Home Buying in Yorba Linda>Question Details

Aaboutaleb, Home Buyer in Hercules, CA

How to determine monthly mortgage payment in Irvine or Yorba Linda?

Asked by Aaboutaleb, Hercules, CA Tue Jan 1, 2013

We'd like to know if it's possible to find a house at the most $550k in a family oriented and safe community.If our credit is excellent and we have the needed income is it possible to get a home with a mortgage under $2500 a month?
We'd like a 3 bedroom SFH.

Help the community by answering this question:


Ingrid Ski 949-874-0432’s answer
Yes, with enough doen oayment you can It would depend on how much down payment you are thinking of.
You would need to speak with a lender and a broker to see who can do the best rates and fees for the loan along with your credit and how much money down you have. Irvine, Yorba Linda, Brea, Placentia, and Anaheim Hills areas are great. Interview a couple of realtors is always a good idea too
Good luck and happy new year!

Ingrid Ski Realtor
0 votes Thank Flag Link Wed Jan 2, 2013

I'm a mortgage banker with Castle & Cooke Mortgage. There are many variables in financing a home including down payment, credit score, loan to value and debt to income ratios. As an example:

Purchase price: $550,000
Down payment: $110,000 (20% down)
Loan amount $440,000
Interest rate: 3.75 fixed 30 year conventional
Principal & Interest Payment: $2037.71
Taxes + Insurance: $733
= Pricipal, Interest, Taxes & Insurance = $2,771.13

The above reference is a guideline & in most cases would be slightly lower taxes + insurance. I can have a pre approval letter in you hand same day! Please feel free to call my cell (949)212-4578 with any questions.

I look forward to hearing from you.

Best regards,

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Cell: (949)212-4578
NMLS: 832635
0 votes Thank Flag Link Wed Jan 2, 2013

It is possible to find a single family residence with a budget of $550k in both Irvine and Yorba Linda. But there's a catch and I'll explain. Both of these cities have some great school programs and wonderful neighborhoods to raise a family. I reside in Irvine, work primarily in Yorba Linda and I wouldn't think twice of not raising my own family in one of those cities. This is probably one of the main reasons why inventory is so low in those areas.
In Yorba Linda, there are currently 9 available properties under $550k and with at least 3 bedrooms. Of the 9 properties there are 2 condos and 7 single family residences (4 short sales, 2 bank owned properties and 1 standard sale).
In Irvine, there are also 9 available properties under $550k and with at least 3 bedrooms. But in this case, they're all condos.
So when I say it is possible to find a SFR with your criteria, it's true. Because properties like the one that you are looking for come on the market all the time but they get sold just as fast. So you need to be in a position to move when a property does come on the market. That means speaking to a lender to get pre-qualified, working closely with an agent, being available to see property etc. By getting all of your ducks in order, you can stay one step ahead of the competition.
If you need to get in touch with a lender, I work closely with multiple reputable lenders who can go over all of the numbers with you and review all of your options. Best of luck!

Chris Kwon
Century 21 Award
0 votes Thank Flag Link Tue Jan 1, 2013
HI Aaboutaleb!

What better way to ring in the New Year 2013 than buying a new house! You will be buying at an advantageous time too ... prices have just begun to go up!

Only a good lender can answer your question for sure because there are so many variables. I usually recommend that you speak with at least one Mortgage broker and one Institutional lender (Bank). You cannot make a viable offer on a home, in today's market, unless you have a Pre-approval letter from a reputable lender. That means you are pre-approved for a loan subject only to address, clear title and appraisal for purchase price. I can refer a very good Mortgage Broker who is tried and true.

Active housing inventory is very low right now due to general market conditions + the usual holiday slowdown in listing activity. Traditionally, there should be a lot of listings that come on the market around 1/15. This will give you some time. You should have your loan ready to go, if possible, by then. At that time, you need a Realtor to find the house that best fits your loan and your family!

I find about four Yorba Linda listings that might fit your home needs. All involve a bank which usually means a more complex and competitive bidding process. I don't know if your situation is
friendly to a Short Sale situation. Also, by now, these properties probably have multiple offers. Best to pounce on a brand new listing.

There are no SFH's listed for sale in Irvine under $550,000. Besides being a relatively expensive area, Irvine tends to have a higher tax base and lots of association dues which figure into your qualification. You can buy a lot more house if you can eliminate/minimize these two factors.

I suggest you also consider Anaheim Hills and Placentia. Like Yorba Linda, these areas have excellent schools and provide a safe, suburban, family oriented environment. Yorba Linda and Placentia share the same school district. Yorba Linda is the most expensive area of the three.

I have lived and worked in Yorba Linda for many, many years. I know the whole area almost by heart!

I will be happy to provide you with detailed information on these three cities ... just let me know.

You are about to embark on a very exciting journey! Let me know if I can help you attain your goal. And, please contact me with any questions!

Happy New Year!

Marlene Prescott
Prudential CA Realty
CA DRE Lic# 00840097
0 votes Thank Flag Link Tue Jan 1, 2013
Hello Aaboutaleb,

Happy New Year! The best thing to do is to speak with a loan officer to determine all of the factors in order to reach a mortgage under $2500.00 per month. Try to speak to several loan officers. If you would like a recommendation, please let me know. There is no financial gain on my part when I recommend people in the business. I just hope that you will say something nice about me in return.

If I can be of further assistance, please feel free to contact me.

Melchor Perez
DRE# 01842907
Star Real Estate South County
0 votes Thank Flag Link Tue Jan 1, 2013
Hi Aaboutaleb: you should be ale to buy a house. To kep your payment under 2500/mo

See below at todays interet rate of 3.37 fixed 30 years...

Price of Home $ 550000
Down Payment %
Mortgage Term yrs
Interest Rate %
Monthly Payment $
Principal & Interest: $2,430.01
Mo. Tax: $504.17
Mo. Home Insurance: $229.17
Mo. PMI: $229.17
Down Payment: $0
Financed Amount: $550,000

You may need some own payment...
Please visit my website or home pics, prices maps an school no...or contact me.

Good luk
0 votes Thank Flag Link Tue Jan 1, 2013
Happy New Year!

I would love to help you.... yes it is possible to find a home at $550K.

Please feel free to call me any time... 714-932-5676

Sherry DeHart
Seven Gables Real Estate
DRE 01748116
0 votes Thank Flag Link Tue Jan 1, 2013
It would be best to speak with a lender and fill out an application to see what you can qualify for with your current debt and funds you have for a down payment etc. I work with a really great lender and he has an online application you can fill out or you can give him a call first and talk to him before filling out an application. If you would like some help, I would be happy to put you in touch with him.

Happy New Year,

Lori Hanson
OC Homes Realty
714-585-5236 Cell
DRE 01405146
0 votes Thank Flag Link Tue Jan 1, 2013
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