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.

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.

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.