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Meanwhile, mortgage rates remain relatively high, even though the Fed hascut rates recently.
The good news, though, is that there are ways for new homeowners to get some relief.
Still, that exemption can save you hundreds or even thousands of dollars per year.
Plus, homeowners age 65 and older or those who are disabled qualify for an additional $10,000 exemption.
Instead of deducting contributions, the interest earned from these accounts can be tax-free at the state level.
Any interest is then tax-free up until the account reaches $150,000 in value.
Your local city or county might also offer relief alongside state or federal programs.
With deferred loans, you do not have to make any payments and the loan does not accrue interest.
check that youre aware of your options to maximize savings and perhaps afford a home sooner than youd think.
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