In the new year, many Oklahomans are focusing on making positive changes in their life and setting goals for the new year. For many, 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, 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.
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.
Visit your local financial institution to get a Home Buyers Savings Account started today!
Are you a REALTOR® looking for more information about Home Buyer Savings Accounts and getting the information to your clients, colleagues and neighbors?Find more information below like:
HOW DOES AN HBSA WORK?
The biggest hurdle for first time home buyers is affordability. Josh Cockroft, Senior Director of Government Affairs talks about how it will become just a little bit easier for those first time homeowners in 2020 with new home buyer savings accounts.
Looking for more information about Homebuyer Savings Accounts to share with your clients? Download the files of our REALTOR® Toolkit below. Among the items are sample emails and social media posts, a series of infographics, and a customizable postcard you can make your own. All of these items were built with the idea that you would share them with your clients, colleagues and neighbors!