About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

First Time Homebuyer Savings Plan

Overview of First-time Homebuyer Savings Plans courtesy of Virginia Association of REALTORS®

A First-time Homebuyer Savings Plan allows any Virginian to set aside up to $50,000 toward the costs of closing on a new home.

The earnings on those funds — interest and capital gains — are free from Virginia state taxes forever.

FHSPs are a great way for future homeowners to start saving early for the costs of buying a home.

These accounts are simple and easy to set up, because not only can you open a new one, you can also designate almost any existing account as an FHSP. To create an FHSP, you simply include a form when you file your state taxes. (It will indicate that you should not be taxed on any earnings — e.g., interest or capital gains — because of the account’s FHSP status.)

After you use the money toward the closing costs on a first home (yours or someone else’s — see below), you send in a different form to the Department of Taxation showing that the funds were put toward an “eligible cost.”

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About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.