Friday, April 22, 2011

Mortgage Salary Bay Area

The median price paid for average houses and condos in the Bay Area was $360,000 in March, while the median price in San Francisco, San Mateo, Marin counties is way above $600,000. The medium monthly mortgage payment in Bay Area buyers this March is around $1,500, while the average salary for San Francisco Bay Area jobs is $65,000.

Just a reminder, for those Bay Area residents who earn way above average salary in Bay Area and plan to buy a nice home in the good school district. October 1th deadline is coming for San Francisco Bay Area home buyers, on that day the maximum loan amount from Fannie Mae and Freddie Mac will drop from $729,750 to $625,500. If you plan to buy a home this year, try to buy it soon, because it is less expensive and require a lower down payment to get a jumbo-sized loan now. Starting October 2011, a future home owner who wants to get Fannie Mae and Freddie Mac backed mortgage for one million home in Bay Area should come up with a $370,000 down payment instead of $270,000.

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