Bay Area Tops The List In Down Payment Amounts

So many clients ask us how much down payment they need to qualify to purchase a home in the Bay Area. Each person’s situation is unique and there is financing available with as little as 3.5% of purchase price down.
However putting down 20% will often get you the best rate possible for 30-year fixed loan. With home prices on the rise in the Bay Area, saving 20% is a challenging task.
Per Zillow (see link to full article below) saving 20% down payment can cost more than 2/3 of the average annual income and this is a major concern for many potential home buyers. Some cities in the Bay Area are among the leading markets where buyers must come up with the largest percentage of their income to buy a home. In some cases, buyers have to put down 1.8x their annual income. Although these numbers can be scary, buying a home is still within many Bay Area residents reach and an experienced agent and loan officer can guide you in making a choice that fits your particular needs.
Zillow also has a great affordability calculator and payment calculator so potential buyers can run rough numbers on their own to see what payments they are looking at. However, to get accurate numbers it would be best to contact Paymun’s mortgage department.

http://zillow.mediaroom.com/2017-01-13-A-Down-Payment-Costs-Home-Buyers-an-Average-of-2-3-of-Annual-Income

By | 2018-05-04T02:41:31+00:00 January 20th, 2017|Buy, Home mortgage loans|Comments Off on Bay Area Tops The List In Down Payment Amounts

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