Hi Swelman - While it is possible to find LISTINGS in the low $200k's it may not be possible to actually purchase one at the low, attractive price. I am referring to the short sale listings that have a wonderfully low price in order to attract people to make an offer, but the final price of these short sales may not be so attractive when the bank, (which has final approve) sets the actual price.

A short sale occurs when an owner owes more on the loan(s) than the property can sell for and asks the mortgage holder to settle for less than the full amount. The mortgage holder can accept a "short" price, negotiate a higher price or foreclose on the house. This process can take a while especially in this time of bank mergers.

Be careful when you view listings online to verify if they are equity sales or short sales. This information may not be included in the listing description.

If you would like more information, feel free to contact me through the link below. Best wishes in your search!

Swelman ... good questin about your opportunity to buy a home. FHA loans are available with 3.5% down, as long as the down is paid by the buyer, and if the buyer qualifies with good credit the old fashioned way. The FHA jumbo loan limits will be $629K here in South OC starting Jan. 1, 2009. If you need further information about buying a home here at the OC, CA, please contact us. Thanks.

I recommend you contact Tim Sibley, First Capital Mortgage, tel 949-718-1511, and he will get you prequalified and answers your questions about homes loans.

For a good property search site check out

Hello ... good question as to whether you can find and buy a home at Costa Mesa fo the low $200s. That's possible if you are considering the central or southwest part of Costa Mesa. There are some condos for sale there that could possibly get into the range of price. Most CB most will be sold for prices starting at $300K and up.

If you will let us know more about your criteria of want and need, we can help.

In the meantime, we recommend you contact a mortgage broker or lender and get a letter or loan prequalification. Best wishes.

Harrison K. Long, Realtor agent and broker, Coldwell Banker Previews, Irvine, CA.

For on of the best sites for home searching, check out

Swelman,

Our recommendation is to get started collecting information so that when the right home at the right price shows up, you will be ready to move on it.

The first step is getting pre-qualified for a loan. Now is the time to clarify what your options are. You don't have to have a specific home in mind for purchasing before you start working with a loan specialist. It would be best to start the process now.

Good luck

I just sold two condos, one in Garden Grove and another in Stanton. Both sold for $215,000 and were two bedroom units over 1000 square feet. Costa Mesa is, for the most part, a higher cost area than either Garden Grove or Stanton. You will not be able to limit yourself (if that's what you're doing) to Costa Mesa to find something in your price range. Of course, that depends on your time frame. If you're willing to wait however long it might take, I can set up an automated search that will notify you as soon as something comes on the market that meets your criteria.

Let me know as much detail about your desires and I'll see what I can find.

You won't find much in that range as noted before. Santa Ana has some condos in that range though. It depends on what you are looking for. You have a great credit score and depending on your income, are in a good position to qualify. FHA loans are 3.5% percent down and conventional loans are 5% down, but you'll still need to consider closing costs. This can often times be negotiated for the seller to pay these costs on your purchase. If you are able to save some more money before you purchase, I highly recommend it. The last thing you want is to be cash strapped after you purchase. You will most likely need to do some work to the property in that price range as well.

Good luck, and if your in need of a great Realtor, call or email me.

Jeremy Lehman
Century 21 Beachside
Jeremy@LehmanHomes.net
(714)580-3274

There are different loan programs available where you do not need 20% downpayment. FHA is 3.5% downpayment. You may be able to find a condo in Costa Mesa in the low 200's, not many available at that price right now (except a couple that have land leases) but they do pop up every now and then. You may want to consider surrounding areas. You need to get approved for financing, so if something does come on the market your ready to go. If you would like to know whats available, send me your criteria and I will email you listings that fit your criteria.