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Lets assume that the Condo is 300k, I can put down about 20k for downpayments, how much are the closing cost is goign to be and how much my monthly payments are going to be?

Answer this questions please for a 300k condo
Closing cost+ reasonable down payments-
Monthly payments
Plus if anyone think now is the worst time to buy

2 Thoughts on How much do I need to buy a condo in OC cali area?
  1. Reply
    C T
    August 30, 2011 at 1:14 pm

    Assuming good credit (620+FICO) fully documented income you can expect under 7% so a 280,000 loan amount is $ 1839 per month PI. (principal&interest). If you get the seller to pay closing costs of 3% you should not have much more, maybe taxes and insurance pre payments. You also may have to pay PMI(which is insurance for the bank in case you default).If this is your first home, you will need 12 months on time on an apartment or other rental and a couple of other credit references like a car loan and credit cards. You are buying at the low point of the market so it is a good time. If you need a prequal call me at 877-402-7166. best of wishes

  2. Reply
    cafemoto
    August 30, 2011 at 1:54 pm

    I personaly would wait six-twelve months and give this market more time. I recommend reading up and follow all the markets in CA if you are ready to make a move.
    Some condo prices are falling fast in San Diego, depreciating as much as 10%.
    300k sounds like a good deal for this: a 2/1+ IMO. If its a 2/2 it sounds good but a 1/1 = no way jose.
    I am just giving my two cents, I beleive in CA, but there are lot of people upside down in thier recent purchases and inventories are still rising, ARM’s are reseting, “this is only the beginning” is what all the statistics are confirming. Why not hold off: If you can buy now you will be able to buy or buy more in 6 months time. I am in your exact same boat and I am following this advice. All of a sudden there are no more people gloating about how their place is worth 50k more in one year. Unfortunately its the exact opposite down here.

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