With homes appreciating so quickly, many people fear they’ll be priced out of the market and worry they won’t be able to purchase a home.
Fortunately, in Colorado, the state has a variety of programs that can help people purchase homes. One fantastic opportunity for buyers is to set up a “First‐time Homebuyer Savings Account”. With these accounts, first-time buyers can set aside up to $50,000 to help pay for costs associated with purchasing a home. The money is never taxed by the State of Colorado and can earn interest, which isn’t taxed by the state either. Accounts can grow up to $150,000. There are limits on how much you can contribute per year.
You can use the money in the account to pay for anything that shows up on your settlement statement when you purchase a home, or you can use it to help someone else. As long as the person using the money is a first-time buyer in Colorado, the funds can be used to pay for closing costs, inspections, lender fees, and more!
There are other great programs for buyers in Colorado, too. If you have questions about these, contact your lender or give us a call.
At The Principal Team, our goal is to consistently provide more value and a higher level of service than any other real estate company.
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Whether you’re buying or selling a home, we can help you save money. Call David and Tom at (720) 782-2468 for details.
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