What types of contributions can be made to a First-Time Home Buyer Savings Account?

Cash and marketable securities may be contributed to a first-time home buyer savings account.  Marketable securities are assets that can be liquidated quickly and converted to cash at a reasonable price, for example, common or preferred stock, bonds, or Treasury bills.  Earnings derived from these marketable securities, such as dividends or gains from the sale of marketable securities are not exempt and are subject to Michigan income tax.