buying your first house or apartment in LA county (Los Angeles: HOA fees, insurance)

[YoungTraveler2011]

how does buying in LA work?

i hear that for first time buyers u can put down like 3-5%...what are other costs associated with buying something?

house
- mortgage
- property taxes
- insurance (what kinds?)

apartment
- mortgage
- property taxes
- insurance
- HOA fee

anything else i might be missing?

[thelopez2]

It is not restricted to first time buyers. If you put less than 20% down expect higher cost due to mortgage insurance, FHA MI or PMI, unless you are a vet.

Those are the monthly cost, you also have title and escrow fees on the purchase. The "apartment" you refer to are condominiums, an apartment is a multifamily building with one owner. A condo has multiple owners with an association owning the land. There is FHA financing and conventional, conventional is cheaper. Some condos will also have special assessments or earthquake insurance. Earthquake insurance is optional on a house. In OC there is also Mello Roos in many places.

[Mr_Geek]

Mortgage
Property Taxes
Homeowner's insurance
PMI Insurance (if putting less than 20% down)
HOA Fees (can be houses and/or condos etc...)
Mello Roos (possible tax in newer areas) - Mello-Roos - Wikipedia, the free encyclopedia
Other insurance that Homeowner's doesn't cover in high risk areas (maybe earthquake, fire, etc...?)

[nightlysparrow]

There are a few helpful programs for first timers:

First-Time Homebuyer Assistance | City of Los Angeles
Economic Redevelopment Programs