First- Time Home Buyer? Discover how Idaho's First-Time Home Buyer Savings Account Bill H589 can help!

Boise's Metro's fast-paced and highly competitive real estate market can leave many first-time homebuyers feeling a bit bleak. Thankfully, Idaho’s First-Time Home Buyer Program (which went into effect on July 1, 2020) is here to help! Simply put, the bill  enables Idahoans to better save for their future first home purchase.  

About the First-Home Buyer Program:
Idaho’s passing of Bill H589  enables any tax-paying Idaho resident who has never owned a home and/or property (in Idaho or in any other U.S. state) to save up to $15,000 a year (or $30,000 for a married couple filing jointly) for the eventual purchase of their first home. Annual savings can be deducted from their Idaho taxable income and can then be used for down-payments, closing costs, appraisal fees, and a list of other eligible costs associated with the home purchase. The limit on the savings account is $100,000.

How to Get Started:
Here is a list (provided by the team at Idaho Realtors ®) of banks and credit unions that have FTHB Saving Account systems in place:

• CapEd
• Idaho Central Credit Union
• Bank of Commerce
• First Federal Savings Bank
• Spokane Teachers Credit Union
• Westmark Credit Union
• Willamette Valley Savings Bank

If your preferred bank or credit union isn’t listed above, call and ask about opening a FTHB Savings Account. If you’re a first-time homebuyer setting up FTHB Savings Account (along with partnering with a professional and knowledgeable agent) could be just what you need to help get you into your first home! Contact us to learn more.