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:
http://www.hrra.com/_docs/media/FTHSP-FAQ.pdf
http://www.varealtor.com/sites/default/files/FHSP_FAQ.pdf
Information provided by HRRA and VAR