AMAZING OPPORTUNITY FOR MICHIGAN RESIDENTS!
You can now set up a tax savings account for First-Time Homebuyers! Contributions may be deductible from your Michigan Income Taxes. An account can be set up for yourself, for your child, or grandchild. These funds can be used toward a first home. There are instances where, if you have owned a home before, you may still qualify as a first-time homebuyer. At this time annual contributions can be up to $5000 (single) or $10,000 (joint). The account caps at contributions reaching $50,000 but can continue to accrue interest. These funds can be used for down-payments or closing costs. Feel free to reach out if you would like more information.