early 20's wife with child, 1981 18.5% mortgage rate? we went VA and IIRC it was 19-20% Thank you J. carter House cost $28K on LI. 2 bd 1 bth full basement, atti,c quiet neighborhood. $5K down stroke. Sold it for $80K 3yrs later. The same house is now appraised for $385K No wonder east and west coast folks can afford mickey d mansions.