Quote:
Originally Posted by Clammer
had one poor kid that had a 1005 loan .. a 80 & a 20 >>> his girl left him & he couldn't make the payments ..
|
In the 60's you could only get a mortgage based on 1 household member's salary. Protected the bank and the mortgagee.
Rule of thumb was you could only afford spending 25% of your salary on the mortgage.
Then when most women entered the workforce they opened it to 2 salaries, which is great, till times get tough and 1 looses a job or gets sick. (