Plan to move to Orangecrest (Riverside, Coachella: short sales, rent, mortgage)

[Namtubb]

Hello everyone.
The title says it all. I'm trying to move me and my family to the Orangecrest area of Riverside. We currently live in the "Downtown" area, and while it's not bad here (even though I'm sure some people wouldn't want to live near Fairmount Park), the $1500 a month rent is kind of killing us, and the house isn't big even.

I constantly hear that we're paying too much for where we are, and that we can pay the same (or less) in paying off a house to actually own.

I don't want to move into any of the "bad" parts of Riverside, but we want to stay in this city because I'm commuting to UCR and my mother works here (been working in the same job for a long time and I doubt she'll be let go anytime soon, of which is a godsend nowadays).
The main reason why I'm looking at Orangecrest is because there are many houses there that are $200,000 and below (I'm thinking about the First-time home buyer program here). Orangecrest is a nice area too. (they have a Wendy's! )

Now for my questions, if I may ask them:
1. Is $1500 really too much to be paying? It'd be great if we could pay $1000 or less a month (towards the purchase of the house, meaning excluding the bills for utilities and stuff).
2. We've been enlisting the aid of a realtor group (Golden Home Realty) and I HOPE they're legit. Thing is, if we were to buy a home, it'd go under my mother but she has awful credit. Due to this, we've asked for this realtor's help and they said they can. They're asking for info; bank accounts, income, the works. My question here is that do they really need all that info?

As you can tell I'm a complete moron when it comes to this kind of stuff. Please, if you've any helpful information, tell me.
Thank you.

[Twinkle Toes]

The info you provide your realtor will better help him or her to help you find the right house that fits all your needs and will fit within your budget.

Wendy's??? Seriously????? Fast food will kill ya!

Orangecrest is a nice area, we looked there at one time and even put a contingent offer on a home there, but our house fell out of escrow, so we dropped our contingency. In hindsight, I'm actually glad we didn't move there because the traffic is just too much for me. But it's still a nice area.

[Count David]

Namtubb, so I guess you've given up on the Tri-Cities (WA)?

[Fighter 1]

Originally Posted by Namtubb

Hello everyone.
The title says it all. I'm trying to move me and my family to the Orangecrest area of Riverside. We currently live in the "Downtown" area, and while it's not bad here (even though I'm sure some people wouldn't want to live near Fairmount Park), the $1500 a month rent is kind of killing us, and the house isn't big even.

I constantly hear that we're paying too much for where we are, and that we can pay the same (or less) in paying off a house to actually own.

I don't want to move into any of the "bad" parts of Riverside, but we want to stay in this city because I'm commuting to UCR and my mother works here (been working in the same job for a long time and I doubt she'll be let go anytime soon, of which is a godsend nowadays).
The main reason why I'm looking at Orangecrest is because there are many houses there that are $200,000 and below (I'm thinking about the First-time home buyer program here). Orangecrest is a nice area too. (they have a Wendy's! )

Now for my questions, if I may ask them:
1. Is $1500 really too much to be paying? It'd be great if we could pay $1000 or less a month (towards the purchase of the house, meaning excluding the bills for utilities and stuff).
2. We've been enlisting the aid of a realtor group (Golden Home Realty) and I HOPE they're legit. Thing is, if we were to buy a home, it'd go under my mother but she has awful credit. Due to this, we've asked for this realtor's help and they said they can. They're asking for info; bank accounts, income, the works. My question here is that do they really need all that info?

As you can tell I'm a complete moron when it comes to this kind of stuff. Please, if you've any helpful information, tell me.
Thank you.

Well you asked for helpful info . Sounds like you will have to find some creative financing ( the same kind that got so many people in trouble in the past). That financing is going to go on for 30 years, the economy is still falling (read the news) . Try to find some place you can rent for less if you need to . Right now no job is secure.

[mikelovato]

Do a search for mortgage calculators and run some of the numbers you guys are looking at. Short Answer: if you end up buying a $200,00 house and you're not putting a huge down payment into it, you'll be paying somewhere between $1,000 and $1,500 a month.

Once you get all your financial info to your realtor (if that's who will be doing your loan) they'll be able to tell you how much you pre-qualify for and roughly what type of payments you can expect.

We bought our first place a year ago (just outside downtown Riverside, 2 year old house, 3 beds, 2.5 baths) for $179,000 and pay right between those numbers I mentioned. But, the market's changed a lot since then and people are in bidding wars with houses right now. And keep in mind that just because something is listed at $200,000 doesn't mean that's what it will sell for. Lots of short sales out there that list low but end up selling much higher.

[Namtubb]

Thank you everyone

Originally Posted by David Aguilar

Namtubb, so I guess you've given up on the Tri-Cities (WA)?

Yes, I had to give up on it. Moving to the Tri-cities, while cheaper in the long run, is not possible at the moment. I need to move my family out of this house we're in as soon as possible, and since two of them want to stay in this area of Southern California, I guess it's okay. (I'll go to WA one day myself)

Originally Posted by mikelovato

Do a search for mortgage calculators and run some of the numbers you guys are looking at. Short Answer: if you end up buying a $200,00 house and you're not putting a huge down payment into it, you'll be paying somewhere between $1,000 and $1,500 a month.

Once you get all your financial info to your realtor (if that's who will be doing your loan) they'll be able to tell you how much you pre-qualify for and roughly what type of payments you can expect.

We bought our first place a year ago (just outside downtown Riverside, 2 year old house, 3 beds, 2.5 baths) for $179,000 and pay right between those numbers I mentioned. But, the market's changed a lot since then and people are in bidding wars with houses right now. And keep in mind that just because something is listed at $200,000 doesn't mean that's what it will sell for. Lots of short sales out there that list low but end up selling much higher.

Okay, this is good to know. I looked at a mortgage calculator and it estimates we'd pay about $1,000 a month, of which is great. Thank you

@Twinkle Toes: yes, the traffic can be bad, but I think living in LA for a long time has given my family good experience

Once again, thank you everybody.

[Twinkle Toes]

Originally Posted by Namtubb

Thank you everyone

Yes, I had to give up on it. Moving to the Tri-cities, while cheaper in the long run, is not possible at the moment. I need to move my family out of this house we're in as soon as possible, and since two of them want to stay in this area of Southern California, I guess it's okay. (I'll go to WA one day myself)



Okay, this is good to know. I looked at a mortgage calculator and it estimates we'd pay about $1,000 a month, of which is great. Thank you

@Twinkle Toes: yes, the traffic can be bad, but I think living in LA for a long time has given my family good experience :D

Once again, thank you everybody.

I too came from LA and al that traffic, that's why I'm spoiled now by the lack of traffic here in the Coachella Valley.

[Fontucky]

The Tri-Cities area does have a Spudnut shop... I'd reconsider.

[Twinkle Toes]

Originally Posted by Fontucky

The Tri-Cities area does have a Spudnut shop... I'd reconsider.

Me too ....... if I knew what a Spudnut was .........

[Namtubb]

Originally Posted by Fontucky

The Tri-Cities area does have a Spudnut shop... I'd reconsider.

Ha ha, I'd love to try a spudnut one day. I want to go to the Tri-cities, I just can't.