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Reply to "When were people in the DC area able to afford their first house?"
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[quote=Anonymous]26, 2003, small 2 BR TH in Reston. HHI was about $90K at the time. We used some savings and gifts from our wedding. Did an 80/15/5 mortgage, as we were being told no one was accepting VA loans at the time (my husband is a vet) The TH appreciated and we moved into a SFH 8 years later, right before our first started ES. We were able to use a VA Loan that time around because it was when all the short sales and foreclosures were on the market. Our house was a normal sale, but it needed upgrades. We put down 10% and used the rest to make some renovations/upgrades.[/quote]
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