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Awesome ;D. Thanks so much for the quick responses w/ the hard facts. That's why this forum is so great. IrvCommunter, the $600 would be what's left over after all expenses. I'm going to veto this house w/ my wife and opt for something more manageable. We're not looking for short-term...

Sorry, forgot to mention we'd be putting down ~$140K (little over 10%). The loan would be interest only, but w/ the bonuses, the overpayments to the HELOC principal would amount to more than what we'd normally pay on a principal+interest loan. I'm not sure what the exact property tax amount is...

Hey All, I've appreciated having access to and then becoming a member of this community over the past months and weeks. With my wife and I about to make a purchase decision that could significantly change our lives, I would appreciate any input you care to offer, which I would use to...

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Cash.

I have a big question: does anyone know (or can anyone speculate on) how interest rates (jumbo and conforming) will be impacted by the new loan limits? I understand that being able to qualify for a conforming loan now instead of a jumbo automatically means you'll have access to the traditionally...

One other thing to keep in mind re Tustin Field is that the perimeter houses (at least in TF 1, I believe), which back to the streets and the canyon, etc., all face a centrally located section of the development that includes "Affordable Housing." That is most likely severely affecting value on...

Lol to the picture. Re homeowner equity being at its lowest since 1945 (the concept, not necessarily the article referenced), one thing I've realized is that, as we're seeing now (my wife and me), when house values are depreciating, there's doesn't seem to be any motivation to pay down...

If you'll forgive the platitude, I suppose the "right decision" for each buyer depends on his or her individual situation. For us, we forecasted rates rising as well as most people did, but we took the calculated risk that we could pay off the balance before the maximum stated rate increases...

Just to provide a practical example of the discipline strategy, we took an interest only 5/1 (jumbo) on our current house, as well as a variable-rate home equity loan to make up the rest of the 20% down that we didn't have at the time. The time was right for us to buy, and we had the income for...

Psshaw. Not sure I'd want to live near the train tracks, in view of the hangars, at any price. I don't think I'm in the minority thinking that those homes are still considerably overpriced and will drop in value in the short and long term.

Great, so how long will it be before the banks implement this? This raises all kinds of questions for us. We had an offer on our house that went away because the potential buyers were waiting for this plan to be finalized and implemented w/ the banks. Now we have a new lower offer that we were...

Nice feedback! Thanks, All.

Hi All, A local realtor has suggested that if we allow him to represent us in the purchase of an existing inventory new construction we're looking at, he'll kick back ~30% of his commission to us for that purchase. However, we previously on our own gave a deposit check to the builder...

Awesome. Is there anything that I can do, personally, to make the decline longer and the bottom even lower? That might sound like a dumb question, but I'd be willing to bet that that's what tentative/on-the-fence buyers in today's market (who aren't on a deadline) are wondering. It seems...

When I was a kid in MD in the mid 80s, my mom bought a decent house (~3,000 sq. ft.) for around $90,000. Does anyone foresee home prices for similarly sized homes in Irvine someday going that low or lower? The most extreme opinions seem to indicate that the market will bottom after a 50% price...

Thanks for the advice; much appreciated.

Hi All, I have a potential buyer for my house who is wanting to push escrow out to 60 days with the hope that the new limit for conforming loans will kick in (allowing him to qualify for a lower interest rate) in that time. Does anyone have any resources I can tune into to know as soon as...

Does that mean borrowing from a credit union has greater risks?

Footnote: at close of business today, the credit union raised the rate for the 3/1 jumbo ARM yet again, another .125% to 5.375%. I had printed out the rate sheet to read all the fine print, so I'm now looking at a rate sheet printed out today that doesn't match what is posted on the Web site...