On July 1, 2014, a new law takes effect that makes it easier for Virginians to save for their first homes. Thanks to the Virignia Association of REALTORS' 2014 signature legislation, Virginians will now be able to invest up to $50,000 in financial institutions like credit unions and banks or directly in mutual funds, brokerage accounts, or almost any other financial vehicle and declare them first-time homebuyer savings plans.

The gains or earnings on the investment are free of state taxes, and the funds can be used for down payments and closing costs on first home purchases in the Commonwealth. Whether it's a grandparent opening an account for a newborn or a recent college grad looking to the future, first-time homebuyer savings plans will reinforce the idea that setting a little something aside today will make it easier to buy a home tomorrow. Click here for more information.