Introducing the Michigan First-Time Home Buyer Savings Program
As of February 2022, Michigan Governor Gretchen Whitmer signed House Bill 4290 and Senate Bill 145 to establish the Michigan First-Time Home Buyer Savings Program in the Department of Treasury.
The legislation allows Michiganders to open first-time home buyer savings accounts to save for and purchase single-family residences in Michigan.
Any associated contributions, interest accrued, or qualified withdrawals from an account would be exempt from taxation and Michiganders could claim up to $5,000 for a single return or $10,000 for a joint return on their taxes.
“Homeownership is a hallmark of the American Dream, and yet too many Michiganders – particularly young folks – are unable to save up enough to afford their first homes here in our communities,” said Rep. Mari Manoogian, of Birmingham.
Manoogian continued, “This new program will put young people and new families on the pathway to success and will help our state retain its best and brightest, allowing people to stay here in our communities to raise the next generation of Michiganders.”
What can Ross Mortgage do?
If you were previously unable to finance your first home, these changes may shift the outcome of the homebuying process and your loan applications.
The Ross Mortgage team are experts in helping borrowers navigate the complicated mortgage processes, and can ensure you understand how this exciting announcement from the Department of Treasury will impact your dreams of homeownership.
Don’t miss out on the perfect opportunity to purchase a home! Send us a message to find out if you’re eligible for the Michigan First-Time Home Buyer Savings Program.