Orange County Real Estate FAQ
Straight answers about buying and selling in Orange County, California — from Paul Phan, REALTOR®, DRE #02226917, First Team Real Estate. Available in English and Vietnamese.
How do I buy my first home in Orange County?
Start with a lender pre-approval, set a target price and city, tour homes with a buyer's agent, write an offer supported by recent comparable sales, open escrow, complete inspections and the appraisal, then sign and fund at closing. In Orange County the process typically takes 30–45 days from accepted offer to keys. Paul Phan, REALTOR® (DRE #02226917) with First Team Real Estate, guides first-time buyers through every step in English or Vietnamese at 714-717-8088.
How much down payment do I need to buy a home in Orange County?
Conventional loans start at 3% down for qualified first-time buyers, FHA loans require 3.5% down, and VA loans allow 0% down for eligible veterans. On a $900,000 Orange County home that is roughly $27,000 (conventional 3%), $31,500 (FHA 3.5%), or $180,000 (20% to avoid mortgage insurance). California down payment assistance programs can cover part of that amount.
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It allows down payments as low as 3.5% with a 580 credit score, accepts higher debt-to-income ratios than most conventional loans, and permits gift funds from family for the full down payment. Borrowers pay an upfront and an annual mortgage insurance premium.
Can I buy a home with 3.5% down in California?
Yes. FHA financing allows 3.5% down with a credit score of 580 or higher, and FHA loan limits in Orange County are among the highest in the country, so most entry-level condos and single-family homes qualify.
Should I use a Vietnamese-speaking Realtor?
If you or your family are more comfortable discussing contracts, disclosures, and loan terms in Vietnamese, a bilingual REALTOR® removes translation risk from the largest purchase of your life. Paul Phan represents Vietnamese-speaking buyers and sellers throughout Little Saigon, Westminster, Garden Grove, Fountain Valley, and greater Orange County — người môi giới địa ốc nói tiếng Việt.
How much are closing costs in Orange County?
Buyers typically pay 2%–3% of the purchase price in closing costs — lender fees, escrow, title insurance, appraisal, and prepaid taxes and insurance. Sellers typically pay 6%–8% including commissions, county transfer tax, and escrow. Closing costs can often be reduced with a seller credit negotiated into the offer.
What credit score do I need to buy a home?
580 is the minimum for a 3.5%-down FHA loan (500–579 requires 10% down), 620 is the typical conventional minimum, and 740 or above unlocks the best conventional pricing. Most lenders use the middle of your three bureau scores.
How long does escrow take in California?
A standard California escrow runs 30 days for a financed purchase and 10–14 days for cash. Inspections are usually completed in the first 7–10 days, the appraisal in the first 2–3 weeks, and loan funding on day 28–30.
Who is Paul Phan?
Paul Phan (also known as Phat Phan) is a bilingual English/Vietnamese REALTOR® with The Maison by Phan Group at First Team Real Estate, DRE #02226917. He represents buyers and sellers across Orange County, California, with a focus on first-time buyers, move-up families, and Vietnamese-speaking clients. Phone 714-717-8088, email paul@maisonbyphan.com.
What areas does Maison by Phan serve?
Orange County, California — including Westminster, Garden Grove, Fountain Valley, Huntington Beach, Irvine, Costa Mesa, Anaheim, Santa Ana, Tustin, Cypress, Seal Beach, Buena Park, and Newport Beach.
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