Mortgage Question?

Question

How does anyone in So. Calif. afford a home with an average income, that is not a run down shack? or am i destined to be the "apartment people" forever?

Answer 1

I came to that conclusion 5 years ago and moved out of state. I was able to purchase a home on a large lot immediately.

California is over-rated. I finally figured out that even if I worked 5 jobs I'd never be able to afford a home there. That was the point I decided to leave and I am glad I did.

Answer 2

A good credit score is very important. That's what it's all about. Check your scores (there are 3 scores that are commonly used) at least once a year. Pay down any debts (IF you have any) as much as you can. Save for a downpayment.

With a good credit score you should be able to get a decent mortgage. You don't even have to have 20% down, you can also do much less down. But then you have to pay PMI (private mortgage insurance).

Actually, buying an apartment isn't really such a bad idea - it doesn't have to be a house right away. Or maybe buy a townhouse. I'm just saying this because a house is much more work and therefore costlier.

An apartment/ condo or a townhouse can be an excellent first purchase and then you can always move on from there.

Try the book "Home buying for dummies" - it's great in that it shows you what you need to know and what questions to ask.

http://www.amazon.com/Home-Buying-Dummies-Eric-Tyson/dp/0471768472/ref=pd_bbs_sr_1/104-7967279-7588710?ie=UTF8&s=books&qid=1172978621&sr=8-1
Good luck!

Answer 3

I asked my friend that same question, she used to live in california, she and her husband both worked, and made decent wages, yet, housing was unattainable.....so, she said they did what apparently a lot of others do, is co-habitate with another couple......Unless you're a wealthy movie star, or some kind of extremely rich icon, the housing is just unbelievably expensive.....

Answer 4

Move to another state then try for a house then go it good luck

Answer 5

Gotta fight for it. Good luck.