First-Time Homebuyer Savings Account
This account is to be used to pay or reimburse a qualified beneficiary’s eligible expenses for the purchase of his or her primary residence in Missouri. Eligible expenses include: purchase or construction of a first home in Missouri, closing costs, taxes and fees.
- An individual may be the account holder of multiple accounts and an individual may jointly own the account with another person if they file a joint income tax return. An account holder shall designate a first time home buyer as the qualified beneficiary of the first-time home buyer savings account and may designate themselves as the qualified beneficiary.
- A maximum contribution:
- $1,600 per year for and individual.
- $3,200 per year for account holders who file a joint tax return.
A first-time home buyer is an individual who has never owned a single-family, owner-occupied primary residence including a condominium or manufactured home or an individual re-entering the housing market, if they have not been listed on a property title for at least 3 years.
If the funds are used for a different purpose or to purchase a home outside of Missouri, the tax savings would have to be returned.