COVID-19 Resources and FAQ
We at Portland Housing Center want you to succeed financially through this crisis. We know that things in our economy and the real estate market are rapidly changing, but we’ve continued to see customers successfully purchase through this crisis. Portland Housing Center is still committed to supporting you in your homeownership goals.
Here’s a list of resources and FAQs that you may find helpful during these challenging times.
COVID-19 Related FAQs
General FAQs
What is Portland Housing Center doing to respond to COVID-19?
We remain committed to helping our customers reach their homebuying goals, while prioritizing the safety of our staff, customers, and community. In mid-March all Portland Housing Center services were moved to a remote delivery model. All appointments and classes are still being offered to customers via phone or Zoom meetings through June 2020.
Are you still accepting new customers?
Yes! Our service delivery model has temporarily changed to a remote service model to protect the health and safety of our staff, customers, and community, but we are still accepting new customers. Registration can be done at https://portlandhousingcenter.org/register-here.
I got a call from a government agency claiming to be about a relief payment or loan. What should I do?
Beware of calls from scammers taking advantage of our current situation. The FTC is a great source of information on potential scams coming out of the COVID-19 crisis and how you can protect yourself.
I’ve lost my job, what should I do about my current bills and debts?
We recommend starting with an emergency budget. The Consumer Financial Protection Bureau also has a list of great resources to protect your during the pandemic, including resources on provisions in the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act.
For Current Homebuyers
Is now a good time to buy a house? I’m worried I’m purchasing at the height/close to the height of the market and how that will affect my equity. Isn’t it likely that a new wave of foreclosures might be coming that will bring prices down?
At Portland Housing Center we believe the best time to purchase is when you are financial ready and plan to stay in the same home for several years. While none of us have a crystal ball to know what is going to happen in the market, we do know that generally speaking trying to time any market (real estate, stocks, etc.) is not a good strategy as peaks and valleys can only be identified retroactively. So far competition and prices continue to be steady.
Your personal financial situation and goals should always be your guide in home purchase decisions. Focus instead on the stability of your job, the affordability of your potential payment, your current savings, debt to income ratio, and credit scores when determining if now is a good time to purchase. As always, building a skilled homebuying team with a lender and Realtor you can trust will be important in being successful in your home purchase.
I heard that some sellers are taking their homes off the market – is inventory low right now? Doesn’t that cause increased competition?
Finding a Realtor you trust is always important when shopping for a home, but even more so in a rapidly changing market. They will be your best source of information on what is happening in the market with inventory and ways to stay competitive. From what we have seen so far, inventory has remained low. In March there was only 1.8 months of inventory (Market Action Report, RMLS). Six months of inventory is generally considered a balanced market (neither favoring Seller or Buyers).
Have the requirements to qualify for a mortgage loan changed since COVID-19?
Mortgage Lenders have not yet addressed how COVID-19 will change many of their mortgage qualification requirements. We have seen some increased credit score overlays from some lenders, especially for FHA backed loans. Low down payment loan options continue to be available. We will continue to monitor changes and will disburse additional information as it becomes available in the coming months.
Will it be harder to secure a mortgage loan if I’ve been recently furloughed or unemployed for a period of time and then get rehired or find a new job? What if I get a job in a different sector than I used to work in?
Mortgage Lenders have not yet addressed how COVID-19 will change many of their mortgage qualification requirements. So far FHA, VA, Fannie Mae, and Freddie Mac have not yet addressed if or how income qualification will change going forward. We will continue to monitor changes and will disburse additional information as it becomes available.
I’m self-employed and am planning to purchase in the next two years. If my business income is negatively affected by COVID-19 how will lenders use that to calculate my income? Would a lender only consider income from months when I worked?
Mortgage Lenders have not yet addressed how COVID-19 will change many of their mortgage qualification requirements. So far FHA, VA, Fannie Mae, and Freddie Mac have not yet addressed if or how income qualification will change going forward. We will continue to monitor changes and will disburse additional information as it becomes available.
How long is it taking loans to close given the current situation? I want to ensure that I give proper notice for my rental.
We have not heard of any significant changes in timelines to close loans so far. It’s important to be on constant contact with your homebuying team, especially your Loan Officer and Realtor about how long it will take to close on a loan.
Is it still possible to go home shopping? How has that process changed?
Finding a Realtor you trust is always important when shopping for a home, but even more so in the current, rapidly changing market. Your Realtor can help you to understand changes being made to the home viewing process because of COVID-19. We have heard of changes to how home tours are happening to protect all involved including the use of virtual showings, limits to the number of visitors allowed in a home at a time, traveling to showings separately, and new home access protocols. Your Realtor can provide guidance on what to expect in this rapidly changing market and answer any questions you may have about viewing homes. The National Association of Realtors and Portland Metropolitan Association of Realtors have both issued guidance regarding COVID-19 to their membership on their websites and the industry is doing its best to protect both home buyers and sellers.
For Current Homeowners
I am a current homeowner and I’m not sure I can continue to make my mortgage payments. What should I do?
We recommend reaching out directly to your mortgage servicer to discuss your options as soon as you know you will be unable to make payments. The Consumer Financial Protection Bureau is a great resource and includes details on the provisions from the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. Creating an Emergency Budget is a great first step to take in prioritizing your expenses during uncertain times.
I have a Mortgage Assistance Program (MAP) loan with Portland Housing Center and cannot make my payments. What should I do?
If you cannot make your mortgage payments, the first step is to reach out to the Servicing Department at the Portland Housing Center. They can go over your available options. Please email kadeg@portlandhousingcenter.org for more information.
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Contact Us
Phone: (503) 282-7744
Hours: 9 am-5pm, Monday to Friday
Portland Office
3233 NE Sandy Blvd.
Portland, OR 97232
We’re on the #12 TriMet bus line.
Here’s a map of our Portland location.
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