Most banks will not lend to even high credit scores without a downpayment. If you have less than 20% downpayment you have to pay an absurd pmi payment. As our homes are our greatest asset most Americans throw everything post tax we have into the home. With depressed prices we are not able to sell to get downpayment funds needed to purchase an upgrade. If we were able to use our 401k investments penalty free for a home downpayment we would be able to kickstart the economy big time, take a glut of housing off the market and free up consumer cash.
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