Alabama First-Time and Second Chance Home Buyer Savings Account
Open a tax-free savings account to save towards purchasing your first home - a resource exclusively for Alabama's first-time or second chance homebuyers who haven't owned or purchased a home in ten years.
- A first-time and second chance home buyer savings account is established by opening a separate savings account at a financial institution for the sole purpose of holding funds for a down payment and closing costs for the purchase of a first home in Alabama.
- The account must be labeled "first-time and second chance home buyer savings" in the name of the account holder(s) shown in the financial institution's records or in their own written documentation.
- There is no limit to the annual amount of deposits, but the annual deduction claimed is limited to the lesser of the actual contributions for the tax year or $5,000 (single filing) or $10,000 (joint filing).
- Offer expires March 28, 2023