Home Buying in Costa Mesa>Question Details

mmax71, Home Buyer in Aliso Viejo, CA

Hello. How much money do my husband and I need to save to get into a condo in south orange county. We are looking in range of 200,000-270,000.

Asked by mmax71, Aliso Viejo, CA Tue Jun 21, 2011

Low risk credit rating
Hoping for FHA loan or 5% down max.
First time buyer

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Answers

11
Mark Anderson’s answer
When buying an FHA approved condo - you should be able to hit your 5% max or less. Some of the money can also be "gifted" from others - so your total savings amount may be less. Please qualify through an FHA lender like Kevin Budde. He's the number one Loan Officer for B of A in the country - and his office is right here in Laguna Niguel. His number is 422.2075 - tell him I sent you. Good Luck!
0 votes Thank Flag Link Wed Jun 22, 2011
Plan on at least 3.5% or more. Your loan officer can provide you details

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Jun 21, 2011
Hello mmax71,

There are a few programs to help you with closing costs and down payment, but you would need a minimum of 1% of your own funds. If you combine both programs you can get a total of 6% towards your purchase. Please look at the following websites.

http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm#eligibility

http://www.chfloan.org/Programs/Platinum/CHF_Platinum.html

We specialize in these types of programs and can help educate you about the Pros and Cons of each.

Thank you,
Russel McQuade
714-627-4342
0 votes Thank Flag Link Tue Jun 21, 2011
MMax71,

A lot of great answers below. Let me reiterate a few of the important points:
1) For FHA, make sure the project is already approved. This very short video explains the options if it is not. http://www.youtube.com/watch?v=77lOV2wOps8
2) Homepath is another option for condos and this video explains that program: http://www.youtube.com/watch?v=KC2n40yGE2w
3) Finally, we are a lender that offers the CHF grant program to assist with the down payment. Here is the flyer for that: http://actvra.in/c2B

Good luck and let me know if I can help!

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue Jun 21, 2011
Hello mmax71, You should also look into the Homepath program as HUD has numerous properties in your price range and they usually help buyers with their closing costs. Here's a link to their program:

http://www.homepath.com/?rsp=25195

In addition, you should be lining yourself up with a good lender, and I have one of those to recommend, as well.

Good luck in sorting out great solutions for your home finding needs.

Bob Phillips - Realty One Group - 949-643-2100
BobPhillipsRE@gmail.com
Web Reference: http://BobPhillips.net
0 votes Thank Flag Link Tue Jun 21, 2011
There is also a program using a CHF Grant for down payment and with your price range, you're perfect for the program as they don't offer this program if your loan was going to be higher than $417K. There are some income limitations, like you can't make more than about $104K/yr if you're going to buy in Orange County & a min. FIcO score requirement of 640.

It requires only a HALF a percent down,,,then you can ask a seller to pay all of your closing costs & for your price you're getting into the house for between $1000-1350.

Please email me directly if you'd like more information about this, I won't look back on this same Trulia posting for new answers.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Tue Jun 21, 2011
Your down payment (3.5-5% of the sales price) + escrow account for property taxes & homeowners insurance (figure about $1,700) + 1st year of insurance (~$300 since it's a condo) + lender fees ($800 to $1,600) + appraisal (about $450) + escrow/title/recording charges (about $1,200). You will also want to get a home inspection (about $350). Some condos have HOA transfer fees that are charged to the buyer (probably not so much in Costa Mesa) so when you make your offer have your agent check if there are any uncustomary fees that you would be responsible for.

Usually your earnest money is about 1% of the sales price but anywhere between $2-5k is common in Orange County from what I've seen on my recent transactions.

So out of pocket expenses will be:
1. Earnest money
2. Home inspection
3. Appraisal

Usually everything else is due at closing, and you can get the seller to credit up to 6% of the sales price (if you are using FHA financing) to cover those costs (as well as reimburse you for the out of pocket home inspection & appraisal fees). The earnest money deposit is applied towards any funds due at closing (such as the down payment and any part of the closing costs the seller isn't paying for).

If you need further help let me know.
0 votes Thank Flag Link Tue Jun 21, 2011
Talk to a lender to see what they suggest. Keep in mind that some condo complexes won't allow FHA loans. The lender you work with can give you an idea of what communities do accept FHA. You can also see everything that's currently listed in Orange County on my companies website http://www.bcre.com. I hope this was helpful!

Thanks,
Scott Bingham - Beach Cities Real Estate
Web Reference: http://www.bcre.com
0 votes Thank Flag Link Tue Jun 21, 2011
So many variables Max! You gotta talk with a Lender and lay out your situation...You may qualify for a number of local, county, state, or federal programs? Veterans? Teachers? Credit score? Type of home....the list goes on and on!

Phenomenal deals right now on Condos in So OC, that's the Good news!

Here to help anytime

@LBRECoastalTeam
0 votes Thank Flag Link Tue Jun 21, 2011
If you do FHA, you could put a down payment of $7,000-$9,450 - or conventional you could put down $40,000-$54,000. We have a great in-house mortgage service.
Web Reference: http://www.homfinancial.com
0 votes Thank Flag Link Tue Jun 21, 2011
You should save the down payment (3.5-5%) and anticipate between $5-10K for closing costs.
0 votes Thank Flag Link Tue Jun 21, 2011
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