Foyer Breaks Ground with the First 401(k) for Homeownership

Foyer, the 401(k) for Homeownership, announces that the company is now live across Michigan.

Foyer provides a pathway to homeownership through secure, accelerated savings programs and a platform of purchasing resources so first-time homebuyers can confidently make their dream of buying a home a reality.

“Just like planning for retirement, homeownership needs a dedicated plan with a matching contribution that enables first-time homebuyers to achieve their dream of owning a home.

After I tried to buy my first home last year, and saw interest rates move multiple percentage points in that process, I realized that the prospect for homeownership was in crisis. So I put my own home purchase on pause and started Foyer – the 401(k) for homeownership.

The same way other major life goals, like saving for retirement and college tuition, have dedicated accounts, Foyer is the dedicated platform for the 50 million potential first-time homebuyers sitting on the sidelines across the U.S. today.” – Landy Liu, Founder, Foyer.

How Foyer Helps First-Time Homebuyers:

Save Faster:

• Deposit matches – Foyer matches 1% of deposits (up to the first $20,000 each year).
• Dedicated tax support – including for First Time Homebuyer Savings Accounts.
• Competitive, 4.51% APY, high-yield savings accounts.

Save Smarter:

• Foyer helps new homebuyers stay up-to-speed on every step of the homebuying journey with education and tools that help them understand how much they can afford, the additional expenses besides a downpayment, how a mortgage works, choosing the right real estate agent, and more.

More Connected:

• When homebuying milestones are met, Foyer connects buyers with local agents and lenders who specialize in serving first-time homebuyers.
• Buyers homebuying goals and progress are shared with local experts to ensure a seamless introduction to real estate experts who know exactly where they are on their homebuying journey.

The company has been piloting the platform with 100 users in Michigan over the past few months and the initial response has been positive. Foyer is rolling out their offering across the state of Michigan today and anticipates going live in Colorado and Oregon in the first quarter of year.

Foyer will also be expanding its offering to corporate partners in the coming year. Employees are increasingly focussed on their inability to buy their first home. By giving employers the option to offer Foyer as a corporate benefit, employers will be able to help their employees combat the home affordability crisis while at the same time improving their own employee retention.

Foyer is on a mission to save the American dream of homeownership. With 50 million aspiring first-time homebuyers are now saving longer for less. Foyer provides the next generation a new way to plan, save, and purchase with confidence.