Some Good News for First Time Buyers

The Nantucket Islands Land Bank has raised the exemption amount for first time buyers, who have never owned property (anywhere) before, from $500,000 to $600,000.

What this means is that people who meet the qualifications are exempt from paying the 2% Land Bank fee when purchasing their first property.  This should help with some of the high closing costs on Nantucket which can be a barrier to home ownership on island for working people.