New Tax Credit for First-Time Home Buyers

The Iowa Finance Authority is now offering some first-time Iowa home buyers a tax credit of up to two-thousand dollars a year, for the life of their 30-year mortgage.

Twenty years ago congress passed a law allowing states to set up this kind of a program and Iowa is doing it for the first time in 2014. Iowa Finance Authority director Dave Jamison says his agency will issue a certificate for that tax credit on mortgages that are handled by a lender participating in the program…

“One important note is that the Mortgage Credit Certificate funding will be available on a first-come, first-served basis until the funds are expended.”

Home sales that closed after February 3rd of this year are eligible. There are income limits as to which first-time home buyers are eligible, as well as limits on the price of homes they buy, but Jamison estimates five-hundred-85 Iowa home buyers will be eligible in 2014. Iowa Association of Realtors C-E-O Dave Bert says this “Take Credit” program should encourage more Iowans to buy a home.

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