Savings Help for First Time Homebuyers
Recently, the State of Missouri created a First-Time Home Buyer Savings Account. These accounts are easy to set up and can be started at a local banking institution. Two such local banks that currently have the accounts are Central Bank and the Bank of Franklin County. Starting this type of an account could be the first step to achieving the American Dream of Home Ownership.
Who can qualify you ask? Missouri Residents who have not owned a home of any kind or have not been listed on a property title for at least 3 years are eligible for the program. If you are not sure what type of home you can afford, please feel free to reach out to any of our team members through www.movemohomes.com. We can help you research the home that fits your lifestyle and give you a target to save for to be liberated from renting and feeding someone else’s equity.
How does it work? Annual contributions can reach up to $3,200 for married couples and $1,600 for individuals. Your contributions can lower your taxes while saving money for your down payment and associated closing costs. Annually, qualifying first-time homebuyers can deduct up to $1,600 for married couples filing a joint return, and $800 for all other filers. For additional information you can visit www.missourifirsthome.com
Broker/Owner of Move Realty
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