First time Homebuyers Savings Account

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First-Time Homebuyers

Savings Account


Updated Sept. 2021

Updated: Sept. 2021
First-Time Homebuyer Savings Account is now available in the state of Missouri to help first-time homebuyers achieve their dream of homeownership!
Using this program, first-time homebuyers in Missouri can lower their taxes by saving money for their down payment and associated closing costs. Annually, qualifying first-time homebuyers can deduct up to $1,600 for married couples filing a joint return, and $800 for all other filers. They can contribute twice as much. 

DO YOU QUALIFY? 

As a Missouri resident, you qualify for this program as long as you haven’t previously owned a home of any kind, or as a result of the dissolution of marriage, have not been listed on a property title for at least three consecutive years.

CAN YOU AFFORD A HOME? 

Contact me, and I can help you understand the costs of buying a home and the process of finding a home that best fits your needs.

HOW DOES IT WORK?

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 annually for married couples and $800 for all other filers.

WHEN CAN YOU START? 

You can open a Missouri First-Time Homebuyer Savings Account at any time and start saving for your first home. 

Local Banks that offer these types of accounts:


Central Bank

Clay County Savings Bank


LIVE IN KANSAS? You may be eligible for a similar program, the Kansas home buyer savings account in Summer 2022!