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Ali Klein

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757-366-8690 aklein@tidewaterhomefunding.com


Tax Free Savings Plans to Assist First-Time Homebuyers in Virginia

July 8th, 2014

Lost in the excitement of last week's holiday weekend and the pending threat of a hurricane, a new Virginia state law took effect, aimed at helping first-time homebuyers.  HB331 allows Virginians to set aside up to $50,000 for the purchase of a home, and avoid taxes on as much as $100,000 of the investment earnings.  Supported by the Hampton Roads REALTORS® Association and the Virginia Association of REALTORS®, the new law should make it easier for new homebuyers to obtain the funds necessary to close on a home, such as closing costs, inspections and lender fees.  For additional information, the following links have been provided by the REALTOR® associations:



First Time Homebuyers

Information provided by HRRA and VAR