Tax-Free Savings Plan Available For First-time Va. Home Buyers


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HARRISONBURG, Va. (WHSV) -- Leaders have launched a new program to make it easier for people to buy their first home.

If you're a recent college graduate battling massive student loan debt, or someone purchasing a house for the first time, you could be eligible for a tax break.

This new law will allow anyone living in Virginia to set aside up to $50,000 toward the closing costs on a new home tax-free.

The program is great for first time home buyers or people struggling with down payments due to loans and other debt. It does not require people to open special accounts at any banks.

John Bowman, a Realtor at Old Dominion Realty, said it's going to open a lot of doors for both real estate agents and those looking to buy a house, especially the younger generation.

"It's not just that first-time home buyer that can set aside money. A parent can set aside money, a grandparent can set aside money, tax-free in order to help that child or grandchild with their down payment and closing costs as well," said Bowman.

The plan only applies to those looking for a home in Virginia.


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