US EditionTrump housing plan would open 401(k)s for down payments: Hassett
The plan aims to ease the housing affordability crisis by letting Americans use 401(k) funds for down payments, with details to be revealed at the World Economic Forum.
- President Donald Trump will present a final plan at the Davos World Economic Forum next week to let Americans use 401s for home down payments, National Economic Council Director Kevin Hassett hinted on Friday.
- Facing voter anxiety ahead of midterms, the White House states the proposal aims to address high housing costs and rising down payments, which increased from about $15,000 to about $32,000.
- Explaining the mechanics, Hassett suggested putting 10% down and treating 10% of home equity as a 401 asset, but officials acknowledge the proposal still needs work and current withdrawals incur fees.
- Critics warn that loosening down payment rules could raise prices without more supply, and freelance journalist Ellen Chang wrote on X, `I don't like to give personal finance advice, but do not do this.`
- The White House also directed Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds, and the 30-year mortgage rate fell below 6%, though economists cautioned on long-term effects.
30 Articles
30 Articles
Trump Set To Reveal Home Buying Plan Tapping Retirement Savings
Buying a house feels out of reach for many Americans. So what if your retirement savings could help cover the down payment? That’s the idea behind a new proposal President Donald Trump is expected to unveil next week.According to National Economic Council Director Kevin Hassett, the plan would allow Americans to tap their 401(k) retirement accounts to help buy homes. “You put 10% down on a house, then take 10% of the home’s equity and place it b…
Plan would let home buyers tap 401(k) for downpayments
WASHINGTON – The Trump administration plans to allow investors to use some of their retirement funds to make a down payment on a house, White House economic adviser Kevin Hassett said on Friday, adding that more details will be released…
Trump Plan Would Open 401(k) Accounts for Down Payments
President Trump is preparing to roll out a housing pitch built around Americans' retirement savings. National Economic Council Director Kevin Hassett said Friday that Trump will unveil a proposal at next week's World Economic Forum in Davos that would let people tap their 401(k) accounts to help cover a down...
Trump to Unveil Plan Allowing Homebuyers to Use 401(k) Funds for Down Payments
WASHINGTON—President Donald Trump will unveil a plan next week that would allow Americans to withdraw funds from their 401(k) accounts to use for a home down payment. White House National Economic Council Director Kevin Hassett announced the plan during an interview with Fox Business on Jan. 16, adding that the details of the proposal are still being finalized. He said Trump will announce the final plan in Davos next week. “The Fed lifted intere…
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