who funded the first home loans in the us?
In the early 1900's what financial instutions funded home loans and what were the terms available?
By
perkyjt
Posted on
09/29/08 Total Answers
1
Answers-
I don't know, but I do know that when the great depression hit in the 1930's the most common type of home loan was a balloon note. You had to get a whole new loan every five years or so. When you found you could not finance a new mortgage that caused a foreclosure.
It is my understanding that FHA, VA and FNMA created the idea of the low down payment, long term, fully amortized mortgage loan for the regular buyer in the 1940's and 1950's.
