Virginia has just rolled out a new strategy to help first time buyers with their home purchase.
I've told a few lenders about it and they didn't know. I've told 3 accountants about it and they didn't know. In my continued quest to spread the word, then I'll tell you about it also.
- As of July 1, 2014
- Account can have up to $50,000 in contributions, at once, or over time
- 1st time buyers only
- Can be opened by a family member on your behalf (eg, grandparents, parents)
- Home must be in Virginia
Any tool which helps buyers get into their first home, which is always the most difficult, is something we should applaud. Accounts and financial planners may use their financial analysis tools and suggest other alternatives, and if those work, great.
It seems there is also a Wyoming model which is similar to this, though I gotta think we'd like to see 50 models of this plan (and a 51st for DC).
The Virginia Realtor site also has a lot more info on this:
http://www.varealtor.com/FHSP
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