If you are renting now..

NEW -> Contingent Buyer Assistance Program
[quote author="irvinehomeowner" date=1208833870][quote author="biscuitninja" date=1208832604]<blockquote>



thanks, i will try to convince my husband. He thinks that any more money you put into rent is a waste of money :roll:</blockquote>


Yes, pouring money into rent is a waste. Buying right now is a HUGE waste. Take a 500k investment, and then have it devalue something like 50k in the next 6 months. SOooo take your 2000 payment for 6 months, that's 12k wasted. Now take your 50k devalue alone in 6 months... that like 8k a month.... wasted. Humm... 2k or 8k.



Its not a trick question ya know.



Tell ya what, i'll buy 6-12 months later and have a good amount more saved as well as buying the same product for 20% less.



-bix</blockquote>


totally not true.

do you know 100% sure that her house will lose 50K in 6 months or you are just speculating? I bet you are.



let's say your speculation is right, but if she decides to keep her house in a long run, she'll be alright.</blockquote>


Wow! I have never thought about it like that before. Oh... wait... yes I have. So, before I have to enact graph's law...



http://img801.mytextgraphics.com/photolava/2008/04/18/searchforanswers-4a7qy0m4u.png



Yup, and <em>I'm</em> the jerk. You also might want to search "mello roos", that way you would have got acmpe's snarky comment about them, and what I mean by graph's law. Or, you could just keep making comments that will get a snarky response like this, and I have plenty of snark to go around for everyone.
 
[quote author="graphrix" date=1208836468][quote author="irvinehomeowner" date=1208833870][quote author="biscuitninja" date=1208832604]<blockquote>



thanks, i will try to convince my husband. He thinks that any more money you put into rent is a waste of money :roll:</blockquote>


Yes, pouring money into rent is a waste. Buying right now is a HUGE waste. Take a 500k investment, and then have it devalue something like 50k in the next 6 months. SOooo take your 2000 payment for 6 months, that's 12k wasted. Now take your 50k devalue alone in 6 months... that like 8k a month.... wasted. Humm... 2k or 8k.



Its not a trick question ya know.



Tell ya what, i'll buy 6-12 months later and have a good amount more saved as well as buying the same product for 20% less.



-bix</blockquote>


totally not true.

do you know 100% sure that her house will lose 50K in 6 months or you are just speculating? I bet you are.



let's say your speculation is right, but if she decides to keep her house in a long run, she'll be alright.</blockquote>


Wow! I have never thought about it like that before. Oh... wait... yes I have. So, before I have to enact graph's law...



http://img801.mytextgraphics.com/photolava/2008/04/18/searchforanswers-4a7qy0m4u.png



Yup, and <em>I'm</em> the jerk. You also might want to search "mello roos", that way you would have got acmpe's snarky comment about them, and what I mean by graph's law. Or, you could just keep making comments that will get a snarky response like this, and I have plenty of snark to go around for everyone.</blockquote>


"you're handle" says graphix.

Let me give you some graphix snark. Leave it to the pros.

<img src="http://lautenbachillustrations.homestead.com/files/jerk.gif" alt="" />
 
wow... this guy just came out of nowhere.



<img src="http://images.paraorkut.com/img/graphics/a5/20071205011253_10.gif" alt="" />
 
[quote author="irvinehomeowner" date=1208836979]

"you're handle" says graphix.

Let me give you some graphix snark.

</blockquote>
*hands irvinehomeowner an "r"*
 
[quote author="Nude" date=1208837151][quote author="irvinehomeowner" date=1208836979]

"you're handle" says graphix.

Let me give you some graphix snark.

</blockquote>
*hands irvinehomeowner an "r"*</blockquote>


nude, you mean two r's. with just AN "r" you would still mispell graphrix wrong the second time. omg, you misspelling jerk with the offensive <a href="http://www.irvinehousingblog.com/forums/viewthread/2083/#49075">AViTAR</a>! leave the internet to the pros! you ruined housing for everyone!!

;-P
 
responding to waiting to buy: i'm living at the village with the toddler, so far, it is fine, my building has kids pool and a fountain playground, there is also a nice jungle playground for kids with the swing, and plenty of kids his age.

just in general, I'm now paying more rent for 1,500 sq. ft. townhome than I used to pay for a bigger size townhome in Laguna Niguel (even after you factor in the HOA dues, I'm still paying about 300 bucks more, but I'm planning to make up the difference with taking all free yoga lessons offered here for the residents :) Our commute is much shorter, and it is kind of nice not having to worry about things breaking in your house again. A friend of mine who owns a SFR in Laguna Niguel just a had a plumbing pipe break, flooding the whole 1st floor, lots of damage. The insurance picked up the bill, but still kind of sucks. I guess I'll be renting for a while.

Check other TIC complexes on the ocean side of the 405, like Quail Ridge, the rent is so much cheaper there than here at the Village, and everything is new as well, amenities are pretty much similar.
 
wow thanks for all the replies..yeah i am not too thrilled with all the $$ that goes down with owning a house now, HOA, roos, and maintenance, OH and the lovely PROPERTY TAX YIKES !!



right now we rent a place 1 bd in fountain valley for $1300 and we're loving the rent but amenities wise its minimal and small 750 sq ?? so i think i am ready for a bigger and better place and renting is the way to go..maybe from there i will make the jump to buy in a few years. :) My husband's argument is we can stay where we are for another year or two and save some rent money but I want to move out.



I'll show him around the places you guys mentioned here as a start.
 
[quote author="Anonymous" date=1208831039]There is a nice summary of each of the different Irvine villages here (http://www.irvinehousingblog.com/blog/category/community-profile/)





If you have kids, and want to figure out which apartment complex feeds which schools



Click on school name here, then click on the accountability report card

http://iusd.org/schools/index.html



Enter rental office street address here to find which school it feeds into

http://iusd.org/asp-bin/whichschool/</blockquote>


this is great, thanks. too bad that some of the pictures at the bottom is missing.
 
[quote author="waiting_to_buy" date=1208841985]wow thanks for all the replies..yeah i am not too thrilled with all the $$ that goes down with owning a house now, HOA, roos, and maintenance, OH and the lovely PROPERTY TAX YIKES !!



right now we rent a place 1 bd in fountain valley for $1300 and we're loving the rent but amenities wise its minimal and small 750 sq ?? so i think i am ready for a bigger and better place and renting is the way to go..maybe from there i will make the jump to buy in a few years. :) My husband's argument is we can stay where we are for another year or two and save some rent money but I want to move out.



I'll show him around the places you guys mentioned here as a start.</blockquote>
It's not that easy to find a house you like. It took me a long long time.



If you and your husband are interested in buying a housing in a recent future, I suggest you to:

1) Do a gain/loss calculation rent vs own.

2) If you think you should own a home, what would be your budget. Your monthly payment should not exceed 35% your total income (DTI)

3) Next, pick a city you are most likely interested in. Is good school district important to you.

4) If you plan to stay in the house for long time, make sure you have at least 20% down to avoid PMI and go with with 30 year fixed to avoid future headaches(ARM reset...).

5) Like many members here have indicated, waiting another 6 months or 1 year in this current maker is a good option.

6) Make sure you have enough savings to pay for house payment and all the expenses for at least 1 year even if both you or your husband are out of works (Safety net).





Good luck.
 
Since we've discussed ad nauseam why renting is better than buying right now, back to WHERE to rent. We're currently renting in Northpark at an IAC property. I was sort of sad to leave Quail Hill area behind, but this area is growing on me. It's close to everything. Close enough to tustin ranch w/o having to be in tustin ranch.



Try Solana & Estancia then Anacapa & Somerset
 
I know this is an Irvine thread, but there are LOTS of nice apartments (generally not sterile IAC "nice") in Costa Mesa - but they are in small complexes. I have also been seeing more and more townhomes for rent.



Irvinehomeowner - I'm sorry, but just about every single indicator, statistic, pundit, etc. is stating that now is NOT the time to buy. In the neighborhood I'm stalking, SFRs have been falling in price dramatically. If I had sampled the Kool Aid months ago, when the market STARTED to turn, I would have lost at least $50k. One home that I have been looking at has dropped $74k since last November, another $65k since January.



The economic and real estate reality of the current situation makes buying now a dumb decision, IMHO.
 
[quote author="irvinehomeowner" date=1208843317][quote author="waiting_to_buy" date=1208841985]wow thanks for all the replies..yeah i am not too thrilled with all the $$ that goes down with owning a house now, HOA, roos, and maintenance, OH and the lovely PROPERTY TAX YIKES !!



right now we rent a place 1 bd in fountain valley for $1300 and we're loving the rent but amenities wise its minimal and small 750 sq ?? so i think i am ready for a bigger and better place and renting is the way to go..maybe from there i will make the jump to buy in a few years. :) My husband's argument is we can stay where we are for another year or two and save some rent money but I want to move out.



I'll show him around the places you guys mentioned here as a start.</blockquote>
It's not that easy to find a house you like. It took me a long long time.



If you and your husband are interested in buying a housing in a recent future, I suggest you to:

1) Do a gain/loss calculation rent vs own.

2) If you think you should own a home, what would be your budget. Your monthly payment should not exceed 35% your total income (DTI)

3) Next, pick a city you are most likely interested in. Is good school district important to you.

4) If you plan to stay in the house for long time, make sure you have at least 20% down to avoid PMI and go with with 30 year fixed to avoid future headaches(ARM reset...).

5) Like many members here have indicated, waiting another 6 months or 1 year in this current maker is a good option.

6) Make sure you have enough savings to pay for house payment and all the expenses for at least 1 year even if both you or your husband are out of works (Safety net).





Good luck.</blockquote>


Point 4 about PMI. I thought PMI was now tax deductible. You used to want to avoid PMI becauase it was not tax deductible.
 
S Man, I hadn't heard that. Would be great if it was....but wait, are there even any private mortgage insurers<em> left</em> ? ;-)



edit: Oops, <a href="http://www.bankrate.com/brm/news/mortgages/20061214_deduct_mortgage_insurance_a1.asp">Google is my friend</a>



DOH ! Look at the "caveats" though.... sheesh.



Important caveats:

Caveat No. 1: The tax deduction applies only to mortgages that are closed in 2007. If you have a loan with mortgage insurance in 2006, you won't be able to deduct the premiums in the 2007 tax year unless you refinance in 2007.

Caveat No. 2: There are income limits. You get the full deduction if your adjusted gross income is $100,000 or less. The amount you can deduct phases out rapidly after that, and no mortgage insurance deduction is available if you make more than $110,000.

Caveat No. 3: This is a one-year deal, and Congress would have to renew the deduction to make it apply for the 2008 tax year and beyond. Congress probably will extend the deduction, but you can't know for sure.

Caveat No. 4: If you take the standard deduction instead of itemizing deductions, the new law makes no difference to you. "You need to have a mortgage of about $130,000 or so to even pay enough interest to hurdle the standard deduction," says Bob Walters, chief economist for Quicken Loans. In practice, he says, this means that the deduction is available to households with incomes between $50,000 and $100,000.
 
Wow, I leave the forum for a few days and it is like virtual fighting. . .



I used to live in Serrano and it was pretty convenient. It is right next to Beckham and behind the Marketplace (far enough where traffic is not a big factor). Detached garage. . .pretty nice area (at least it was a year and a half ago). 2 bd 2 bath is about $2K. They have a 1bd 1 den (no closet) for about $200 cheaper. It was pretty good.



Woodbury Place is where I am at now. It is a townhouse rental with attached garage those you pay a premium. Also, I think the set-up is pretty popular.



Also, a bunch of apartments may be opening up in the summer (Stonegate and Woodbury East) They usually give good discount in the beginning to get the apartments filled. We got like $2K to move into Woodbury Place when it first opened.
 
[quote author="Trooper" date=1208862905]S Man, I hadn't heard that. Would be great if it was....but wait, are there even any private mortgage insurers<em> left</em> ? ;-)



edit: Oops, <a href="http://www.bankrate.com/brm/news/mortgages/20061214_deduct_mortgage_insurance_a1.asp">Google is my friend</a>



DOH ! Look at the "caveats" though.... sheesh.



Important caveats:

Caveat No. 1: The tax deduction applies only to mortgages that are closed in 2007. If you have a loan with mortgage insurance in 2006, you won't be able to deduct the premiums in the 2007 tax year unless you refinance in 2007.

Caveat No. 2: There are income limits. You get the full deduction if your adjusted gross income is $100,000 or less. The amount you can deduct phases out rapidly after that, and no mortgage insurance deduction is available if you make more than $110,000.

Caveat No. 3: This is a one-year deal, and Congress would have to renew the deduction to make it apply for the 2008 tax year and beyond. Congress probably will extend the deduction, but you can't know for sure.

Caveat No. 4: If you take the standard deduction instead of itemizing deductions, the new law makes no difference to you. "You need to have a mortgage of about $130,000 or so to even pay enough interest to hurdle the standard deduction," says Bob Walters, chief economist for Quicken Loans. In practice, he says, this means that the deduction is available to households with incomes between $50,000 and $100,000.</blockquote>


If you make over 100k a year you shouldn't need PMI....oh wait that can only buy you a starter condo in California. Nevermind!
 
Used to pay $1300 for a one bedroom. Looking back, should have paid $1600 for a 2 bedroom. Split by two, that's only $150 a month more - or $1800 more for the whole year.



Why don't you just upgrade to a 2 bedroom in your current complex?



Or try a private rental. I have a friend who just found a 2bed/2bath with a garage for $1400/month on Edinger/Harbor.



Irvine definitely has better amenities, but all my family and friends live west of Santa Ana. I think it would be so much more convenient for me if I move back to that side.



Ever since I moved east of Santa Ana, I have seen much less of my family and friends - especially the ones who live all the way down by dowtown Huntington.



I think living east of Santa Ana is great when you're ready to settle down.
 
We rent a 2 bed 2 1/2 bath Townhouse (IAC) in Westpark for $2270. We love it here, I chose the location and my wife chose the Townhouse, I didn't see it untill the Day we moved in (except for the outside one night) but I was happy because it's less than 2 miles from work (she has a 2.2 mile commute).



Are those that quoted DTI are they refering to gross or net on income? There's a huge difference.
 
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