"A first-time homebuyer savings account (FHSA) is a state-sponsored, tax-advantaged savings account that helps you save money for your first home. Offered in some states, the money you contribute or the interest you earn, may qualify for state tax exemptions or deductions. As a result, these accounts may help you grow your savings faster. You can use these funds for a variety of home buying expenses including your down payment , closing costs , real estate agent commissions, or inspection and appraisal fees,"
"It varies by state who is considered a first-time homebuyer , but for the most part, you need to meet the following qualifications to open an FHSA: Have never owned a home, or have not owned a home in a certain number of years Live and buy a home in the state where you opened the account Use the funds for costs such as a down payment, real estate agent fees, or closing costs"
First-time homebuyer savings accounts (FHSAs) are state-sponsored, tax-advantaged accounts designed to help prospective first-time buyers accumulate funds for home purchases. Contributions or interest earned in qualifying FHSAs may receive state tax exemptions or deductions, enabling faster growth of savings. Eligible uses commonly include down payments, closing costs, real estate agent commissions, inspection and appraisal fees, though allowable expenses vary by state. Typical qualifications require never having owned a home or not owning one within a specified timeframe, residency and purchase within the state where the account is opened, and using funds for approved home-buying costs. Not all states offer FHSAs; some have pending legislation.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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