Need Unique Ways to Save? Try a First-Time Homebuyer Savings Account

Young couple holding their new, dream home in hands

Are you looking for unique ways to save for your first home or help someone else save? How about a First-Time Homebuyers Savings Account?

An FHSA allows any Coloradan to set aside up to $50,000 toward the costs of closing on a new home. The earnings on those funds, interest and capital gains, are free from Colorado state taxes forever.

Setting up an FHSA takes the pressure of you to make contributions. You can set up an automatic contribution each month. Or others can help you grow this by contributing as wedding gifts, graduation gifts or when you achieve other milestones. Grandparents can even start FHSAs for grandkids!

When you’re ready to purchase, you can use the funds for a down payment, and apply them to things such as closing costs, lender fees, and inspections.

Contact your financial advisor to learn more about FHSAs or read more here.

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