Has the thought of purchasing your first home crossed your mind? Did you know that you could open a tax-deductible savings account dedicated to helping you save money to purchase your first home in Missouri?!
There are several advantages to owning your own home including personal, social, and economic benefits! Purchasing your first home might be more realistic than you think, and there are some tools available to make it even easier on yourself!
Missouri has a new First-Time Homebuyer Savings Account program available to help support first-time homebuyers!
Do you qualify?
If you’re a Missourian who has never owned a home of any kind, or as a result of a dissolution of marriage, has not been listed on a property title for at least three consecutive years then you qualify for this program!
So, what exactly is the Missouri First-Time Homebuyers Savings Account?
It’s a savings account that can be used towards the down payment of your first home in Missouri!
For married couples filing for a joint return, the annual contribution can be up to $3,200! For all other filers, the annual contribution can be up to $1,600!
Tax deductions are capped at up to $1,600 for married couples and $800 for all other filers.
When can you open your account?
Today! Head to your local bank or credit union to start saving now!
Who should you talk to for more information?
It’s recommended that you talk to a trusted advisor such as a Realtor® to help you better understand all of the tax benefits associated with homeownership, and to help ensure that you are getting the most out of the Missouri First-Time Homebuyer Savings Account Program!
In other words, call or message us! We have several fantastic Realtors who would love to talk to you about this program, and help you make your dream of owning a home come true!
-GSR
