Legend
The graphic shows a random selection of homes listed within $10,000 of the median price for that community.
Mortgage calculations are based on the following assumptions:
* Property tax yearly rate at 1.25%.
* Hazard insurance yearly rate at 0.35%.
* PMI yearly rate at 0.65% for ARMs.
* Thirty-year fixed-rate borrowers qualify at an average mortgage rate of 7.64% for conforming and 7.99% for jumbo--each with two points--in Southern California on Aug. 3.
* Thirty-year ARM borrowers qualify at fully indexed rate (margin plus index); currently at 8.81%; based on 2.75 (assumed margin) plus 6.06 index (weekly average one-year T-bill Constant Maturity). Estimated ARM monthly payment is based on average start rate for mortgages pegged to weekly one-year T-bill in Southern California on Aug. 3.
* Both fixed rates and ARMs qualify at 33% debt ratio--assuming additional indebtedness does not exceed 5%.
* Some numbers were rounded. Figures shown are estimates.
* Other factors such as credit score play an important role in obtaining a mortgage.
Sources: Earl Peattie, Mortgage News Co.; mortgage estimates by Detrick Mortgage Group, Los Alamitos.
Inside:
Irvine
North Hollywood
Riverside
San Fernando
Westlake Village
*
Brentwood
Listing price: $895,000
* 20% down (fixed)
Loan amount: $716,000 (note rate: 7.99% with 2 points)
Estimated monthly payment (PITI): $6,389
Qualifying annual income (gross): $232,341
* 10% down ARM
Loan amount: $805,500 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)
Estimated monthly payment (PITI): $7,098
Qualifying annual income (gross): $289,992
About this home: This 1940s-era home has a generous lot size, at 9,278 square feet, for the flats of Brentwood. The 1,464-square-foot home has three bedrooms and two bathrooms, a dining room area and a living room with beamed ceilings. (Source: Edie Kirshner, Fred Sands Estates, Brentwood)
*
Torrance
Listing price: $256,000
* 20% down (fixed)
Loan amount: $204,800 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $1,778
Qualifying annual income (gross): $64,657
* 10% down ARM
Loan amount: $230,400 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)
Estimated monthly payment (PITI): $2,032
Qualifying annual income (gross): $82,949
About this home: Built in 1953, this 1,293-square-foot home has three bedrooms and one bathroom and sits on a 5,820-square-foot lot. It includes large dining and living areas and a spacious yard. (Source: Steve Goodard, Re/Max Beach Cities Realty)
*
Pasadena
Listing price: $310,000
* 20% down (fixed)
Loan amount: $248,000 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $2,153
Qualifying annual income (gross): $78,296
* 10% down ARM
Loan amount: $279,000 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)
Estimated monthly payment (PITI): $2,459
Qualifying annual income (gross): $100,446
About this home: This 72-year-old English cottage has three bedrooms and one bathroom. The 1,248-square-foot home sits on a 5,197-square-foot lot. (Source: Boyd Smith, Coldwell Banker)
*
Huntington Park
Listing price: $160,000
* 20% down (fixed)
Loan amount: $128,000 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $1,111
Qualifying annual income (gross): $40,410
* 10% down ARM
Loan amount: $144,000 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)
Estimated monthly payment (PITI): $1,270
Qualifying annual income (gross): $51,840
About this home: This 1,200-square-foot house features three bedrooms and 1 3/4 baths and sits on a 4,240-square-foot lot. The 20-year-old bungalow is newer than many homes in the area. (Source: Bob Brabant, Brabant Realty & Management Inc.)
*
Long Beach
Listing price: $235,000
* 20% down (fixed)
Loan amount: $188,000 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $1,632
Qualifying annual income (gross): $59,353
* 10% down ARM
Loan amount: $211,500 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)
Estimated monthly payment (PITI): $1,865
Qualifying annual income (gross): $76,144
About this home: This 1,218-square-foot home has three bedrooms and one bath. It features a remodeled kitchen and bath and a covered patio and swimming pool. (Source: Joe DiTore, Re/Max Real Estate Specialists, Long Beach)
*
Irvine
Listing price: $299,900, plus $39 a month in association dues
* 20% down (fixed)
Loan amount: $239,900 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $2,122
Qualifying annual income (gross): $77,157
* 10% down ARM
Loan amount: $269,900 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)
Estimated monthly payment (PITI): $2,418
Qualifying annual income (gross): $98,589
About this home: This 15-year-old house has three bedrooms and 2 1/2 baths. The two-story house has upgraded tile and carpet and a good-sized patio, but no yard. (Source: Walt Tamulinas ERA North Orange County Real Estate)
*
North Hollywood
Listing price: $184,900
* 20% down (fixed)
Loan amount: $147,900 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $1,284
Qualifying annual income (gross): $46,694
* 10% down ARM
Loan amount: $166,400 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)
Estimated monthly payment (PITI): $1,468
Qualifying annual income (gross): $59,908
About this home: Built in 1956, this three-bedroom, 1 3/4-bath home has 1,269 square feet of living space and is on a cul-de-sac. (Source: Grace Frey, Dilbeck-James R. Gary & Co.)
*
Riverside
Listing price: $159,900
* 20% down (fixed)
Loan amount: $127,900 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $1,110
Qualifying annual income (gross): $40,380
* 10% down ARM
Loan amount: $143,900 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)
Estimated monthly payment (PITI): $1,273
Qualifying annual income (gross): $51,836
About this home: This four-bedroom, 2 1/2-bath house was built in 1948 and has 1,861 square feet. It features hardwood floors, a new roof and a spa. (Source: Mike Teer, Teer One Properties)
*
San Fernando
Listing price: $152,000
* 20% down (fixed)
Loan amount: $121,600 (note rate: 7.64% with 2 points)
Estimated monthly payment (PITI): $1,056
Qualifying annual income (gross): $38,390
* 10% down ARM
Loan amount: $136,800 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)
Estimated monthly payment (PITI): $1,206
Qualifying annual income (gross): $49,250
About this home: This 1,325-square-foot home has four bedrooms and two baths and was built in 1948. It features a large workshop and is located in the heart of the city. (Source: Ana Marie Colon, ERA Rocking Horse Realty)
*
Westlake Village
Listing price: $509,000
* 20% down (fixed)
Loan amount: $407,200 (note rate: 7.99% with 2 points)
Estimated monthly payment (PITI): $3,634
Qualifying annual income (gross): $132,146
* 10% down ARM
Loan amount: $458,100 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)
Estimated monthly payment (PITI): $4,037
Qualifying annual income (gross): $164,926
About this home: This three-bedroom, 2 1/2-bath home has a spa in the backyard. The 2,509-square-foot house also features crown moldings, an oak banister and a wet bar. (Source: Pam Moran, Prudential California Realty)
