25inirvine
New member
Does she say Irvine is the only option or is she open to other places? If so, where? Sounds like my situation
Who can truly afford a home in Irvine?
- Thread starter Irvinecommuter
- Start date
NEW -> Contingent Buyer Assistance Program
Yeah because people who spend a lot of money buying stupid stuff are financial gurus, right?
Remember when Scottie Pippen bought his own jet plane? Cool huh! He must be doing something right.
Stupid money likes to buy things at stupid prices all the time. Paris Hilton drives a Lexus LFA, Warren Buffet drives an old Crown Vic. Wow, she must be doing something right unlike Warren Buffet according to your stupid logic.
8.5%?? Ouch, my highest is 6.8 and paid that off first...
IndieDev - what you are doing right now? I genuinely am asking. I try to protect for some disaster situations but can only do so much without going crazy. We have earthquake food, gold and silver coins, money in various currencies, but all this is meaningless if the world really goes crazy. I cant nor wont plan for that so outside of those situations, what are folks like you doing?
I probably will end up being a knifecatcher but I guess I am hoping its close to the bottom.
Defensible land. I'm not talking about your average tot lot in Woodbury, but an elevated position with 360 degrees of viewing coverage, preferably at a slow, and long incline at 4-6 degrees inclination. This will be useful when you're taking aim, and picking off scavengers who are looking to eat your family. Your main keep should be surrounded by a 5 foot deep trench, filled with easily ignitable diesel fuel. Fire holes are a necessity. Save food, water, and ammunition. Once the ammunition runs out, you should be skilled enough to kill with a stick, or with your bare hands if necessary, otherwise you risk watching your family being eaten by starved neo nazi cannibals. If you have a tillable pocket of land, learn how to grow good high density produce (stack able gardening beds are a must).
When all else fails, your will to survive, and nothing else, will be your most valuable asset.
That being said, it's never been a better time to buy!
My thoughts on those families are that their kids will grow up with a warped sense of reality. They'll have no value of what it's like to earn a living or how to earn a living. If the family doesn't have a ton of money to keep passing on to future generations, those future generations will have a tough time. How can parents that don't know what it's like to earn your own keep teach their kids how to go out into the world and make a life for themselves?
sgip
Well-known member
26InIrvine.
"Do I qualify?" - Impossible to answer without a complete application, credit report, and review of all documentation. The answering post would be twice as long as your first one and with TMI disclosed that is of a personal nature. Lenders can work up a pre-qualification for you at no cost, other than time. Once you have that in hand you'll also know for certain what you can purchase and what may be a stretch.
The SchoolsFirst programs are nothing out of the ordinary. I bank there as well and know the products they offer. If you are a Teacher they used to have a no-low down payment program, but it came with quite a bit of baggage.
There are three primary types of properties that lenders consider as valid legal descriptions: Planned Unit Development AKA PUD - some are attached, most are not, Single Family Residence AKA SFR, and Condo - some are detached, most are not. There isn't a Townhouse legal description, only PUD or Condo. If you're buying a "row house" for example, back East they're called Townhouses, but for all intents and purposes they are legally a Condo making them ineligible for some products and best pricing.
My .02c
Soylent Green Is People
"Remember! Tuesday is Soylent Green day..."
"Do I qualify?" - Impossible to answer without a complete application, credit report, and review of all documentation. The answering post would be twice as long as your first one and with TMI disclosed that is of a personal nature. Lenders can work up a pre-qualification for you at no cost, other than time. Once you have that in hand you'll also know for certain what you can purchase and what may be a stretch.
The SchoolsFirst programs are nothing out of the ordinary. I bank there as well and know the products they offer. If you are a Teacher they used to have a no-low down payment program, but it came with quite a bit of baggage.
There are three primary types of properties that lenders consider as valid legal descriptions: Planned Unit Development AKA PUD - some are attached, most are not, Single Family Residence AKA SFR, and Condo - some are detached, most are not. There isn't a Townhouse legal description, only PUD or Condo. If you're buying a "row house" for example, back East they're called Townhouses, but for all intents and purposes they are legally a Condo making them ineligible for some products and best pricing.
My .02c
Soylent Green Is People
"Remember! Tuesday is Soylent Green day..."
irvinehomeowner
Well-known member
Since today is SGIP day... I had a question about condos vs. SFRs for FHA financing.
Aren't there condos that are FHA approved or can get FHA approval? I remember some time ago you posted about an expiration in eligibility for that. Additionally, all the new detached condos in Irvine seem to be eligible for FHA... is that because they are detached or does that have something to do with TIC zoning?
Aren't there condos that are FHA approved or can get FHA approval? I remember some time ago you posted about an expiration in eligibility for that. Additionally, all the new detached condos in Irvine seem to be eligible for FHA... is that because they are detached or does that have something to do with TIC zoning?
IndieDev
New member
tyson said:
Yeah because people who spend a lot of money buying stupid stuff are financial gurus, right?
Remember when Scottie Pippen bought his own jet plane? Cool huh! He must be doing something right.
Stupid money likes to buy things at stupid prices all the time. Paris Hilton drives a Lexus LFA, Warren Buffet drives an old Crown Vic. Wow, she must be doing something right unlike Warren Buffet according to your stupid logic.
homer_simpson
Well-known member
LAtoOC said:
8.5%?? Ouch, my highest is 6.8 and paid that off first...
usctrojancpa
Well-known member
Yeah those rates are high. I have about $100k in student loans but about half of the debt is fixed at 1.75% and the other half is at 2.75% (variable Prime - 0.50%). Obviously when the FED starts taking rates higher, I'll be paying off the variable loan until then I just pay the minimum and invest the rest.homer_simpson said:
I know - when I graduated from grad school my rate was about 2% and I paid it off in a year (probably unwisely). Since then rates have sky-rocketed AND no more Stafford subsidies for grad student loans after 2012. This will also add to Irvine "who is going to buy here in the future?" problems as I am willing to bet Irvine has a fairly high percentage of advanced degree holders.
usctrojancpa
Well-known member
Nothing wrong with getting rid of debt. For me, I'm confident that I can invest and earn above the 2.75% interest rate that I'm paying now. The $50k or so that I have for my Stafford loans has a montly payment of around $200/mo. I got one of those special consolidated loans where they offered a 1.25% discount to the rate after you made your first 24 payments on time (back in 2005). I think it cost me around $75k to get my MBA at USC back in 2005 and that cost is well over $100k today (I wished I would have gotten it sooner but very glad that I don't have to pay today's tuition prices).LAtoOC said:
sgip
Well-known member
IrvineHomeOwner:
Tuesday is always Soylent Green day. I think Monday Wednesday were Soylent Red with Thursday and Friday Soylent Yellow days. Have to re-watch the film to be sure.
HUD Condo Approvals used to last forever unless the Fed's got a whiff of litigation in the project. Now they want each project approved over a much shorter lifespan. Because of this change in how HUD looks at condos, many projects went through a re-approval process very recently. Some made it, some didn't. Some never got HUD approval to begin with. HUD re-approvals aren't that hard to obtain. It's merely a stack of legal documents most HOA's have at their fingertips.
If you come across a HUD approved condo I'd ask the listing Agent where they got their data about this fact. Is it confirmed, and how, or just assumed. Some Realtors do the deep digging into a property before selling. As we have seen some realtors do not. That lack of preparation can set a seller up for failure and cause buyer grief thinking they had a deal when it wasn't one.
My .02c
Soylent Green Is People
"Remember! Tuesday is Soylent Green day!"
Tuesday is always Soylent Green day. I think Monday Wednesday were Soylent Red with Thursday and Friday Soylent Yellow days. Have to re-watch the film to be sure.
HUD Condo Approvals used to last forever unless the Fed's got a whiff of litigation in the project. Now they want each project approved over a much shorter lifespan. Because of this change in how HUD looks at condos, many projects went through a re-approval process very recently. Some made it, some didn't. Some never got HUD approval to begin with. HUD re-approvals aren't that hard to obtain. It's merely a stack of legal documents most HOA's have at their fingertips.
If you come across a HUD approved condo I'd ask the listing Agent where they got their data about this fact. Is it confirmed, and how, or just assumed. Some Realtors do the deep digging into a property before selling. As we have seen some realtors do not. That lack of preparation can set a seller up for failure and cause buyer grief thinking they had a deal when it wasn't one.
My .02c
Soylent Green Is People
"Remember! Tuesday is Soylent Green day!"
IndieDev said:
IndieDev - what you are doing right now? I genuinely am asking. I try to protect for some disaster situations but can only do so much without going crazy. We have earthquake food, gold and silver coins, money in various currencies, but all this is meaningless if the world really goes crazy. I cant nor wont plan for that so outside of those situations, what are folks like you doing?
I probably will end up being a knifecatcher but I guess I am hoping its close to the bottom.
IndieDev
New member
rkp said:
Defensible land. I'm not talking about your average tot lot in Woodbury, but an elevated position with 360 degrees of viewing coverage, preferably at a slow, and long incline at 4-6 degrees inclination. This will be useful when you're taking aim, and picking off scavengers who are looking to eat your family. Your main keep should be surrounded by a 5 foot deep trench, filled with easily ignitable diesel fuel. Fire holes are a necessity. Save food, water, and ammunition. Once the ammunition runs out, you should be skilled enough to kill with a stick, or with your bare hands if necessary, otherwise you risk watching your family being eaten by starved neo nazi cannibals. If you have a tillable pocket of land, learn how to grow good high density produce (stack able gardening beds are a must).
When all else fails, your will to survive, and nothing else, will be your most valuable asset.
That being said, it's never been a better time to buy!
homer_simpson said:I can honestly say that out of 10 of my friends who bought in Irvine (Age 24 at the time), 9 of them were paid in full cash by their parents. I'm also not talking about the detached condos in the mid 500's to the 600's. I am talking about the once priced $1Mill plus homes in Northpark/NPKSQ/Woodbury.
For my wife and I, we were not as fortunate as our friends but are grateful we saved enough for a 20% downpayment on a detached condo in the high 500's while paying for our student loans.
It's real discouraging leaving for work and passing by the $1mill homes and you see all the young home owners playing with their kids (They don't work, don't need to when they get an allowance from their parents at age 28+) then coming home after work and you see them still playing with their kids. :'(
/RANT
My thoughts on those families are that their kids will grow up with a warped sense of reality. They'll have no value of what it's like to earn a living or how to earn a living. If the family doesn't have a ton of money to keep passing on to future generations, those future generations will have a tough time. How can parents that don't know what it's like to earn your own keep teach their kids how to go out into the world and make a life for themselves?
usctrojancpa
Well-known member
All depends what kind of work ethic the parents instill with the kids.jvna said:homer_simpson said:I can honestly say that out of 10 of my friends who bought in Irvine (Age 24 at the time), 9 of them were paid in full cash by their parents. I'm also not talking about the detached condos in the mid 500's to the 600's. I am talking about the once priced $1Mill plus homes in Northpark/NPKSQ/Woodbury.
For my wife and I, we were not as fortunate as our friends but are grateful we saved enough for a 20% downpayment on a detached condo in the high 500's while paying for our student loans.
It's real discouraging leaving for work and passing by the $1mill homes and you see all the young home owners playing with their kids (They don't work, don't need to when they get an allowance from their parents at age 28+) then coming home after work and you see them still playing with their kids. :'(
/RANT
My thoughts on those families are that their kids will grow up with a warped sense of reality. They'll have no value of what it's like to earn a living or how to earn a living. If the family doesn't have a ton of money to keep passing on to future generations, those future generations will have a tough time. How can parents that don't know what it's like to earn your own keep teach their kids how to go out into the world and make a life for themselves?
homer_simpson
Well-known member
Agree with you both.