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Virginia establishes savings plan for first-time home buyers

Great news for First-Time Home buyers in Virginia.

“The program, somewhat similar in concept to college-saving plans, also allows parents and grandparents to designate savings or investments for a child’s future purchase of a home. Money or investments in the plan can grow to no more than $150,000, sponsors of the program say.

Part of the purpose of the legislation is to establish “the mental discipline to save and invest,” said Chip Dicks, legislative counsel for the Virginia Association of Realtors, which requested the legislation. “What this [does is to] put money aside and let it grow without taxing the growth on the money.”

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