Sep 09
17
Portland Development Commission info on the $50,000 Own Your Own Loan
Hello Everyone,
Thought I would share the latest with you on this developing story. I just spoke with Art Hendricks at PDC and he said the funds are in the state but will not be available until sometime in October. If you are unfamiliar with the program I am speaking to, please reference this article found in the Oregonian.
Article: http://www.oregonlive.com/
Here are some general guidelines to see if your home buyers will qualify:
Eligible properties are limited to foreclosed properties in specific target areas located in Fairview, Portland, and Troutdale. A map of these target areas is available online and you may also download maps of the target areas (see website). Prior to being occupied the properties must meet certain Housing Quality and Lead-Based Paint Standards. In addition, the purchase price of the property must be at least one percent below the property's appraised value. Neither the purchase price nor the after-rehab appraised value of eligible properties may exceed $266,000.
To qualify for the Own Your Own Loan Program the program is proposed to be limited to borrowers who earn no more than 120% of the Median Family Income (MFI) adjusted for household size. The following are the proposed income limits by size of the household:
From the looks of it, this program in only going to help about 24 families in the entire Portland Metro area. They are starting a waiting list at the PDC. If you want to get a client on the list email Art Hendricks hendricksa@pdc.us to get on the list. For more program info, see their website at: http://www.pdc.us/oyo
Best,
Michael
Your Lender for Life!
