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Old 04-07-2014, 07:29 PM
 
2 posts, read 4,785 times
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I figured this was as good of a place as any to ask this question, since I don't even know where to begin looking/asking.

I'm in my early 30's and currently make 30,000 a year, and have been at my job for almost a year. I have some money saved up, however I would most certainly need to take out a home loan to afford a down payment. I have excellent credit as well as absolutely no debt.

I'm just not sure if I'm being realistic that purchasing a condo or apartment would be a good option for me. I don't know what my options are being in Orange County, and I know of course that homes are very expensive here.

Any thoughts or experiences anyone can share? Thanks!
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Old 04-07-2014, 07:54 PM
 
Location: Dana Point
1,224 posts, read 1,643,128 times
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You don't have a huge amount of cash saved up? I'm going to say it will be impossible to get a condo in OC on your salary even in places like Stanton.

Based on your salary info, the MOST I could see you spending would be around $800 a month PITI+HOA. That equates to about a $70,000 to $90,000 property. That's it. You would have to go back to the early 90s to see prices like that for OC Condos.

Of course, you could find loan products (FHA, CalHFA) that might be willing to let your stretch a bit further but you have to ask yourself if it's worth it for you to live on bread and water just so you can own a totally run down fixer condo in a bad area of OC.
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Old 04-07-2014, 08:05 PM
 
Location: Laguna Niguel, Orange County CA
9,809 posts, read 9,691,043 times
Reputation: 7956
Quote:
Originally Posted by JMel127 View Post
I figured this was as good of a place as any to ask this question, since I don't even know where to begin looking/asking.

I'm in my early 30's and currently make 30,000 a year, and have been at my job for almost a year. I have some money saved up, however I would most certainly need to take out a home loan to afford a down payment. I have excellent credit as well as absolutely no debt.

I'm just not sure if I'm being realistic that purchasing a condo or apartment would be a good option for me. I don't know what my options are being in Orange County, and I know of course that homes are very expensive here.

Any thoughts or experiences anyone can share? Thanks!
I am not sure what field you are in and whether you can expect an increase in earnings in the future. You could always go back to school and seek a more lucrative career in another field. Another option is moving to another state, saving money, and then possibly returning to California with savings. Good luck.
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Old 04-07-2014, 09:40 PM
 
Location: Orange, California
1,575 posts, read 6,022,829 times
Reputation: 745
Old rule of thumb is that you can afford a mortgage that is roughly three times your annual salary. Nowadays, you can probably get approved for something a little more than 3x, but you are still looking at a $100,000 mortgage loan from the bank on your salary. Add that to the money you have saved up and it can give you an idea of what you might be able to afford to buy.

OC is a tough place since even modest one bedroom apartments are pretty pricey. You might want to consider exploring options in east riverside county -- you will definitely find better prices there and it is within a reasonable commuting distance of OC.
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Old 04-08-2014, 07:06 AM
 
Location: Riverside Ca
22,155 posts, read 28,281,961 times
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Maybe a mobile home. But your income is too low for anything else in OC.
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Old 04-08-2014, 07:51 AM
 
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Thanks… I figured this is what I would hear, I just had to ask. :-P I just don't want to rent… I hate the thought of throwing my money away like that…
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Old 04-08-2014, 09:04 AM
 
Location: Orange, California
1,575 posts, read 6,022,829 times
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Quote:
Originally Posted by JMel127 View Post
Thanks… I figured this is what I would hear, I just had to ask. :-P I just don't want to rent… I hate the thought of throwing my money away like that…
I wouldn't necessarily look at renting as throwing money away. There is some value in not being tied down to a house, particularly one you can't afford. With renting, it is much easier to move to a city several hours away to take a new job. If you did that and got a pay bump and found yourself in a cheaper area you might find yourself buying a home at some point in the future anyway. Good luck.
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Old 04-08-2014, 11:39 AM
 
Location: Paranoid State
13,044 posts, read 12,415,726 times
Reputation: 15800
" Is purchasing a condo or apartment on a 30K salary feasible?"

Yes, it is. Successfully paying your mortgage while also paying for the other expenses of living is another matter.
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Old 04-09-2014, 03:53 PM
 
Location: Orange County, CA, USA
452 posts, read 1,216,175 times
Reputation: 369
Even if you were to save lots and put a decent downpayment towards a condo, you still have to ask yourself if you could afford applicable homeowner's association fees, insurance, property taxes, etc. These are recurring expenses.
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Old 04-15-2014, 01:01 AM
 
809 posts, read 1,585,864 times
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Does OC still have a first-time homebuyer's program? My husband and I looked at a townhouse in Huntington Beach many, many years ago. This was my first time ever to see a "bad" area of HB. It wasn't drive-by South Central LA, but it was just rows of old apts with lower-income residents. I actually didn't want to buy in that area.

The townhouse I looked at was newer and actually pretty nice. It was also part of a program for first-time homebuyers and had an income limit requirement. My husband and I did not qualify, since we earned too much, so we couldn't have gone for that property even if we loved it.

I don't know if any of these programs still exist, but you might want to call up the cities that you'd like to buy in and ask if they have this.
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