First time home buyer listen up!
News from the financing industry! Introducing a first-time home buyer savings account. Bryce gives us the details on the savings account and how you could get a nice chunk of change for your first home purchase. This is a huge bonus for buyers in the Boise/Treasure Valley area when the prices of homes continue to increase.
If you are interested in this, get ahold of the game and get in touch! https://bit.ly/3uObEB1
Jesse: Buying The 208 back again, Jesse Taff, Bryce Gonser, and we're going to give you a little bit of news in the financing and mortgage realm right now and kind of educate you on an awesome new program that the government's put out, as well as something coming up that we might want to be keeping an eye out for?
Bryce: Absolutely. So, I've seen a ton of new just requests, questions about this first-time homebuyer’s program here in Idaho. So, we already have one of the best mom programs here in the nation but now on top of that guys, we have actual savings account dedicated for first-time homebuyers and as far as my knowledge goes, this could be outdated, but as of about a couple of weeks ago, Willamette Valley Bank was the only one offering this program in Idaho, so pretty impactful stuff. But what it is, guys, is this a small, high yield savings account for your money, so you get a small return on any money that's kept in there, up to $15,000 can be used in this account, that can be one deposit. So, if you had $15,000, in a Wells Fargo, as long as it is seasoned in this count for 30 days, you can take advantage of the benefits with this account. What it is, is the 15,000 that you would use from the savings account on a home purchase would then be used to offset your state taxable income at the end of the year. So definitely some questions that you'd want to talk to like, what does that look like with your CPA or your financial adviser, but it basically just helps offset the total taxable income on just the state side, not the federal, at the end of the year, hopefully, get a little bit of a reimbursement back for purchasing a home and in a fast-growing market.
Jesse: Yeah, exactly. So, some extra, it's like you said, a little bit of yield within that savings account. So, make some interest there and anything to help reduce personal taxes, and income taxes are a great thing to take advantage of, especially if you plan to save now or, in the future to purchase a home.
Bryce: Exactly, wouldn't be a bad idea to get started now if you guys have any questions, I have a great contact that I can give you guys, kind of get started, what is the setup process look like? A lot of stuff with that so feel free to reach out to me or Jesse on how to get started. Then another thing to keep an eye out for guys is Biden has also talked about potentially rolling out an additional 15k stimulus or not stimulus but a 15k package for first-time homebuyers that has not been passed yet. So, we'll keep a lookout in the market in the news to see, when we might have that available, what that looks like because that would be different than just the state side of things but we'll definitely keep you guys in the loop as far as if that actually indeed comes out.
Jesse: Yeah, exactly. I mean, that'd be a huge bonus for a lot of first-time homebuyers. Especially out here where we're seeing prices escalate pretty quickly and really continuing to go up already so far this year. So, if anything helps, and obviously having a trusted professional on your side is probably one of the most important pieces. Feel free to reach out, contact us. Let's get you into an awesome home or sell the one you're in right now, and let’s make this a good 2021.