Credit union was a smart move. Not sure how they did it back then, but in the 90s you had to be a member at least 6 months before they’d loan to you. I don’t know if it’s changed it since.
18% wasn’t so bad in the 80’s. A preferred rate Freddie mac
mortgage with a 2-point buydown was in the neighborhood of $12.5%. If credit was average, zipcode wasn’t the nicest and employment was other than white collar or union, 15-20% could be expected. Otoh, the average new home price was around $75K
A trip to the past:
http://www.mortgagenewsdaily.com/mortgage_rates/charts.asp?Y=1980&M=7
http://www.1980sflashback.com/1980/economy.asp
The credit union probably looked at my credit rating, which was 4-A, and waived the probation period.