ten Essentials for Home Owners Facing Foreclosur
1
Contact your lender immediately if you going to miss a payment.
Many people facing financial hard times put off contact creditors until it is too late. The sooner you contact your lender, the more options you may have.
2
Keep communications regular and open with your lender.
Open and read every letter from your lender, even if you are depressed, frightened or angry with the lender. These letters contain important information. Call the collection department of your lender regularly to keep them informed of your situation.
3
Do not take on additional debt.
Don't even consider buying furniture or other unnecessary items until your making current, regular payments on your mortgage.
4
Hoard every penny, even if the mortgage company refuses to accept your payments. These savings can be very important when it comes time to negotiate a repayment plan, or to prove that your financial situation has stabilized.
5
Don't make payments on non-secured debt (such as credit cards) until you can make regular mortgage payments.
Contact your creditors and explain why you will not be sending your payments ("My house is more important than my _______ [fill in the blank]. I will be paying you as soon as I have taken care of my home.").
6
Investigate all possible options.
You may find that there are several possibilities: bankruptcy, sale of the home, refinancing, forbearance, etc. If you think that you may use any of these options, take time to find out about the benefits, the downsides, and whether it applies to your situation. Your lender may be able to answer some questions, but you may also want to speak to a specialist (attorney, real estate agent, etc.).
7
Examine your finances.
Look very carefully at where all your money goes. If you don't know how much money you spend monthly on gas or groceries, begin keeping close track. Track all of your expenses.
8
Consider radical solutions.
Consider selling a car, taking in a housemate, finding a second job, charging adult children rent. Don't be afraid to make big changes if they make sense. Saving your home is probably worth it.
9
Swallow your pride. Financial matters are often very private and difficult to talk about with others. In this circumstance you may consider doing something that you might not normally do - contact relatives and friends and explain your situation. You may find that someone is willing to make a "soft" loan to help you during this crisis.
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Learn from the experience.
When the crisis is over, begin a savings plan. Financial planners recommend that you save five to ten percent of your pay each month. Try to put three to six months salary in the bank as an emergency fund. Keep your debts to a minimum.
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| Refinance Options Available
If you are a current homeowner the loan consultants at Portland Housing Center may be able to assist you with refinancing your loan. Whether you're looking to lower your monthly payments, take cash out or get into a fixed rate loan - we may be able to help!
Call a Loan Consultant today at 503-282-7744 for details.
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Are you on Facebook?
Portland Housing Center now has a group on Facebook!
The group is open for anyone to join and we hope to use it as way of communicating upcoming events.
We hope you'll join!
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