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Old 05-26-2015, 02:26 PM
 
2 posts, read 2,195 times
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Hi I am moving to OC from midwest. Got a job there Offering $150k. Have 2 kids. Have about $150k down payment. Looking for homes near Yorba Linda, and surrounding areas therein. How much can I afford? I have been looking into the real estate. I am now over the initial shock phase and ready to face reality. Assuming I am not going to be anywhere near beach areas....please pour some ideas.
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Old 05-26-2015, 05:28 PM
 
Location: LA/OC
1,083 posts, read 2,176,288 times
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You should get in touch with a lender to get the best idea of the numbers -- monthly and what you're qualified for overall. My guess is you could probably afford a 3-4 bedroom, single family home with about 1500-2500sf(depending on condition, neighborhood, etc) around Yorba Linda, Anaheim Hills, Brea, Orange and Fullerton.
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Old 05-26-2015, 05:45 PM
 
1,078 posts, read 1,080,465 times
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Lenders will look at your past 2 years of employment. Depending on your income for the past 2 years and not the future income.
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Old 05-26-2015, 06:28 PM
 
2 posts, read 2,156 times
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Welcome to California. You'll going to love it.
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Old 05-26-2015, 09:48 PM
 
Location: Star Idaho
277 posts, read 366,755 times
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Wait till you get your first property tax bill. Hope you are sitting down.
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Old 05-26-2015, 09:53 PM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,188,254 times
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The first property tax bill is generally covered through escrow funds.

I don't understand why you think property taxes are that high here when in fact they are much higher in other states.
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Old 05-26-2015, 10:51 PM
 
Location: Star Idaho
277 posts, read 366,755 times
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Quote:
Originally Posted by LuvSouthOC View Post
The first property tax bill is generally covered through escrow funds.

I don't understand why you think property taxes are that high here when in fact they are much higher in other states.
Because I have owned numerous homes in the OC and the taxes are based on the assessed value. I stand by my original statement.
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Old 05-26-2015, 11:02 PM
 
Location: Brooklyn, ny
174 posts, read 312,838 times
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Eh, if you want to have a heart attack with property taxes move to Texas - its lovely.
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Old 05-27-2015, 04:40 AM
 
2 posts, read 2,195 times
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Thanks. I have owned 2 homes in the past and have never defaulted payments. I have been in a job since for ever. I have not earned as much as now, as I lived in midwest, where cost of living is pretty low. But I have managed to save a decent amount. As for the property taxes, yes CA seems to have much higher taxes - all artificially inflated - hence the soaring costs. Yes I recovered from all kinds of heart attacks. The question is canI effort to rent and dump my money in the waste or buy a home asap and put in building the equity - even then i do not know if I have a chance of getting it back. I guess like the realtor answered it depends on the neighborhood and schools etc. Now that the interest rates are low (have a great credit score), considering the options between renting and buying....which would be beneficial.
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Old 05-27-2015, 05:06 AM
 
66 posts, read 86,186 times
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Where are you working?

People stereotype the OC as rich but I lived in Lake Forest for years and it was definitely middle class. You are going to have to look inland. Yorba is expensive country club horse riding land, and aside from the Yorba, Anaheim Hills, Villa Park and right along the water in Seal Beach..North County is ghetto and dingy and filled with illegals and other undesirable crowds.

Many places in Inland South County are nice, some areas of Lake Forest, Mission Viejo are "affordable" (in quotes because it's affordable for Orange County) Lake Forest is mixed by about 70% nice. Anywhere in South County has decent schools besides a few areas in Lake Forest and San Juan Capistrano. SJC has some gorgeous million dollar areas but bad schools because there is a large barrio element in the older part of town and the rich people use the private schools. Taxes in CA are expensive on everything BUT property, they are artificially low because of prop 13 however do some research on "Mello Roos" which is extra taxes that vary home to home to pay for infrastructure, also in newer areas there are HOA fees.

What's your exact budget.
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