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.
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.
Support the Missouri First-Time Homebuyer Initiative (HB 1796)
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.
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.
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.
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.