News

New First-time Home Buyers Savings Account: What You Need to Know

Tuesday, January 16, 2018

Share
 

Iowa just passed a law that makes it even easier to save for your first home! Here’s everything you need to know. Get additional information by contacting your First Realty agent or visiting http://iowafirsthome.com/.

What is it?

A 10-year tax deductible savings account to go toward the purchase of a first home in Iowa. Annual contributions have no limit, but state income tax deductions are capped at $4,000 for married joint filers and $2,000 for all other filers.

Who’s eligible?

The plan applies to first time buyers and those re-entering the market if they have not owned a home in the past three years. 

Who can contribute?

Buyers can open accounts for themselves, but it’s also a great option for parents and grandparents!

How do you get started?

You can open a First Time Home Buyer Savings Account at any bank, credit union, or other financial institution icensed in the state of Iowa.

What Else? 

Those hoping to buy soon: This is a great option to put you one step closer to your goal of owning your first home!

Parents and grandparents: This is a great way to help your loved ones. Rather than buying another toy or outfit, you can give a gift that will truly impact their future!


keyboard_arrow_up