Can’t afford your mortgage in the Bay Area?

You are spending more than $3k/mon for a rental. You have $100k saved up, which is enough for a $500k home, but you obviously feel that is not enough. Both of those facts say that you’re living in an expensive area. You can’t afford to live where you want to live. Either your wife needs to get a job, or you need to live somewhere less expensive.

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The point that I’m trying to make, of course, is that if we’re talking about a fully amortizing 30 year fixed loan, you’ve got to make an awful lot of cash to afford even a starter home in the bay area. As burbed says, good thing all those starting engineers make $90k!

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But it’s also possible to use a reverse mortgage to buy a home. This can be helpful to people who want to relocate and can’t afford mortgage payments in. a mortgage professional in the San.

Ya its true alot of people do make extra money "under the table" that is very common for people in places that are expensive to live in: San Diego, Los Angeles, Bay Area, Miami, etc. I do disagree with your premises of a 30 year mortgage i as a loan officer think they are the worst loan you can get.

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How Much Do I Need To Spend On Housing? Despite some recent softening at the top of the market in San Francisco, even buyers who could afford. located? (Bay Area homeowners do get a break as the conforming loan limit for FHA, Fannie FNMA.

But moving is expensive – you have your job and a new cost of living to think of, and you’re often leaving friends and family.

So that’s often how people got into their multi-million dollar homes. They’re not necessarily wealthy. They just got here when a lot of the Bay Area was still covered in cheap farm land, especially San Jose in the 1980s. For most of those people, there’s no way they can buy back their own home today.

Diaz said she found she can’t afford another Bay. who worked for Bay Area nonprofit agencies, say they moved here precisely because they are not wealthy. They sold their Dublin home to get out from.

Home remodeling activity continues ascension: BuildFax As home building remains bleak, good news still remains for contractors. Since 2004, BuildFax has been tracking data about home-remodeling activity which was up 22% in May over a year ago, reaching the highest level since BuildFax started. It is not surprising that people are choosing to remodel their homes though, because underwater mortgages and tight access.