Even Some Down Markets Still Need Jumbo Loans
Proving that every cloud has some silver linings, the $1.4 billion Technology Credit Union, headquartered in San Jose, Calif., announced that it has jumbo home mortgage loans available.
"It's no secret Bay Area housing prices and the cost of living are amongst the highest in the nation," said Steve Donahue, vice president of mortgage origination for Tech CU. "This loan product was created for members with good credit who want to refinance or purchase an upper end home and enjoy the benefit of fixed payments."
The credit union pointed to data which shows that roughly a third of home sales in the San Francisco Bay area in December of last year were for at least $500,000 and that roughly half of all homes sold in the decade changed hands for at least that much.
But the CU did acknowledge there has been a downturn in the area. Data showed that prices in the area in December were down roughly 1.3% from where they were last year, which was already a record low. But the median price for homes and condos was still $375.000. By comparison, the median price of a house or condo in the San Francisco Bay area in June/July 2007, the height of the market, was $665,000, the CU said.