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First-Time Home Savings

 

The first-time home savings account can be used for the purchase or construction of a real-property, primary residence in the state of Kansas, when qualifying as a first-time home buyer

  • There are maximum annual contributions of $3,000/individual or $6,000/married filing jointly
  • The maximum account balance in $50,000 (be sure to allow for interest)
  • You must allow 1 year to pass before the funds can be used
  • The account holder is responsible for ensuring all requirements are met
  • There can only be 1 beneficiary per account

Account Disclosure

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