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Real Estate lEj
Eileen M. Day realtor
INCREASE IN
2-INCOME BUYERS
An increasing number of firsttime home buyers have a two-wage earner family. A most recent survey found that 75% of repeat home buyers were two-income families, up from 50% four years ago. However, among first-time buyers, a whopping 86% have two-income earners. This is up from 62% four years ago. Of the home buyers interviewd, three out of four families had two incomes. As can be seen, there is a definite two-income trend in homebuying.
Until a few years ago, only the income of the husband was considered qualifying for a mortgage. Fortunately, the philosophies of the lenders have changed. New laws have forced many such changes. Equal rights legislation has impelled lenders to revise the archaic thinking. The wife’s income is now taken into account equally with that of her husband. Thus the combined incomes of husband and wife for mortgage purposes are used to determine the monthly payment that couples qualify for.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor. The Clopton House, Washinton, VA. 22747. Phone: 6753033. We’re here to help.
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