I remember back in the day when a young couple would save and save and save to have 20% to put down on house or young guy would save up to buy a house and then rent out one or two rooms to make the payments. Back then it was all about hard work and determination.
My son bought his first house in 1997 and rented out two rooms to pay a 650.00 a month mortgage. It was a beautiful home, 1400 square feet, all brick with three bedrooms and two baths. People back then thought they were actually moving forward when they bought a house. You could see the delight on their faces, the bounce in their steps. They would pick up the paper to see if the home they desired was in it, not the internet.
Foreclosures were good buys back then too. The HUD and Va list would come out every Thursday and God willing people would find a decent home in a decent neighborhood. Yes we had the no-qualifing assumptions then and the VA Vendee loans but people still had to have their own money to buy a house. Points back in the late 70's and early 80's were like 4 and 5 points per loan, and people thought that was a bargin. I remember a loan I closed for 65,000 VA loan that had 5 points (all paid by the seller) and everyone was happy.
Times were different back then, people worked for a house and worked even harder to keep it.
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