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What do you think of when you think of the “American Dream”?
Most think of Homeownership. It is an essential part of the American Dream for sure, it’s becoming more difficult for younger generations due to rising costs in housing and huge student loan debt are making it more difficult to achieve.
Down payment and closing costs can be challenging to save for. The First Time Home Buyer Savings Account Program will provide an opportunity to save and grow funds which can be applied towards purchasing a home.
How does this work you ask…..sounds too good to be true, nope, it’s true for Alabamaians!
So how does this all work………
- Accounts may be opened by first-time homebuyers and those re-entering the housing market, if they have not owned a home within ten years
- Savings from the account can be used to pay for a down payment and/or closing costs for the purchase of a single-family dwelling.
- The principal deposits and earnings from the account are deductible.
- Limits on deductions for principal contributions – $5000/filing individually, $10,000/filing jointly.
- Total deductions from deposits and earnings cannot exceed $50,000.
- Qualified expenditures must be made in five years from opening the account.
- The account can be opened at any institution authorized to do business in Alabama, and only marketable securities or cash may be contributed.
- Penalties apply if funds withdrawn or used for any non-qualified purpose.
Learn More: http://bit.ly/AL-FTHB