Blaza, the first and foremost thing to do is to have a lender analyze your financial situation and then help you choose the options that are available. Any of the scenarios above are likely but first you need to see if you can achieve them with your income and debt. As a former resident of Irvine, I can tell you it is an awesome place to live but can be pricey if your expectations are high. There are some good buys still but again, Irvine is definitely the master of master planned cities. I would be more than happy to go over your credit and finances with no obligation and present some options for you and your family. Any other answer is like shooting in the dark.
Direct Lender & Industry Educator