First-Time Home Buyer Savings Accounts: Bill H589 was passed this year!
Similar to existing Idaho tax-advantaged savings accounts for healthcare and education, Idaho’s First-time Home Buyer Savings Accounts encourage individuals to save for their first home, including down-payments, or other eligible costs associated with closing on their first home in Idaho.
Top 5 FAQs
1. Who qualifies? Any tax-paying Idaho resident or their Idaho spouse who hasn’t previously owned property in Idaho or any other state.
2. What banks and credit unions are participating?
- First Federal Savings Bank
- Bank of Commerce
- Willamette Valley Savings Bank
- Idaho Central Credit Union
- Spokane Teachers Credit Union
- Westmark Credit Union
Don’t see your bank or credit union? Ask them today about opening a FTHB Savings Account.
3. What are the limits? Individual tax-payers can save up to $15,000 a year and joint filers can save up to $30,000 a year for the eventual purchase of their first home. Annual savings can be deducted from their Idaho taxable income. The limit on the savings account is $100,000.
4. What can the savings be used for? Funds can be saved for the eventual purchase of a home. That includes down-payment, appraisal costs, closing costs and more (anything associated with closing on their first home).