The Missouri First-Time Homebuyer Initiative
Homeownership strengthens communities and provides stability for families. Owning a home is essential to building personal wealth.
But, having enough money for a down payment and closing costs is too hard for many working Missourians – especially those looking to buy their first home.
Wages are lagging. College loans are skyrocketing. Many families don’t know where to start.
We should be doing everything we can to encourage homeownership. That’s why we need the Missouri First-Time Homebuyer Initiative – a new idea to help prospective homebuyers start saving for their first home.
Making a Good Financial Decision Even Better
If adopted, the Missouri First-Time Homebuyer Initiative will open the door for first-time homebuyers and will help more Missourians achieve the dream of homeownership.
The plan would function as a dedicated, tax-free savings account program that would allow Missourians to:
- Deposit up to $16,000 ($32,000 for couples) of after-tax dollars annually.
- Parents and grandparents can set up an account for their children or grandchildren and even contribute money to the account.
- Receive a state income tax deduction on the principal investment up to 50% of the maximum deposit.
- All interest accrued in the account will be tax-free, expediting the time to purchase a first home.
- Apply the savings and any earned interest toward the purchase or construction of a first home in Missouri, including closing costs, taxes and fees.
- The plan applies to first time homebuyers and those re-entering the housing market, if they have not owned a home within three years.
A Truly Helpful Plan for the People of Missouri
Missouri REALTORS® are supporting legislation that can make the Missouri First-Time Homebuyer Initiative a reality.
Your support today can make the difference for first-time homebuyers tomorrow.
Contact Your Legislator!
Support the Missouri First-Time Homebuyer Initiative (SB 444/ HB 563/ HB 1230)
Tell your legislator to support the Missouri First-Time Homebuyer Initiative to help the next generation of Missourians save for their first home. It’s a new idea to encourage personal saving so that prospective homebuyers can overcome the financial barriers to owning a home.
About The Campaign
This campaign, supported by Missouri REALTORS®, seeks passage of the Missouri First-Time Homebuyer Initiative, which would provide Missourians with more opportunities and incentives to better save for the purchase of a first home in Missouri.