americans were priced out
of homeownership last year.8
of 20-30 year olds who want to own in five years but cite downpayment and not knowing how to get started as main obstacles.9
Average length it takes for first-time homebuyers to save and it’s getting longer.10
With interest rates on mortgages doubling nearly doubling from 2021-2023, we believe it's vital to help Americans save better and faster for their first homes through higher yield and more predictability.
50% of homebuyers are surprised by their closing costs. The average first-time buyer spends nearly 50% of their down payment on closing costs. We believe in helping FTHBs better understand where there money may be going and empowering them to ask the right questions to get the best deals.
Two out of three buyers go with the first agent and lender they meet. But buying a home is a huge deal and the right partners with the right knowledge are critical.
Our savvy home advisors save buyers time, energy, and money by confidently connecting them with pre-vetted experts who offer the best rates.
Foyer is a savings platform created specifically for aspiring homebuyers. Our platform brings together a competitive 3.83% for Foyer+ members, the Foyer Match3, and potential state tax savings to accelerate your homebuying process.
A Foyer account can help you qualify for certain FHSA benefits in your state.4
Yes! Foyer is available in both the iOS and Android app stores.
While there is no minimum initial deposit required, your Foyer account must reach a balance of $100 or more within 60 days of opening your account to remain open.
Foyer is purpose-built for your future down payment and other home expenses. However, we understand plans can change, so we allow ACH withdrawals from your Foyer account at any time without fees, however you may lose out on accrued rewards and benefits.
If you are in a state with tax benefits, there may be penalties to withdrawing your funds without purchasing a home.10
Foyer primarily makes money on membership fees. In addition real estate agents and mortgage lenders may pay Foyer for the opportunity to serve our members. We use these contributions to fund the Foyer savings match. Our primary goals is to make Foyer the best way to save and prepare for homeownership.
While we can help you maximize your home buying potential regardless of where you live, First Time Homebuyer Savings Accounts (FHSAs) with tax benefits are currently only available in Alabama, Colorado, Iowa, Michigan, Minnesota, Mississippi, Missouri, Montana, Oregon, and Virginia.
What if I don’t live in those states?
That’s cool, too! You can still open a Foyer account and earn rewards for every dollar saved.3 Plus, many states offer a network of grants created specifically for first time homebuyers for up to $10,000.4
Saving for a home has never been easier. Foyer will match up to 6% of your deposits3, up to the first $10,000 of deposits each year.
Foyer Rewards are rewards you can convert to cash once you are ready to buy. You can earn Foyer Rewards for saving in your Foyer account and for completing specific tasks and actions like referring a friend and making progress in your homeownership journey.
You can redeem your Foyer Rewards when you have completed Foyer’s Home Preparation Program; have been a Foyer customer for at least 90 days before your scheduled closing; and have a signed purchase agreement. Just upload your purchase contract in the Foyer app!
The Home Preparation Program was created to help you put your best foot forward in your journey to becoming a homeowner and was designed to help you maximize your earnings, plan with precision, and feel confident going into the shopping phase.
You can complete the program by:
1. Saving in your Foyer account for 90 days or more
2. Calculating your home affordability in our Tools tab
3. Taking your first concrete step by chatting with a real estate professional
Your Foyer account can be used for anything related to the homebuying process including your down payment, closing costs, inspection and maintenance fees, etc. Remember, you can withdraw your deposits anytime.
Yes! Foyer members have access to a network of trusted national and local real estate providers at a discount who are eager to assist when you’re ready to buy. Foyer provides this as a benefit to account holders, no obligation to transact necessary.
Think of Foyer as your entryway into homeownership: we’re here to help with everything up until your move-in date. When you sign up for Foyer, we’ll create a customized savings plan for you. Additionally, we offer homebuyer education, tools and can be considered a First Time Homebuyer Savings Account.
First Time Homebuyer Savings Accounts (FHSA) are accounts that are designed for first time homebuyers. They are used to save for expenses related to a future home purchase such as a home down payment and closing costs. FHSA's may also qualify for certain advantages depending on your state!4
Absolutely, you can reach out to hello@foyersavings.com with questions or call +1 888 295 6590 M-F from 9am - 6pm ET. We're here to help
to stay up to date on homeownership news
Foyer is a fintech company, not an FDIC-insured bank. Banking services provided by Pacific West Bank, Member FDIC. Deposit insurance covers the failure of an insured bank.
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Additional footnotes
