Homebuyer Resources
New to buying a home?
Here are some programs, opportunities, and tools to set you up for success.
Homebuyer Education Class
Are you buying a home from Proud Ground? Congratulations! As you know, you are required to complete an 8-hour homebuyer education class prior to closing on your home. After you have completed a class, you will meet with our homeownership counselor. Plan to provide information about your homeownership class participation in that meeting.
Take the class offered by Proud Ground
You may choose to take the homebuyer education class offered by Proud Ground through our vendor, Framework. This is an a-synchronous class. That means you can take it whenever you want!
Please note that there is a $75 fee to take this class.
Take a class through another organization
Several organizations in our community offer homeownership classes that count toward the course requirement. Follow the links below to explore your options.
The African American Alliance for Homeownerships
DevNW
Hacienda CDC
Native American Youth & Family Center (NAYA)
Open Door Housing Works
Portland Housing Center
Information Sessions
Budget Worksheets
Anyone looking to buy a home with Proud Ground must submit a household budget. There are many correct ways to make a budget document but, if you don’t know where to start, we recommend downloading these spreadsheets. If you try these out and still need guidance, please reach out to your Housing Counselor for additional help!
Proud Ground Budget Worksheet
This Microsoft Excel worksheet is great for monthly budgets.
Financial Discovery Worksheet
This Microsoft Excel worksheet is useful for more in-depth accounting.
Mortgage Calculator
A home loan, or mortgage, helps people buy a house, especially first-time buyers. Most buyers don’t have the full price upfront. A home loan lets them borrow most of the home’s value from a lender, which they pay back over 15 to 30 years. This extended loan lifespan makes it easier to manage monthly payments.
It’s crucial for prospective homeowners to calculate the total cost of their loan, taking into account not only the interest rate but also the loan term and any additional fees. Understanding these details helps buyers make informed decisions, ensuring that they select a loan that aligns with their financial situation and long-term goals.
Understanding Interest
How do banks and other lenders benefit from loaning money to homebuyers? Interest. Loan interest can significantly impact the overall cost of homeownership, so it is essential for buyers to understand how it works. Interest is essentially the cost of borrowing money and is expressed as a percentage of the loan amount. This is the interest rate. This rate can vary based on several factors, including the lender, the borrower's credit history, and market conditions.
Types of Loans
Buyers should pay close attention to both the interest rate and the type of loan they are considering. Fixed-rate loans have a constant interest rate throughout the life of the loan, providing predictability in payments. On the other hand, adjustable-rate loans can fluctuate over time, which may lead to varying monthly payments.