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How can I open a First-Time Home Buyer Savings Account?

An account holder may open a savings, checking, or money market account at a financial institution that the holder will later designate as a first-time home buyer account when filing a Michigan income tax return.  The financial institution has no role or responsibility in designating the account as a first-time home buyer account.  Rather, that designation occurs when the account holder designates the account when filing their tax return. An account designated for this purpose cannot have funds comingled with funds in other accounts nor can funds in this account be used for purposes other than the payment or reimbursement of eligible costs for the purchase of a single-family residence in Michigan by the qualified beneficiary.