Can’t afford your mortgage in the Bay Area?

The slump in homeownership in some of the Bay Area, which bucks the national trend, comes as prices remain staggeringly high across the region. Residents who can’t afford to pay a premium. about.

Simone is talking with CEO and President of Catalyst Mortgage Brandon. Make sure your dream home doesn’t become a nightmare. For example, a cute bungalow fixer-upper in East Sac is great, but if.

Mortgage: $36,000. Their payment is therefore $3,000 a month, or $36,000 a year. 70% of their $36,000 mortgage is interest. Hence, Take 70% X $36,000 = $25,200 a year in interest they are paying which is deductible from their $200,000 gross salary.

Real Estate Taxes. In California, many of the nicer areas have city taxes on top of the state tax which is low hovering around 1%. With the additional items you are paying about 1.25% to 1.75% on the very high end. With taxes are payment is now up to $2,499. Throw in insurance and you are looking at $2,574.

Mortgage applications fall on declining refinance activity The share of refinancing requests versus total applications contracted to 39.4% from 41.5% in the prior week. The group’s index on purchase mortgage activity, which is seen as a proxy for future.

VA loans offer 100% financing, which means no down payment whatsoever. Closing costs for home buyers in the Bay Area range from 3% to 5% of the purchase price, on average (though they stray outside this range). So there are upfront costs and long-term costs to consider, when determining how much house you can afford.

House Payment Is 50% of Take Home Pay "And I got a huge house for $330,000, a huge Victorian," she said. "It’s amazing. You can’t get that anywhere else in the Bay Area." A recent study by SmartAsset ranks Vallejo with the eighth best.

Landed helps teachers with mortgage down payments.. For West Coast teachers who can't afford to buy homes, a San Francisco-based.

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A key roadblock to buying a home is the inability of many would-be buyers to afford the down payment, which is typically 20% of the purchase price.

"For other people, investing in a mortgage may be more affordable," says Beverly Williams, who has been renting an apartment in the Port Tampa area for. In Tampa Bay, households earning the median.

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What are our options? Asked by Michelle Le Biavant , Santa Clara, CA Thu Jul 21, 2016 We are paying $2K /month in rent so are basically throwing money away, but can’t afford to put down 20% on $700K (the avg house price in our area).

HUD homes add to inventory-starved market It is HUD’s sincere belief that finding new owner occupants for these homes will help improve the neighborhood they are in and the housing market as a whole. While HUD Homes are also available to investors, priority is give to owner occupants, and the content of this article will refer only to owner-occupants.