This year may just be the best in history for first-time homebuyers to use a low down payment mortgage to leap from renting to owning. Either because they don’t know about low down payments or don’t understand them, thousands of prospective buyers are struggling to save enough money for a 20 percent down payment, which will take an average of 10 years, even longer in expensive markets like San Francisco, Austin and San Diego. Shortening the time to save for a down payment is just one reason to get into the market now, Here are four others. Prices are still rising Leading economists expect prices to continue rise in 2018 at a rate far above average, Fannie Mae forecasts an increase of 5.6 percent this year, and Freddie Mac has prices up 5.7 percent before they flatten out next year as supplies improve. The faster new buyers close on homes, the more their home values will rise with the tail end of the recovery, and the faster new owners will build equity. There is still ro…
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