Investment plan to spur first-time home buyers

Source: HousingWire   The state of Virginia has enacted a new law that will allow first-time home buyers to invest up to $50,000 in financial institutions and declare them first-time home buyer savings plan. Proponents hope the policy will stimulate the housing market by allowing potential homeowners to put their tax-free earnings toward a down payment or closing costs. The law was championed by the Virginia Association of REALTORS®.  Read the full story