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Quiz: Minnesota’s new First-Time Homebuyer Savings Accounts

Find out how much you know about Minnesota’s new First-Time Homebuyer Savings Accounts that are available now.

True or False: First-Time Homebuyer Savings Accounts can be opened at any bank or credit union in Minnesota.

True

False

Correct!

Wrong!

True or False: Parents and grandparents are prohibited from contributing to First-Time Homebuyer Accounts for their children or grandchildren.

True

False

Correct!

Wrong!

True or False: There is no limit on the amount you can save in a First-Time Homebuyer Savings Account.

True

False

Correct!

Wrong!

True or False: Homebuyers need to put 20% down to purchase a home.

True

False

Correct!

Wrong!

True or False: All interest and dividends earned on a First-Time Homebuyer Savings Account can be claimed as an income tax deduction on state taxes.

True

False

Correct!

Wrong!

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Quiz: Minnesota’s new First-Time Homebuyer Savings Accounts

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