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Old 04-18-2011, 10:47 PM
 
Location: State of Jefferson coast
963 posts, read 3,033,847 times
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How much home equity are you bring with you?
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Old 04-19-2011, 06:00 AM
 
5,113 posts, read 5,973,187 times
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Originally Posted by RobE View Post
I used to live in Yorba Linda. You aren't going to comfortably buy a detached single family house in that city with a 65k income without some kind of lender voodoo. Condo, yes, but those aren't good investments and are tough to sell. Plus you are going to have high auto insurance, car tag, and air conditioning costs ($300-400/month during summer).

There's a boatload of foreclosures in Mission Viejo. You might want to explore that option. MV is a damned nice community, very low crime.

At your age, though, I would hang loose given the state of the market and rent for at least the next year.
A condo and some homes might have HOA fee's which would need to be added to the equation. The thing about HOA is you never know when they might raise it or those onetime special charges that occur. You also have to factor property tax, insurance and maintenance so 65K is not going to cover most condos or homes.
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