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