Missouri First Home Savings Account
Thanks to a new law, Missourians can now save for their down payment with a Missouri First-Time Homebuyer Savings Account; a tax-deductible savings account dedicated to the purchase of a first home in Missouri.
- All
Missouri residents qualify for this program as long as they haven’t
previously owned a home of any kind, or as a result of the individual’s
dissolution of marriage, have not been listed on a property title for at
least three consecutive years.
- Parents
or grandparents can open an account for their children or grandchildren
and contribute to those accounts as well.
- Annual
contributions are up to $3,200 for married couples filing a joint return
and $1,600 for all other filers.
- Tax
deductions are capped at up to $1,600 for married couples and $800 for all
other filers.
- Account
holders can apply the tax deduction on contributions up to $20,000.
Many people believe they need to put 20% down to purchase a home.
The fact is, the average down payment is actually closer to 11%. In
many cases, the down payment can be even lower than that.
If you want to own a home, opening a Missouri First-Time Homebuyer
Savings Account is an important first step in making your dream a
reality.
To learn more about the Missouri First-Time Homebuyer Savings
Account, feel free to email me or call/text (816)308-8833
Carrie Cowan Holder
RE/MAX Premier Realty
www.ineedthathouse.com
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