First-Time Homebuyer Savings Account

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A New Way to save for a first home

Buying A First Home Just Got Easier

People saving for a down payment on their first home in Minnesota can now take advantage of the First-Time Homebuyer Savings Account. This new program lets individuals or couples, parents and grandparents save money in a tax-preferred savings account to go toward the purchase of a first home.

Married joint filers can contribute up to $28,000 and individuals up to $14,000 each year in a standard savings account dedicated towards purchasing a home. Interest and dividend gains can be claimed as a state tax deduction. Declare the account and the gains at tax time.

These savings accounts are available to first-time homebuyers and those re-entering the housing market, if they have not owned a home within three years.

Understand your current financial situation, credit score and budget. Talk to a REALTOR® to help you understand the costs involved in buying a home. Don’t forget the tax benefits associated with homeownership!

You can open any savings account today for your home purchase savings at any local bank or credit union and start saving! Your First-Time Homebuyer Savings Account is declared on your state taxes to receive the tax benefit.

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Download this Q & A from the Minnesota Department of Revenue.

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Brought to you by the MN REALTORS®’ Homeowners Alliance

5750 Lincoln Dr. Edina, MN 55436