Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in Rancho Santa Margarita : Real Estate Advice

  • All40
  • Local Info2
  • Home Buying13
  • Home Selling1
  • Market Conditions2

Activity 18
Sun Jan 1, 2017
Hello Robbievill, yes sure you should before you retire. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in 92688 zip code start from 205k for a studio condo, from 265k for 1bd 1ba condo, from 269k for 2bd 1ba condo and from 429k for 3bd 2ba condo and up.

You will need to be pre-approved to be able to meet an agent to view and submit offers on homes of your choice. You will need to gather one month paystubs, two month bank statements, last two year tax returns including 1040s, 1099s, W2s and all schedules and copies of your drivers license or ID and social security cards for each applicant.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Thu Jun 25, 2015
PIFA answered:
Look to sublet from someone who needs to leave but can not get out of the lease.
Fix your credit then move
Have a relative rent it and then you sublet.
0 votes 1 answer Share Flag
Thu May 21, 2015
Diane Christner answered:
IRS Publication 523 explains the criteria needed to use the $250k or $500k capital gains exclusion:

When in doubt, go to the source. ;-) ... more
0 votes 5 answers Share Flag
Tue Oct 28, 2014
Kathy Kennedy answered:
where are you commuting to? Dove canyon does have the gate fees, it is farther to the freeway but its a beautiful community and very safe. I just moved a family into Dove and they couldn't be happier. The prices you are paying compared to Mission Viejo, is actually a little better, there are some homes in Dove Canyon that sell at excellent prices when you look at the updating necessary in Mission Viejo aged home compared to Dove Canyon, and when this community was built most residents did have done upgrades. If you would like someone to show you the area I have been a resident in the area for 25 years. 949-350-74444 ... more
0 votes 3 answers Share Flag
Sat May 31, 2014
Karen Champ answered:
I would like you to direct your concerns to Rino Caturano and Portia Ryan, 949-282-1476. They need to successfully address your complaints. Unfortunately complaints about the office hurt the individual agents who may be good agents. Please include the name of the individual agent that was responsible for communication and your satisfaction.

As an Agent and KW Realty there is no way I would allow anyone to make the statements you are making and the agents I know at KW would not allow it either. Please to do not place blame on the whole KW office because one agent dropped the ball.

Also the closing package will come from your title agent. Who was handling title for you? KW can help you get that answer. Don't give up without demanding Rino and Portia give you answers. We have not disappeared -- contact Rino or Portia today.
... more
0 votes 9 answers Share Flag
Fri Mar 21, 2014
Danny & Anna Mendez answered:
What you have been quoted is the standard FNMA underwriting requirement. And there are exceptions to even that for extenuating circumstances. But you could possibly qualify under FHA. A single unit would get you a slightly lower down payment than 20%. A two-unit would have a much higher loan amount allowed and therefore, a lower down payment requirement. In addition, even for a single family residential unit, portfolio lenders can deviate from the agency requirements and can allow for a lower down payment. Let me know if you need any additional help on this. ... more
0 votes 17 answers Share Flag
Sat Oct 12, 2013
Matt Allsopp answered:
Hi Sam,

I live in RSM and believe me renting will not be an issue. As eluded to in a previous answer, this would have to e structured as an Investment property, not a second home, but it is possible to offset some of the additional cost of an Investment home with some credits.

I'd be happy to walk you through the process and answer any questions if you have the need.
... more
0 votes 13 answers Share Flag
Sat Oct 12, 2013
Matt Allsopp answered:

I was out at some open houses today in Rancho Santa Margarita and did note that ether is a bit more inventory in certain areas, and therefore a bit more competition.

Although everyone in this forum has been correct with respect to the OC market as a whole, it does not preclude your ability to request some seller concessions towards closing costs, perhaps $5k. That would diminish your exposure.

Prudence does pay dividends so I'd strongly suggest you get a formal DE (underwriting approval) before the offer is finalized. This will enable you to meet the contingency date with a full understanding of the situation and therefore make in informed decision thereafter.

As a National Direct Lender headquartered out of Orange County, I'd be happy to facilitate this requirement for you right away, within 24 hours. Better safe than sorry, right?
... more
0 votes 17 answers Share Flag
Fri Apr 13, 2012
Brian VerBurg answered:
Once they are ordered it only takes a few days to get either one.
0 votes 5 answers Share Flag
Fri Apr 13, 2012
John Mussen answered:
Hello Bill,

Yes it is a GREAT time to BUY let me know if you need a loan or home in OC

0 votes 7 answers Share Flag
Fri Apr 13, 2012
John Mussen answered:
Hello Richard,

I specialize in Foreclosures, HUD, Bank Owned and Short Sale Homes in South Orange County. I have personally done many take over payment and owner financed transactions in this area. I just need a bit more information so I can match you with a seller so please shoot me an email,text or call at 949 218-0280 or I currently have a few pocket listings not on the MLs that may fit your needs. ... more
0 votes 4 answers Share Flag
Mon Jun 6, 2011
Ingrid Ski Realtor answered:
Hello Dan Patch, The best way to decide is to check online for information about the school and also visit the school and talk with the principal. They are all 3 good areas and all 3 are different. There is the There is also through the state which compares schools. If you are looking for a charter school try You may want to see if they are a blue ribbon school or distinguished. Ladera is geared for families with the water parks, skate park, and the Ladera Life Style and its online community only for those who live there.. The do have a lot of events for families and couples wine - cheese tasting and a farmers market Sunday Mornings and more.. Which is different from Rancho Santa Margarita and Irvine they do have farmers markets. They are a bigger community. Rancho Santa Margarita has their lake for things to do there.. Irvine has a lake and is futher away. They do have summer concerts in the park. As you can see there are some differences within the cities if you are looking for a certain life style besides or in addition to the schools.. You can always check with the Chamber of Commerce for what the city provides as events.. Hope all this information will help you out. Next is finding out about the housing and HOA fee's How else can I help you? Ingrid Ski Realtor ... more
0 votes 8 answers Share Flag
Tue Apr 12, 2011
Emily Knell answered:
Regardless of the short sale being an AS IS sale the buyer should have still done a home inspection which should have revealed this water damage issue IF it was there at the time. The buyer of the short sale is responsible for this problem.

If this is a new problem and it's in the short saled unit, the new owner needs to take care of it.

If you are the previous owner of this short sale property, you are not responsible. As-is means just that, As-is.

UNLESS you knew about water damage & didn't disclose it to the buyer on the Transfer Property Disclosure form. Then the new owner may have a case for damages, even though it was sold as-is.

As always, you should consult an attorney & have them go over your contract papers.
562-430-3053 cell
Realtor Since 1996
Short Sale Expert
... more
1 vote 5 answers Share Flag
Wed Jun 9, 2010
Charlie Sheldrake answered:
Todays sellers are really not interested in an AITD there is plenty of banks lending right now at 4.5% to 4.75%. as low as 3.5% down. We have some very nice pool homes available in Coto, Dove Canyon, Nellie Gail
email local area specialist.
... more
0 votes 4 answers Share Flag
Mon May 17, 2010
Karen Parsons Fiddler answered:

Not today.....but maybe after school gets out...what price range?

0 votes 2 answers Share Flag
Mon Jun 1, 2009
Keith Sorem answered:
You need legal advice from an attorney. I don't recommend accepting advice without full knowledge of the facts, and in this forum we do not have full knowledge.

That being said, this may be an issue of timing. What does your Realtor say? What does their broker say? ... more
0 votes 1 answer Share Flag
Tue Apr 15, 2008
Sandra Carlisle Ayers answered:
Search Advice
Home Buying in Rancho Santa Margarita Zip Codes