First-Time Homebuyer Savings Account

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.