Author Topic: Help with Housing in Irvine, CA  (Read 1527 times)

svndezafrohman

  • 5 O'Clock Shadow
  • *
  • Posts: 39
  • Location: California
Help with Housing in Irvine, CA
« on: September 08, 2016, 04:50:11 PM »
I plan on living in Irvine, CA in the foreseeable future. I know housing prices are very expensive over there but I grew up in Irvine and love the environment.
I need recommendation on when to purchase my first home / townhouse / or condo.

Some information about me:

1. I work in LA, but plan to change jobs to Irvine in the next 3-5 years.
2. I have saved up about $300k in investments.
3. I am 29 years old
4. Salary: 80K
5. Houses / condo i am looking at are around 750K.

Questions:

1. Is it better to buy right now or wait couple years? If i buy now, i would rent it out until I change my job.

2. How much downpayment on a $750K house should i make?

3. Where is best place to get mortgage in California?


lhamo

  • Walrus Stache
  • *******
  • Posts: 9972
  • Location: Seattle
Re: Help with Housing in Irvine, CA
« Reply #1 on: September 08, 2016, 05:23:39 PM »
I don't think you are going to qualify for a $450k mortgage on an 80k salary.

If you do, please post the details so I can make sure I don't own any stock in whatever bank is giving out those kind of loans....

svndezafrohman

  • 5 O'Clock Shadow
  • *
  • Posts: 39
  • Location: California
Re: Help with Housing in Irvine, CA
« Reply #2 on: September 08, 2016, 06:57:50 PM »
Are mortgages based solely on my income?

clarkfan1979

  • Handlebar Stache
  • *****
  • Posts: 1921
  • Age: 40
  • Location: Pueblo, CO
Re: Help with Housing in Irvine, CA
« Reply #3 on: September 09, 2016, 11:31:47 PM »
At $80,000/year of salary the largest mortgage you can qualify for is at $2,400/month. A 450,000 mortgage at 3.5% with 1% tax on a $750,000 house and $2,000/year of insurance would be $2,800/month mortgage. You would be really close if you could find something at 650,000. Then get at least 1-2 roommates to make sure you are not over-extending yourself.


DeanW5

  • 5 O'Clock Shadow
  • *
  • Posts: 26
Re: Help with Housing in Irvine, CA
« Reply #4 on: September 26, 2016, 07:47:42 AM »
Such matters it's better to solve with a real estate professional. They know the market and will help you to decide faster what is better for you. But you need to be careful while searching a real estate agent. Ask you're friends, maybe some of them know a good one. You can also search on Internet, there should be a rating of real estate agents in Irvine.

As for mortgages, I  would advice you to get it online. Internet-based mortgage companies often offer the best mortgage rates. You can consult with real estate agent about this matter as well.

svndezafrohman

  • 5 O'Clock Shadow
  • *
  • Posts: 39
  • Location: California
Re: Help with Housing in Irvine, CA
« Reply #5 on: September 26, 2016, 10:50:34 AM »
Cool thanks for the advise. Will be checking online and talking to some realtors during the weekend.