Funding Example

The Portland Housing Center’s staff will work closely with you to assemble a financing package that best meets your home buying needs. For us, that’s an important element of homeownership done right.

Here’s an example:
Imagine a couple with two children. The family has a gross yearly income of $46,000, and little debt: each month they pay a total of $220 on their car and on the low balance on their credit card.

They want to buy a 3-bedroom home selling for $180,000 in North Portland. Annual property taxes for the house are $2,250.

With the Portland Housing Center’s help, this family leveraged $2,000 of their own savings into $41,320. Now, instead of paying $900 a month to a landlord, they’re paying $1,043 monthly to own their own home. Here’s how we did it:

Source	$ Amount
The Family’s Contribution
Individual Development Account (IDA) dollars saved through the Portland Housing Center	$2,000
Assistance
IDA match (3:1 for the $2,000 saved by the Family)	$6,000
2nd mortgage: Mortgage Assistance Program (paid back over time)	$10,000
Cash Advantage Program from the Oregon Bond Program	$4,320
Home Sweet Home grant	$2,000
Employer Grant	$15,000
Seller contribution to closing costs	$2,000
Subtotal	$41,320
Additional Resources
First Mortgage: Conventional Oregon Bond	$144,000
Total resources for the purchase price, closing costs, and annual property taxes	$185,320

Get your package ready to buy your home. Drop by a Portland Housing Center Orientation, or register for our services.
Note: This information is not intended to be a guarantee of financial assistance. Please contact your HomeBuying Specialist to determine any programs for which you may qualify.