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