There is good news for first time home buyers on Nantucket! With steadily increasing home values on the island, the Nantucket Land Bank recently voted to increase the First‐Time Homeowners “M” Exemption from $500,000 to $600,000.  The increase will be effective January 1, 2019. 

So what does this mean? Qualified first‐time homebuyers will now be exempt from the Land Bank fee (presently two percent of the purchase price) on the first $600,000 of the purchase price.  This increases potential closing costs savings from $10,000 to $12,000.

If you have questions about the Land Bank exemption or would like to take advantage of this savings, contact your Fisher Agent.