100% Financing still available in Portland-In fact, the city will pay for 20% of your house!

Real Estate Agent with Portland Creative Realtors 970400148

Portland has been building up and revitalizing it's neighborhoods - one by one!  It started with the inner city 10 or 15 years ago, and is slowly working it's way out. It's called Urban Renewal! And Portland has offered alot of unbelievably awesome help for homebuyers who want to buy in these neighborhoods! In fact, not many people know about these loan programs. I'd like to tell you about them.

The Portland Development Commission along with the Federal Government- is offering to pay for 20% of your house...if you are a first time homebuyer and you are of median income and want to buy in one of it's Urban Renewal areas. 

What does all this mean?  The specifics are on my website at www.PortlandCreativeRealtors.com  then click on 20% Downpayment Assistance Program. It will give you the guidelines for family size and income- and also the maps of what areas are included. If you do qualify- they will pay the 20% down of your loan- and you don't have to pay it back until you sell your house...with absolutely no interest owed! Not only that, they will help you remodel your house and pay for it- up to a certain percentage of houses worth- like putting in a 2nd bathroom, refinishing an attic or basement- and you don't have to pay that back until you sell either....also with no interest!

Why is the city doing this? Because it wants to encourage people to move into these Urban Renewal areas and build up the neighborhood. 2 areas that are included are parts of N Portland and SE Portland. Both neighborhoods have already changed alot- N Portland became quite a HOT neighborhood- and Lents is becoming high demand too.

What determines whether the city will declare an area Urban Renewal? It seems to be based on their MAX train. Several years ago Portland brought the MAX out to N Portland- and it was totally transformed from an area no one wanted to go near, into a neighborhood that was so hot you could hardly find anything to buy- it got snatched up so quickly! Now the MAX is coming to outer SE Portland along SE 92nd Ave, and Lents Neighborhood has become the neighborhood of choice for Portland to pour it's money into - redoing streets, businesses, and lending money to fix up homes and apartments. It's done a complete about face!

I've written a complete in-depth online Portland Neighborhood Guide that you can find on my website at www.PortlandCreativeRealtors.com  Here is an excerpt about Lents:

Lents has an awesome future! It's a great place to buy if you want to build equity. And that means it is coming back into its own- because back in the late 1800's when it was first established, it was a really nice, solid family oriented neighborhood. There are lots of really cute bungalows with hardwood floors and character- big yards and quiet streets. Lots of potential that the city is tapping in to. It is in the beginning-middle of a 15 year Urban Renewal plan that will completely change its face- with no cost or low cost loans available for home improvements, starting businesses and more. And the Max is scheduled to come through Lents with 3 stops right in this neighborhood! Just take a look at what happened to N Portland, and you will see where I am coming from. Click here to learn more about Lents, find cool links to parks, schools, bike paths, urban renewal and more plus photos and maps. Click here to see cool maps, links & photos

The North Portland area that is open for these loans is a big wide area along Interstate and north of Lombard.  St John's, Kenton, Cathedral Park are just some of the areas include. Here is an excerpt of the beginning of my North Portland Neighborhood Guide-

North Portland has done a complete about face in the past 5-10 years. It used to be run down, full of rentals and uncared for homes- lots of crime and violence- and gangs. Then people began rediscovering the city- buying the old neglected homes and fixing them up..slowly but surely the neighborhood began to revive. Then the city of Portland decided to spend some money doing major urban renewal. They lent out money for remodels of single family residences, rental units and even commercial and business properties. The renewal escalated! Soon the Max came to North Portland - and with it cute little cafes and restaurants and shops! And people - who wanted to commute to the city on the train! So more and more people moved into N Portland , fixing up the old houses, and building new ones. Now N Portland is vibrant, full of life and sizzling hot! Look below to learn more about some of the neighborhoods in North Portland.

 you can read the rest by clicking on http://www.portlandcreativerealtors.com/main_Portland_north_neighborhoods.php

If you would like to learn more about the 20% Downpayment Assistance Program or Portland Neighborhoods, just email me or call me. I'd love you help you get to know Portland better. You can email me from my website or from this blog!

Posted by

Helen Hoyt, Principal Broker of Portland Creative Realtors- a Family Company - creator of The Portland Neighborhood Guide 

Comments (1)

Renee L. Norton
Birmingham, AL

Sounds like a great program,

May 05, 2009 04:48 PM