Hi Joe , if you haven't purchased a house yet, look into the program Calhfa. It is for assistance with downpayment though FHA. It just started on June 6th though state funding. Contact me and I'll send you the list of qualified lenders that are certified to do the loans.

Joe asked this question during July of 2008, and we hope for his sake that he moved forward in a positive way and bought that home.

Always use a qualified Realtor to help you find and buy a home, Joe. A number of good Realtors and real estate professionals have posted answers here, and they will be happy to help you.

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews.
http://www.CoastLivingHomes.com

The answer from Danielle on Mar. 14 is a little outdated as of today. The CA assoc of realtors announced that CA is runnig out of the oney to give the extra $10000 to buyers of new contruction - they only have a short time to go. The $8000 credit is not at risk right now.

I love selling homes in south county. I would suggest you check with a good lender (see my home page, Debbie Burt) and she will direct you in what you can qualify for and advise you as to what limits you should put on your budget. She's awesome - about 2/3 the way down my home page. Both she and Guild Mortgage are direct lenders, but all three are responsible and reliable. If home ownership is an option, then it definitely something you should consider. There's the $8000 first time buyer credit, low interest rates, good prices, and tax decuctions for interest, etc., you pay months.

Please call me if you'd like some help figuring through this mess. I try to make the process as fun and painless as possible. Our agency is #1 in No. OC and I'm an award-winning agentl You'll get me workig very hard for you. You can check our customer referrals on our website, plus I have lots more. Just ask!

Bonnie Scribner
Century 21 Discovery
714.296.0513
Info@BonnieTheRealtor.com

Let's update this! There are the same type properties available today as there was when this question was asked. Under $325,000 2 bedroom, 2 baths Irvine there are 18 active today and 5/1/08 to 8/1/08 there were 18 sold, same price, as size, as city. Just in case anyone wants to know.

SPAM THREAD>>>>.........................................................Please enter your contact info and comments about your Professionalism.

Joe asked this question during July of 2008. We hope he has moved forward in a positive way to purchase a home by now.

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews.
http://www.CoastLivingHomes.com

Based on your information, your monthly payment will be something like $2050 including property taxes, harzardous insurance and private mortgage insurance ( assuming a 30 years fixed 5% p.a. interest rate and 10% down )
This amount has not included Mello Roos, which are common in Southern california and HOAs.
Say your monthly mortgage payment including all the above comes up to $2500 , plus $525/mo car loan = 3025 divided by your monthly gross income ( 70000/12= 5833 ) = 51.86% debt to income ratio.
This is a bit high in terms of affordibility.
I am not a loan expert though I can refer you some very good loan specialists if you have more questions about home loan and affordibility.
I have some really good deals in and around Irvine for you to select , ranging from 250K to 400K .
Please feel free to write or give me a call 949-326-8352 email: williamchan123@gmail.com

Joe ... all good questions, because home affordability is the first and perhaps most important consideration for you as a buyer.

You can always use free mortgage calculators online to determine the down payment, mortgage affordability, rates, etc.

We recommend that you first consult with a qualified mortgage broker, like Tim Sibley, First Capital Mortgage, Corona del Mar, 949-0718-1511. Tim does a great job for our friends and clients.

Best wishes. Harrison K. Long, Coldwell Banker Previews.

I wonder if Joe actually DID buy a condo back in August of last year?

I'm not sure why agents started answering the question - again - seven months later.

Maybe Joe will come back to give us an update.

I am going to answer you, Yes! As everyone else said, get per-qualified for loan then research for a agent to help you though the process. Irvine, Lake Forest, Mission Viejo and all around the south county have great areas for you to pick from.

Good luck with you search.

Hi Joe,

I absolutely agree with most of the answers.....speak with a lender you trust! I don't know if you are a first time buyer but there are some great programs and incentives for you right now! From the $8000 first time buyer tax credit to the $10,000 tax credit if you buy brand new! Remember....tax credits count just like cash does on your taxes. With interest rates being low..... it is a great time to buy! I think home ownership is a great option for you right now once you speak with a lender or mortgage broker you trust and know where you stand.

I have helped many buyers in your price point.... just let me know if I can be of assistance to you!

Helping build your dreams!

Danielle Ervin
danielle.ervin@yahoo.com
714-747-HOME (4663)

Dear Joe,

Home ownership is an option that is opening up to more and more people every day! The best piece of advice I can give you is to talk to a lender. Lenders are in the unique position to be able to give you real-time quotes on how much home you can afford. We, at Crestico Realty, have an outstanding relationship with a DIRECT FHA Lender in Orange County, American Guardian Home Loans. Please contact our dedicated representative whose contact information I have left for you, below. He will be able to provide you with exact numbers on how much home you can afford today! When you contact him, make sure to tell him you were referred by Crestico Realty, so that you can experience TOP NOTCH customer service.

Mr. Houtan Hormozian
American Guardian Home Loans
hhormozian@amguardian.com
Phone: 949-242-5215
Fax: 949-859-6364
27 Orchard
Lake Forest, California 92630

Mitra Karimi
Crestico Realty

Joe, I think that your option right now is good and getting better every day. You need to determine where you want to live and determine how much you can afford. I would recommend that you get prequalified to find out where you stand with your finances, there is alot to take into consideration with a condo ie. HOA fees and the tax rate for one. If I can be of any help feelmfree to email me mcglothlinj@verizon.net

Joe
As all of know the first thing is to get qualified for a loan there are many loans out there even now. It is not a dodge on our parts as realtors to ask you do get qualified first. When the lender can as questions and put you in the best programs for you. There are VA Loans, FHA loans, First Time Buyer loans and Conventional loans ... etc.

We can help you sort thru the one best for you but lenders are the ones to check with. I have lenders I have worked with for yrs. If you want some references and want to get started in looking for a home contact me.

Hi Joe,

The first step to home ownership is to find out what you can afford by talking to a good lender. I have worked with Tom Richter with Legacy Home Loans and so far I have been happy with his work. His office is in Mission Viejo same as mine. The second thing you should study the market and the inventory of the homes you are interested. You could visit open houses meet some agents talk to them and have an agent link you with MLS so you keep receiving listings of the the type homes you desire to purchase. Do that for awhile see how the market moves and donot shy away from shortsale or bankowned homes. Every year no matter what the real estate market is doing in general the best time to buy is between October to January(less buyer in the market). Find an agent who you can trust and preview the homes you select from the list they send you. Finally (here is where I am marketing myself to you) if you do not have an agent yet I have the time to help you find your dream home and I live and work right here. My goal is to find the best home for the best price for my client. I suggest you look at all that is available in RSM,AV, MV, LD, LAGH and LN. If you like to receive a link from MLS send me you email and the type of homes you are interested. My email is homa@homamoaddel.com.

Sincerely,

Homa
Broker Associate
Prudential California Realty
Mission Viejo

Hi Joe -

Since the "EZ-qualify-make-up-a-number loans" are now gone, you will need to qualify based on your actual income and debts. I'm not sure what actual ratios are used today, but the old rule of thumb was that your house payment + other debt (car payment, credit cards, student loans) shouldn't be more than 44% of your monthly income. Take $70K year = $5,833/month, less car payment of $525 = $5308 x 44% = $2335/ month for housing. The house payment would include principal, interest, taxes and insurance (or in the case of a condo, HOA dues.)

Just using "round numbers" if you bought a condo for $300K, and put down 10%, your total payment should be somewhere between $2200 and $2300 (estimating FHA @ 6.75% interest including mtg insurance, $275/mo condo dues, $260/mo) property tax w/no mello-roos.)*

There are a lot of special programs for certain professions such as public workers like teachers, police and firemen, as well as some good first time buyer programs through CHFA and FHA that may offer some good opportunities for you. A good full service lender can help you find the right ones. *I'm not a lender, but I know several good ones who can help you.

I have also seen some very nice condos in Rancho Santa Margarita, Lake Forest, Mission Viejo, Laguna Niguel and Aliso Viejo that fit this price range pretty well.

Let me know if you want some help. Good luck!

You would probably be more comfortable with something where your mortgage was not over $245K, so a condo in the $275K range could work. I don't think Irvine has come down there yet but the consensus is that prices are going to continue to drop until at LEAST early '09. Would you consider having a roommate?

Hi there Joe. It looks like it is for now so I would recommed you do this. Ask anyone you know who bought their homes about 5-10 years ago if they were happy they made the leap. The first step would be to meet with a lender to get some information about loans and then you can figure out payments that you are comfortable with. If you do not have one I can recommend one that can really get the best rates avaialable and will save you a lot on fees. The stats show that the affordability index is at an all time high. Economists at Global Insight and National City bank quote OC homes now are undervalued by 5.2% compare to the last quarter of 2006 when they were overvalued by 35%. Many savvy buyers are out now shopping mainly because of the following reasons:
High Inventory
Great Selection
Extensive Property upgrades compared to two years ago.
Single offer on many homes versus multiples
Pay less than listed price
Sellers are paying closing costs
Seller are buying rates down to lower the interest rates for buyers
Sellers are paying allowances for repairs. versus a few years ago
Escrow period is now the buyers choice, versus a few years ago
Right now still relatively loew interest rates.

I spocilaize in the Tustin, Irvine, Orange areas and know the very best deals out there. So if you would like to have a professional guide you and help you through the process, call me

Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
(714) 552-6817
michael-barron@sbcglobal.net

There are condo's in every price range here in OC. The best way to start is to get pre approved by a lender. It costs you nothing, and there will be no question as to what you can afford.

Jeremy Lehman
Century 21 Beachside Realtors
714-713-1338
Jeremy@LehmanHomes.net http://www.Lehmanhomes.net (Home Search/Foreclosure Search)