re: #150 Anymouse 🌹🏡😷

I imagine most people starting out now would be laughed out of a bank trying to get a home loan. Even in the 1970’s it was tough (1:00, Crocker Bank commercial aimed at getting young people to take out home mortgages. The campaign failed because most didn’t qualify. You may recognise the tune, which was turned into a hit single later.)

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my parents bought the house I grew up in in 1962. It was a federally-subsidized FHA mortgage (red-lined, whites only) at below prime interest, you didn’t need any credit history to qualify.

Even so, the loan officer at the bank told them 1 year’s income is how much of a mortgage they’d qualify for. Most homebuyers today (not counting the “we’ll pay cash” types) — are spending 3 times that much.