The Save for Success Act lets first-time homebuyers use money from education savings accounts to cover home purchase costs. This helps people access funds for buying their first home more easily.
If you are a first-time homebuyer, you could use your education savings for your home purchase costs.
Who this affects
First-time homebuyers
What changes is this bill making?
1This bill allows money from education savings accounts to be used for housing costs.
2Qualified housing expenses include buying a home and related costs like closing fees.
3Only first-time homebuyers can use these funds for their home purchase.
4The bill defines a first-time homebuyer as someone who hasn't owned a home in the last three years.
5These changes will take effect for distributions made after December 31, 2026.
