First Time Home Buyer Savings Account Program
Steve Tomkowiak • Mar 13, 2023
Take the first step towards homeownership under Michigan's First-Time Home Buyer Savings Program
Michigan Public Act 6 of 2022 grants the opportunity to open a first-time home buyer savings account to be used toward the purchase of a single-family home, including a manufactured home, used as principal residence. Eligible costs include the down payment and other allowable closing costs.
A qualified beneficiary under the program can be the account holder or another Michigan resident so long as the beneficiary has not owned or purchased a single-family residence during the prior three years.
The maximum account balance for an account is $50,000, which should be sufficient to cover the down payment and closing costs for most purchases.
This is certainly a program worth considering!
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