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First-Time Homebuyer Savings Accounts
Who Is It For? Any Mississipian who has never purchased, owned, or partially owned a home in MS or any other state.
What Is It? A savings account for first-time homebuyer that offers tax advantages for individuals up to $2,500 a year and up to $5,000 a year for couples.
Where Can A Buyer Create An Account? Buyers can create an account at any financial institution licensed to do business in MS. It can be a cash deposit account or money market account.
When Can A Buyer Create One? Buyers can open an account and start saving today. They can start taking a tax deduction beginning in the 2018 tax year.
Why Would A Buyer Want To Create One? When buyers are ready to buy a single family home, they will have money saved to help make the purchase. Plus, money deposited in the account is deductible from state income, which lowers their tax bills. Interest earned on the deposits is also free from state income tax.
Visit firsthomems.org for more information.