880 N Dean Road, Auburn, AL 36830 334-321-0606
We Aren't Just Your REALTORS®...
We Are Your Neighbors.

Blog

Home Blog

First-Time Homebuyer Savings Account: Helping You Save for the Perfect Home

There’s Good News for Alabamians Looking to Purchase Their First Home

Alabama has signed into law a new savings account program supporting first-time homebuyers. Known as the First-Time Homebuyer Savings Account Program, Alabamians can create a monetary savings
account for the down payment and/or closing costs for the purchase of a single-family dwelling. What’s more, the principal deposits and earnings from the account are tax deductible.

With the First-Time Homebuyer Savings Account Program, you’re one step closer to finding your perfect home!

Here are the details on Alabama’s latest program benefiting first-time homebuyers:

Who?

Alabama first-time homebuyers and those re-entering the housing market, if they have not owned a home within 10 years.

What?

A savings account that can be used towards the down payment and/or closing costs for the purchase of a single-family dwelling.

When?

You can open a First-Time Homebuyer Savings Account starting in 2019.

Where?

The account can be opened at any financial institution authorized to do business in Alabama, and only marketable securities or cash may be contributed.

How?

Talk to a trusted advisor, such as your local REALTOR®, to help you understand all the tax benefits associated with homeownership – and to help ensure you’re getting the most out of Alabama’s new
law, the First-Time Homebuyer Savings Account Program.

Why?

When you are ready to buy a home, you will have the savings you need. Plus, the principal deposits and earnings from the account are tax deductible. Total deductions from deposit and earnings can be up to $50,000. Principal contributions can be up to $5,000 for individual filers and $10,000 for joint filers.

The First-Time Homebuyer Savings Account Program could have a positive net economic impact on Alabama that would range from $2.4 million to $26.8 million annually in economic activity due
to increased home purchases.

To learn more about how you can unlock the keys to homeownership, visit the First-Time Homebuyer section of AlabamaRealtors.com.

Habitat Around the Heart

The Lee County Association of REALTORS® made a $5,000 contribution to the Auburn Opelika Habitat for Humanity as their Presenting Sponsor for the 2017 “Habitat Around the Heart” annual fundraiser.

Habitat Around the Heart is Friday May 19, 2017 from 6:00 – 9:00pm at the Bottling Plant Event Center in Opelika. Catered by Chef Jonathan Walker – Cash Bar – Live Jazz – Silent & Live Auction. Tickets are $35 each and are available at http://www.auburnopelikahabitat.org.

All donations and money generated by the auction go directly to support the local mission of Habitat for Humanity, to build and provide decent, affordable housing for those in need in our community.

LCAR 2017 Awards Gala & Fundraiser

On April 6th the Lee County Association of REALTORS­® 12th annual fundraiser, known as the “Denim & Diamonds Gala”, raised $25,700 for two local charities, Mercy Medical and the Food Bank of East Alabama.

Through their continued partnership, the Lee County Association of REALTORS® Diamond Sponsors Allstate-Prewett Insurance Group, Auburn Bank, Interlinc Mortgage Services, and S&S Termite and Pest Control helped make this fundraiser possible.

Mercy Medical is a faith-based clinic, founded to help adults with primary care, who do not have access to health insurance.

The Food Bank of Alabama distributes donated and purchased and nonperishable food items to low-income people through member agencies that serve the ill, needy, and infants. The food bank works to reduce food waste, feed hungry people, and raise public awareness.