{"id":107323,"date":"2025-10-15T09:32:39","date_gmt":"2025-10-15T16:32:39","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=107323"},"modified":"2025-10-15T09:33:37","modified_gmt":"2025-10-15T16:33:37","slug":"first-time-home-buyer-savings-account","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/first-time-home-buyer-savings-account\/","title":{"rendered":"What is a First-Time Homebuyer Savings Account (FHSA)?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019re hoping to buy your first home soon, one major step is <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-save-for-a-downpayment-in-7-steps\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">saving for a down payment<\/span><\/a><span style=\"font-weight: 400;\"> and closing costs. As a first-time home buyer, you may be eligible for a first-time home buyer savings account (FHSA), a special tax-advantaged account, that can help you save faster.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Redfin article, we\u2019ll cover what a first-time home buyer savings account is and which states offer this program. Whether you\u2019re buying a <\/span><a href=\"https:\/\/www.redfin.com\/city\/3879\/OH\/Cincinnati\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Cincinnati, OH<\/span><\/a><span style=\"font-weight: 400;\">, or a <\/span><a href=\"https:\/\/www.redfin.com\/city\/30772\/OR\/Portland\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">townhouse in Portland, OR<\/span><\/a><span style=\"font-weight: 400;\">, here\u2019s what you need to know about FHSAs.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Key takeaways<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">First-time homebuyer savings accounts (FHSAs) are tax-advantaged savings accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They typically offer competitive rates to help future homeowners save for a down payment and closing costs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Not all states offer FHSAs, but some have pending legislation to establish programs.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What is a first-time homebuyer savings account (FHSA)?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A first-time homebuyer savings account (FHSA) is a state-sponsored, tax-advantaged savings account that helps you save money for your first home. Offered in some states, the money you contribute or the interest you earn, may qualify for state tax exemptions or deductions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, these accounts may help you grow your savings faster. You can use these funds for a variety of home buying expenses including your <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-much-down-payment-for-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-are-closing-costs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\">, real estate agent commissions, or inspection and appraisal fees, depending on your state\u2019s guidelines.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Qualifications for a first-time homebuyer savings account\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It varies by state <\/span><a href=\"https:\/\/www.redfin.com\/blog\/first-time-homebuyer-qualifications\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">who is considered a first-time homebuyer<\/span><\/a><span style=\"font-weight: 400;\">, but for the most part, you need to meet the following qualifications to open an FHSA:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Have never owned a home, or have not owned a home in a certain number of years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Live and buy a home in the state where you opened the account<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use the funds for costs such as a down payment, real estate agent fees, or closing costs<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What states offer FHSAs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Not all states offer first-time home buyer savings accounts. Here are the states that currently (or will) offer FHSAs:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Alabama<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Colorado<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Connecticut (<\/span><a href=\"https:\/\/www.cga.ct.gov\/2025\/ba\/pdf\/2025HB-06876-R000189-BA.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">beginning in 2027<\/span><\/a><span style=\"font-weight: 400;\">)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Idaho<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Iowa<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kansas<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maryland<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Michigan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minnesota<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mississippi<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Missouri<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Montana<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ohio<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Oklahoma<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Oregon<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Virginia<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As of 2025, there are three states with pending legislation around FHSAs:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.ilga.gov\/Legislation\/BillStatus?DocTypeID=SB&amp;DocNum=148&amp;GAID=18&amp;SessionID=114&amp;LegID=157365\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Illinois<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.billtrack50.com\/billdetail\/1859141\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Massachusetts<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.billtrack50.com\/billdetail\/1896502\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Pennsylvania<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">State programs are subject to change. Check your state\u2019s housing or revenue department website for the most up-to-date FHSA information.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Where can you open an FHSA?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In states that offer FHSAs, you can typically open an account at participating banks or credit union branches. You\u2019ll need identification, filled-out paperwork, and in some states, a minimum deposit. Some banks may let you open an account online. Check with your local bank or credit union to find out specifics.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What contributions do you need to make?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Minimum contributions vary from program to program. For example, in <\/span><a href=\"https:\/\/www.centralbank.net\/learning-center\/homeownership\/buying\/first-time-homebuyer-savings-account-act-infographic\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Missouri. you can contribute the following amounts<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$1,600 per year, as a single person<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$3,200 per year, as a couple<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$25,000 total over the lifetime of the account<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Contribution limits and eligible expenses differ by state. Some programs also cap how long you can contribute or how much interest is tax-exempt.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Do you need a first-time homebuyer savings account?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If your state offers a FHSA, it can be a helpful way to ensure you\u2019re setting aside enough money to buy a home, especially if you qualify for state tax deductions. While not required, it can give first-time buyers a financial advantage in a competitive <\/span><a href=\"https:\/\/www.redfin.com\/us-housing-market\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">housing market<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FAQs about first-time homebuyer savings accounts<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">What does a first-time homebuyer savings account cover?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Most programs allow you to use the account funds to cover a down payment, closing costs, and real estate agent fees. Some specific costs include appraisal and inspection fees, loan origination costs, and title insurance, among others.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Can family members contribute to an FHSA?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, most programs allow family members to contribute to your first-time homebuyer savings account.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Can I use the account to buy a home in another state?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">No, most programs don\u2019t allow you to use the funds to buy a home in another state. Check with your state\u2019s program for specifics.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What happens if I don\u2019t use the funds in the account?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It depends on your state\u2019s program, but you may face certain penalties. For example, in <\/span><a href=\"https:\/\/www.oregon.gov\/dor\/programs\/individuals\/pages\/first-time-home-buyer.aspx\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Oregon<\/span><\/a><span style=\"font-weight: 400;\">, you must use the funds within 10 years of opening the account. If you withdraw the funds for purposes other than buying a home, you could face a 5% penalty.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A first-time homebuyer savings account (FHSA) is a tax-advantaged savings account to help you save for a house. Find out if a FHSA is right for you.<\/p>\n","protected":false},"author":537,"featured_media":105678,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276,10756],"tags":[34529,34629],"coauthors":[33440],"class_list":["post-107323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-featured-post","tag-buying-faq","tag-first-time-homebuyer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a First-Time Homebuyer Savings Account (FHSA)? | Redfin<\/title>\n<meta name=\"description\" content=\"A first-time homebuyer savings account (FHSA) is a tax-advantaged savings account to help you save for a house. 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