House for 300-400k range in Orange County? (Costa Mesa, Mission Viejo: mortgage, loan)

[KEC]

My wife and I are thinking about buying some property in the Orange county area. Are there any neighborhoods where a person could buy a house (single family or townhome) for 300-400K in a nice safe neighborhood? I know, I'm probably going to get laughed at, but I'm still curious. The house size in mind is around 1000-1400 sq ft.

Kind of off topic, but what kind of interest rates are people getting for mortgages these days?


Thx, KEC

[kturbe]

You shouldn't be laughed at as it is very doable right now. More townhomes then single family residences but they are available. The decision to make is the location you want. There will be more SFR in North/Central then South but I have seen a few listing in Mission Viejo or Lake Forest.

I would recommend meeting up with Realtor and Lender to review your options as the loan requirements are changing daily and both need to work together to ensure your interest are being looked after. Plus a Realtor can easily give you a look at properties that fit your criteria.

Re: Loan rates they have been changing pretty much daily, anywhere from 5.875 to above 6% in that range.


Please do not hesitate to contact direct if you have any further questions.

[KEC]

^I've never been to Mission Viejo or Lake Forest. How are they for neighborhoods? BTW, thanks for the info.

[bhcompy]

what type of neighborhood are you looking for.

walkable? suburban? urban? mixture? proximity to anything important, like costco or angel stadium? etc

you should be able to find affordable townhouses or condos in spots all over the county in your price range. there might not be MANY, but there will be some

[Mach50]

I am even starting to see houses for this price now! Check Laguna Niguel, Lake Forest, Orange, Costa Mesa and Tustin.

[Charles]

Originally Posted by KEC

Are there any neighborhoods where a person could buy a house (single family or townhome) for 300-400K in a nice safe neighborhood?

Kind of off topic, but what kind of interest rates are people getting for mortgages these days?

What happened when you went to one of the many internet databases and plugged in those numbers for Orange County?

What happened when you visited the bank/'mortgage web pages which almost always have a "Today's Rates" page?

[kturbe]

Originally Posted by KEC

^I've never been to Mission Viejo or Lake Forest. How are they for neighborhoods? BTW, thanks for the info.

I would recommend Googling the cities and then as you get closer to your decision you can narrow down the neighborhoods. Of course City-Data has lot's of information. It really depends on what you are specifically looking for.

Mission Viejo was just classified as the safest city in America. Lake Forest was right behind it. Also Entrepreneur.com noted Mission Viejo in the top 4 citities to buy in 2008.

[Unkllars]

There are plenty of nice townhomes for that price range, even brand new ones with parks and stuff, yet no Mello Roos and moderate HOAs. There is a lot to choose from still in that range. Like kturbe said, you shouldn't be laughed at because it is very doable!!!

[Sustainable]

Everyone seems to be properly advising you. I would have to add that what $300k and $400k buy you, are two completely different types of property. In the upper end of your budget you'll find some decent properties, actually. Neighborhoods mean everything though, so if you're not familiar with Orange County then I definitely advise you to speak with someone who is.

As of today, the national average for a 30-year fixed mortgage is 5.75%. We're in a strange place right now where propery values came down considerably, yet interest rates did not hockey stick up. Historically, that's a rare occurance.

[Humanoid]

I'll say this because nobody else has. Buying a house now in Orange County is probably one of the worse things you could do...wait 1-3 years and get it for half price.