Here is what is available in Newport Beach and Laguna Beach up to 500k.
Click the following URL to see the Listings:
You may consider the CHF Access half percent down payment program with a minimum 580 fico score which can also contribute towards your closing costs as well. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I only need to ask a few dozen questions to qualify you in minutes. You would only need $2,000 down on $400k purchase...
Here is a link, flyer, maximum income limits for CHF Access and a needs list to gather for processing a loan approval.
CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
Why Rent brochure
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
Jennifer provided a very well versed definition below.
Our previous definition lacked the key element of your question, that is "income". Using what Jennifer, and our company provided as insight to household vs. family, the income topic is quite simple:
Household income = income derived by non related individuals living within the same dwelling.
Family income = income derived by familiar (family) related individuals of one specific family living within the same dwelling.
Often these categories are used for tax relief, housing exemptions, and or lower income county or state funding purposes. There are exceptions when "housing income" can be used when related individuals do live together. These exceptions have a numbers of variables when looking to define.
Kindly - Jason Liddell
A household ...
is defined as one or more people living in a residence. A family is more than one person living together, either married or of the same bloodline."
A family is a group of two people or more (one of whom is the householder) related by birth, marriage, or adoption and residing together; all such people (including related subfamily members) are considered as members of one family. Beginning with the 1980 Current Population Survey, unrelated subfamilies (referred to in the past as secondary families) are no longer included in the count of families, nor are the members of unrelated subfamilies included in the count of family members. The number of families is equal to the number of family households, however, the count of family members differs from the count of family household members because family household members include any non-relatives living in the household."
A household consists of all the people who occupy a housing unit. A house, an apartment or other group of rooms, or a single room, is regarded as a housing unit when it is occupied or intended for occupancy as separate living quarters; that is, when the occupants do not live and eat with any other persons in the structure and there is direct access from the outside or through a common hall.
A household includes the related family members and all the unrelated people, if any, such as lodgers, foster children, wards, or employees who share the housing unit. A person living alone in a housing unit, or a group of unrelated people sharing a housing unit such as partners or roomers, is also counted as a household. The count of households excludes group quarters. There are two major categories of households, "family" and "non-family".
A non-family household consists of a householder living alone (a one-person household) or where the householder shares the home exclusively with people to whom he/she is not related.
A family household is a household maintained by a householder who is in a family (as defined above), and includes any unrelated people (unrelated subfamily members and/or secondary individuals) who may be residing there. The number of family households is equal to the number of families. The count of family household members differs from the count of family members, however, in that the family household members include all people living in the household, whereas family members include only the householder and his/her relatives. See the definition of family.
So if you have two roommates sharing an apartment, that would be one household, but not a family. (They would be a non-family household.)
A married couple who rent out a room in their house: The household would include all three people, but the family would be just the couple.
A married couple with two children living in a house: One family, and one household.
THE SHAMOO TEAM
Income Property: Real Estate that is not ones primary residence (unless living in one of multiple units within a complex/development that you own), and produces income through rents/usage.
Primary Residence: Criteria for a primary residence consist mostly of guidelines rather than hard rules, and residential status is often determined on a case-by-case basis. A person's primary residence, or main residence is the dwelling where they usually live, typically a house or an apartment. A person can only have one primary residence at any given time (exceptions may apply pending circumstances), but tax code looks at several usage and mail address elements to identify the formal primary status. A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage. If one lives within their multi unit income property, there may be restrictions regarding allowable tax, depreciation and expense exemptions, those of which should be addressed with their accountant.
Non-Primary Residence: Real Estate that is not considered via IRS/Tax records as ones regular place of living. Such properties as income, vacation, timeshares for example would most often be considered "non-primary residences" (pending circumstances). The term is set more for the purpose/understanding of identifying what will and what will not receive tax incentives in reflection of your person income tax return, as well as what properties can be subject to maintenance and expense deductions.
We hope this helps Kyle - Jason Liddell
EstatesInternational.co (not .com)