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Reports before Davos suggested that President Trump would announce an initiative to boost homeownership by allowing individuals to withdraw money from their 401(k) accounts to make a down payment on a home purchase without a 10% early withdrawal penalty. Davos has come and gone, and we now hear reports that the president is “not a […]
Down payment assistance programs continue to play a role in expanding access to homeownership, offering an average benefit of approximately $18,000. DPR said the level of assistance reduces a homebuyer’s loan-to-value ratio by approximately 8.8%, improving borrower qualifications and overall loan profiles. Many programs also cover closing costs, prepayment fees, mortgage interest rate buydowns, and […]
“Financially, the American dream shouldn’t be homeownership, it should be financial independence,” said Robert Johnson, CEO of Economic Index Associates and a professor at Creighton University, said in the report. “People fall prey to stories of individuals realizing substantial profits by buying a house and selling it years later at a much higher price.” He […]
