Quote:
Originally Posted by glatt
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He had his own business and was wealthier than his neighbors, but still.
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As I remember it since 1960...
In your g-fathers day, he dealt directly with the bank that loaned
the money and held the mortage.
The WWII vets had a major impact on the US, and in many ways.
One way was the creation of the FHA (Federal Housing Authority).
which became the way people had prospective houses inspected,
evaluated, and if it qualified, mortaged (at rates
up to 3%)
The Buyer's income was evaluated, and at first only the man's salary was considered.
The rationale was that the woman might get pregnant and so any income she earned would end.
As the 60's and the women's movement came along, the change
was made to include the woman's income was included. Of course,
this made it possible for couples to get into a higher priced house, and the $ inflation started.
By the late 60's the mortage rates were going up too.
We bought our first house for $18k at the last of the 3% mortgages.
My annual income was just about 50% of that.