The biggest hurdle for first time home buyers is affordability. Josh Cockroft joins us to talk about how it will become just a little bit easier for those first time homeowners in 2020 with new home buyer savings accounts. Listen to Episode 77.
More about Home Buyer Savings Account
In the new year, many Oklahomans are focusing on making positive changes in their life and setting goals for the new year. For a lot, that goal is home ownership. There is a great new tool for Oklahomans looking to start saving or becoming a home owner. The Home Buyer Savings Account.
Home Buyer Savings Accounts allows potential home buyers to create monetary savings accounts for tax-deductible home-purchase related expenses. These expenses include down payments, escrow and inspection, lender fees and appraisal fees. The great thing about these Home Buyer Savings Accounts is that the interest and capital gain earnings are FREE from Oklahoma state taxes. The account enables Oklahomans to deduct up to $5,000 for an individual and up to $10,000 for a joint account from taxable income in a single year.
If you’re thinking, “I’ve already bought a house, so this is no good for me.” Think again. Home Buyer Savings Accounts are available to anyone who has not owned or purchased a home within the previous three years, not just first-time homebuyers.
One of the best parts about these Home Buyer Savings Accounts is that parents and grandparents have the convenience to set up funds for their children and grandchildren, similar to a 529 College Savings Plan, but for homes. We all want financial security for our children, and now we can assist them with that. Contributing to a Home Buyer Savings Account makes a great graduation, birthday or Christmas gift for loved ones.
76% of those under the age of 44 said that monetary reasons are the biggest barrier to homeownership, and Home Buyer Savings Accounts help alleviate this problem.
Homeownership contributes to a strong society and booming economy. When you have homeowners in a community, you have a stable community.
Visit your local financial institution to get a Home Buyers Savings Account started today!