Buying your first home in Mission Viejo will most likely be a stressful event if you are like most people. How much can you afford? Where is the best neighborhood to shop? How much do I need for a deposit? Monthly mortgage commitment for the next 30 years... Phew!!! But after buying and selling many of my own homes and helping hundreds and hundreds of homeowners buy their first home, I can tell you that the initial stress is well worth it.
Mission Viejo has a wide variety of housing designed for the first home owner. There are currently 82 attached condos and townhomes for sale in Mission Viejo, priced from $319,900 for a 1 bedroom, 1 bath to $679,000 for a 3 bedroom, 2.5 bath, 2 car garage attached townhome, 2,200 square feet of living space, and a nice big yard.
If detached homes are your preference, Mission Viejo has 111 homes for sale ranging in price from $519,900 to $1,899,000. The lowest-priced detached home is a 2-bedroom, 2.5-bathroom home with a two-car garage, and the highest-priced property comes with 4-bedrooms, 4.5-bathrooms, and 3,800 square feet of living space.
There are many loan programs available in Mission Viejo today that are designed for first time home buyers that did not exist 7 years ago. There are loan programs that offer no down payments with very low down payments of 3% to 5%. There are other loan programs designed for the self-employed, where you do not need to verify your income (so-called stated income) if you have good enough credit. In other situations, it can be negotiated to have the home seller pay your closing costs. While there are other loans offering adjustable rate mortgages, interest only mortgages, and now the new 40 year amortization mortgage... all of these have been developed to help keep monthly payments low.
If you're like most people in this state, the home you own and live in will be your best and most valuable investment of your life. Coastal Orange County real estate has enjoyed great price appreciation for many decades, and estimates are that it will continue to do so for decades to come. Plus, the tax benefits of owning real estate are unbeatable. You can deduct your interest payments on your residence or save on capital gains tax with a 1031 exchange for rental property, plus tax-free up to $500,000 of equity when you sell your residence, making home ownership a fantastic investment and a great tax shelter .
There are also new computer technologies available today that greatly assist the new home buyer in finding and identifying the perfect home. These new home search technologies bring peace of mind and convenience to today's busy home seekers. Additionally, getting the services of a professional real estate agent who has a lot of experience working with buyers who are buying new properties will go a long way in making the process more enjoyable than frustrating.
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