Seeking advice on purchasing an Irvine home

[Anteater Alum_IHB]

Thanks for the color so far. Is East/West Irvine or North/South better or worst by comparison? It's been almost 15 years since I left the area so obviously alot has changed.

 

[High Gravity_IHB]

Thanks for the color so far. Is East/West Irvine or North/South better or worst by comparison? It's been almost 15 years since I left the area so obviously alot has changed.

Generally, east is better than west and south is better than north although there are exceptions. There also seems to be some correlation between neighborhood desirability and high school boundaries (in order of descending desirability): Uni, Northwood, Woodbridge, Irvine.

 

[IrvineRealtor_IHB]

Looking for a middle to upper middle class development with proximity to train, hospitals, parks, etc. Thanks.

Hospitals marked in Blue.

Train access points marked in Red.

Parks are everywhere.

Sounds like you would be looking off of Sand Canyon for Oak Creek (middle range), Quail Hill (higher), or Orange Tree (lower) with those hotpoints.

 

[SoCal78_IHB]

I think that depends on what is desirable to you. It is a highly personal choice. What is desirable to one is not desirable to all. I would choose the Northwood area over University area any day of the week. In my opinion there tends to be more congestion further south and college-aged kids. To some that is desirable and to others its not. If you have kids who are on the young side and are looking for newer school facility you might like Northwood High. Or if you want convenient toll-road access. South is ok unless you're talking about just south of the 5 - it's a little rough around the edges there. I am far east as you can get and still live in Irvine (Portola Springs). I wouldn't really say it's better than west Irvine. They each have their pros and cons. What I did is I went to a sales office at one of the new developments and they were giving out these really big maps with an aerial view of the city. I have it up on my refrigerator. I take a pen and circle what I like and cross out what I don't. I put icons where the places I need to go the most are located. It helps narrow things down. I would say don't rush yourself. Take some time to get to know the area first-hand to see what works for you. Good luck.

 

[Anteater Alum_IHB]

Thanks for the quick and insightful response. Like I said, you guys are fantastic.

Curious as to whether I would qualify given today's underwriting standards. Opinons? Currently we have two homes and total property (all inclusive) monthly debt to gross income of 28%. No other debt. I'm assuming that once I buy, if I can qualify, ratio will be 41%. Solid job history with other savings to show as assets. I will be in the process of selling at least one if not both of the other properties, so god willing, I will only have 1-2 mortgage at best.

 

[WestparkRenter_IHB]

Thanks for the quick and insightful response. Like I said, you guys are fantastic.

Curious as to whether I would qualify given today's underwriting standards. Opinons? Currently we have two homes and total property (all inclusive) monthly debt to gross income of 28%. No other debt. I'm assuming that once I buy, if I can qualify, ratio will be 41%. Solid job history with other savings to show as assets. I will be in the process of selling at least one if not both of the other properties, so god willing, I will only have 1-2 mortgage at best.

When I first came back, I thought WestPark II and OakCreek would be my ideal place. WestPark I and Woodbridge would be ok too but not 100% great, ie I need to spend money to upgrade. I've since learned that Woodbridge and OakCreek both have the TCE problem if you find the Irvine Water district map.

WestPark I and WestPark II are very close to the train station. The noise at night keep waking me up.

A lot older areas would be Culverdale, University Park where there are some houses around $500K-$600K.

I've been away 11 years and when I came back, this place is so crowded. Good luck with your decision.

 

[SoCal78_IHB]

"I’ve since learned that Woodbridge and OakCreek are both have the TCE problem if you find the Irvine Water district map."

(Just a reminder - the link to the map I posted a few comments above. Hope this helps.)

 

[Anteater Alum_IHB]

I will keep in mind the TCE map as I look at homes to consider and also proximity to the train. May end up commuting into LA hence the interest in MetroLink.

 

[politrix_IHB]

Note that the TCE pool moves 300 feet every year. That adds up over time, so I wouldn't buy on its path either (which includes most of central Irvine)...

 

[bkshopr_IHB]

Note that the TCE pool moves 300 feet every year. That adds up over time, so I wouldn't buy on its path either (which includes most of central Irvine)...

TCE movement is moving in a downward slope direction away from the El Toro Base. Contour map indicates the gravity drainage flows to the south-westerly direction.

 

[Anteater Alum_IHB]

No one seems to want to touch my loan underwriting question. I have yet to approach a lender so wanted to field this group.

You all have convinced me that prices will continue to fall. I concur. However, I'm looking at this purchase as a final resting spot for me and the family. That said I'm willing to risk not timing the bottom. I have a longer time horizon to make up losses. For me this Irvine purchase is less about the loss opportunity cost and economics as and more about being able to afford a home in a good area

 

[IrvineRealtor_IHB]

No one seems to want to touch my loan underwriting question. I have yet to approach a lender so wanted to field this group.

I think lendingmaestroand masterofdamoneyare both lending professionals that post from time to time. They could help but obviously would need to know much more intimate details of your finances to give you an answer. Penfed is another option, a credit union that I've heard gives very competitive quotes on rates (total cost of loan).

Good luck.

 

[stepping_up_IHB]

I'm not a lending person, but back in May we bought and the bank wanted a copy of the lease on other property. At that time, they allowed us 75% of the rent towards our income. However, since then you had a bunch of people buy with an FHA, saying that they were going to rent out their other home, but instead defaulting on it. What I've heard lately is that you need to be able to qualify income wise for both mortgages unless you have 30% equity in the other house. If you have substantial equity, then they will only count 75% of the rent towards your income for the debt to income ratio.

 

[Anteater Alum_IHB]

Thanks for the reply. Hopefully those posters will chime in.