Thursday, November 13, 2008


Today I attended the Portland Housing Centers First time home buyers orientation. The orientation was packed full of usefull information! A lot of the information we gathered we'll be covering more in depth over the next few months, however I did take some notes so that I'd be able to share some highlights with you.

1. There are programs that are specifically helpful to people on Section 8 lke me.
2. The Oregon State IDA Program offers a money matching savings program.

Oregon State IDA Program

Over the course of 6 months to two years, people that qualify for this loan place at least $50 per month of their own money into a savings account, the money is then later matched 3/1 towards move in costs and your down payment. I'm really excited about this program.

Individual Development Account (IDA) From PHC's Site
This is a savings program that provides a savings match for certain individuals. Program participants save money in a special account that PHC monitors and at the end of the savings period these funds are matched 3:1 and may be used for down payment and closing costs on a home. Certain restrictions apply. Please contact the IDA Coordinator for more information.
  • The Real Estate Savings Account is in your name
  • You must commit one year to the Home Buyer Program
  • You must attend a 4 week Financial Fitness Class
  • You Must attend a 1 day Homebuying 101 Class
  • You'll save up to $2k over 6 months to three years in your matched savings account.
  • You earn up to $9k in free money toward your down payment and closing costs!
To Qualify You Must:
  • Be Income and Asset Qualified
  • Be an Oregon Resident
  • Have the will to better manage your money and save for your new house.
  • Have the ability to save $50 monthly towards the puchase of your new house.
  • Download the application at www.portlandhousingcenter.org.

There are also some income criteria that must be met.


The first column is the household size, the second is the annual income limit for that household.
1 $38,000
2 $43,450
3 $48,900
4 $54,300
5 $58,650
6 $63,000
7 $67,350
8 $71,700
* Your income must not exceed the above at the time of application to the program.

The Portland Housing Center is located at:

3233 NE SANDY BLVD. PORTLAND, OR 97232
503-282-7744 WWW.PORTLANDHOUSINGCENTER.ORG
ON THE #12 BUS LINE

Now isn't that exciting, light at the end of the tunnel, there's more too, but I have to save something for tomorrow. It couldn't all be peaches and cream though right. After the meeting we were phyched, in fact i was even going to pay for my friends $50 fee to get into the program. But.. you had to show I.D, and I didn't have mine with me + my husband had to attend the class, and he didn't.. sooo while he was on his way to bring the ID's we were basically hussled out into the pouring rain by likely overworked impatient orientation hosts..

We were drenched by the time we walked to Wendy's there on Sandy, soaked clean through, but the husband came, we ate a nice cheap meal together, and we lived through the apparent rudeness of the rushed ladies at PHC.

We resisted the tempation to wander into Fantasy Video there on the corner next door to PHC, at 8 at night..

Can't win em all.. I'll try to get registered this week :).

Tips for attendee's, we were a few minutes late. That's frowned upon, and there's no opportunity to explain that there was a terrential rainstorm and the serpintine belt fell right off your car!

Bring ID and fifty dollars to join the 2 year program, if 2 adult people are looking to buy a home together, bring 65, it takes a bit more cash to pull the two credit reports. Hurry up, there's a bit of a rush to get you out the door, raining or not, in a safe area or not, after the class.


Orientations are held the first three Wednesday evenings of every month from 6:00-7:00pm at the Portland Housing Center (3233 NE Sandy Blvd). No pre-registration is required. For more information on the orientation sessions, please call 503-282-7744 x101.

The Impossible Home Loan

I think I'm the mortage lenders nightmares come true, really. But, I want a house. I need a house, a home. For my children, but for me really, for my peice of mind. I want to improve my home, and grow fruit trees, have enough bedrooms, and grow old in one spot.

I have horrible credit, It's improving but it's bad. I am self employed and I keep horrible records, in fact, I'll be blogging about my finiacial fitness classes in the very near future.

I'll also be investigating so many home loan options. Not just loans though, In fact, if you live in the Portland Real Estate Market, or even just in the Oregon Market, you're going to be amazed at the amount of free money there is out there for you to begin the home buying process.

Some of the musts in my home buying process will be:

David Douglas School District
7 Bedroom House (I know, GASP!)
Huge Front Porch
Big Yard - I want fruit trees.

I'm sure there will be more, and I'll have to rearrange as I go. But for starters..