Despite recent gains in many segments of the U.S. real estate market, prospective first-time homebuyers have continued to remain cautious and delay purchasing homes of their own. Student debt, stagnant wages, and uncertainty about the economy are oft-cited contributing factors to the slow pace of growth in this vital piece of the larger economic puzzle. Last week the government, in a move hoping to prod these first-time buyers to action, outlined a plan to allow banks to offer mortgage poducts with down payments as low as 3%. Ron Lieber of the New York Times, in his 12/13/14 column, catches up with two couples who recently became homeowners using low down payment mortgages.
Would a low down payment mortgage product help to get you off the fence?