Good News for First-Time Homebuyers!
Signed Into Law:
The First-Time Homebuyer Savings Account Act encourages Minnesotans to be able to save more of their own money by providing tax deductions and incentives to help them achieve the dream of owning their own home.
How the Program Works:
Individuals can deposit money annually into a FDIC-insured savings account.
The account can be opened at any Minnesota bank or credit union.
Contributions to the account would receive a state tax deduction. Individuals can deposit up to $5,000 annually while married joint filers can deposit up to $10,000 per year, plus interest.
Parents or grandparents could set up an account AND receive a deduction from their own state taxes.
The plan applies to first time homebuyers and those re-entering the housing market, if they have not owned a home within three years.
So, to all who have been hopeful about buying their first home, but fearful of a large down payment setting them back, this could be a great opportunity to take advantage of!
For more information, click here: First-Time Homebuyer Savings Account